THE CONDO BOOK PROJECT

227 Berkeley Place Condominium

227 Berkeley Place, Brooklyn, NY 11217

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Overview

Units
4 residential
Subway
4 min walk to Grand Army Plaza 2 37 Av B Q, 6 min
Principals
Rey Grabato
Average $/sf
$1,635Homes in Schedule A, as first offered
Common charges
$346–$518 a monthSponsor's first-year estimate in Schedule A, June 1, 2020 through May 31, 2021
Offering price
$7.22 million total

The sponsor of record is Berkeley Place Capital 227, LLC **, represented by Gabor & Marotta LLC. The offering plan runs 263 pages. The sponsor has filed 3 amendments, the latest in February 2021. The nearest other condo plan on file is 223 Berkeley Place Condominium, next door.

Plan CD190261 · Rehab · accepted Feb 14, 2020 · AG record ↗

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FigureThis building1315 6th23 units · 0.7 miaccepted 202040 4th Place34 units · 1.5 miaccepted 2020
Common ChargesPer Square Foot / Month$0.39In line$0.41$0.28
Average Offering PricePer Apartment$1.8MIn line$1.98M$1.75M
Average PricePer Square Foot$1,635In line$1,618$1,828
Property TaxesPer Square Foot / Month$0.83Highest$0.51$0.49
Average Unit SizeSquare Feet1,100 SFIn line1,226 SF958 SF

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Unit mix, closings, budgets, finishes and the team, against 315 6th and 40 4th Place, cited to the offering plans. No credit card required.

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How We Got This
  • Comps: the closest Brooklyn plans on size, $/SF and launch date, within 2 miles when possible.
  • Figures: each building's own offering plan, filed with the NY Attorney General. Nothing is estimated.
  • Checked: a price list publishes only when its math adds up, and building pages cite the plan pages.
  • Labels: In line is between the comps; Below/Above peers is past both by up to 15%; Lowest/Highest by more.

Closings Pro

Homes closed100% of the homes in Schedule A4 of 4
Closing prices vs. Schedule A4 homes: $7,259,650 at closing against $7,195,000 in Schedule A (p. 27)+0.9%
Average closing price4 homes, on their Schedule A square feet$1,650 / SF
Closingsfirst and latest recordedNov 15, 2021 – Feb 15, 2022

Sales recorded with the Department of Finance (ACRIS) through Feb 28, 2022: deeds, or transfer tax filings for a building on leased land, of $10,000 or more. A home's first sale since the plan was filed is the sponsor's closing; resales aren't counted. Closing prices are compared with the same home's Schedule A price, as first offered; a deed covering more than one home isn't compared. Amendments often change prices before a home closes, and a deed that includes parking or storage counts its full price. ACRIS records a sale weeks after closing, so recent contracts don't appear yet. Every building's sales.

All 4 closings
HomeRecordedClosing priceSchedule ADifference
Unit 3Nov 15, 2021$1,781,938$1,600,000 p. 27+11.4%
Unit 4Nov 19, 2021$1,629,200$1,600,000 p. 27+1.8%
Unit 2Nov 22, 2021$1,673,513$1,700,000 p. 27−1.6%
Unit 1Feb 15, 2022$2,175,000$2,295,000 p. 27−5.2%

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Every home's recorded closing price against its Schedule A price, with the ACRIS document and the plan page.

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Budget

From our research: The Sponsor's Condo-Creation Fee in NYC · NYC Condo Insurance Costs Are Rising · Condo Supplies Cost per Unit, by Size

Team

Sponsor
Berkeley Place Capital 227, LLC **
Principals
Rey Grabato
Tax estimate
Metropolitan Realty Exemptions Inc.Prepared the first-year real estate tax projection
Construction lender
Patch of Land Lending$4 million loan stated in the plan

From our research: Do NYC Developers Rehire the Same Firms?

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