THE CONDO BOOK PROJECT

229 9th Street Condominium

229 9th Street, Brooklyn, NY 11215

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Overview

Units
39 residential · 12 parking · 14 storage
Subway
1 min walk to 4 Av-9 St F G RProspect Av R, 9 min
Principals
Levi Balkany
Common charges
$244–$1,248 a monthSponsor's first-year estimate in Schedule A, September 1, 2019- August 31, 2020

The sponsor of record is 9th St Dev LLC, represented by Marans, Weisz & Newman, LLC. The offering plan runs 340 pages. The sponsor has filed 5 amendments, the latest in July 2021. The nearest other condo plan on file is 186 8th Street Condominium, next door.

Plan CD180306 · New · accepted Feb 21, 2019 · AG record ↗

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FigureThis building1The Museum House237 units · 1.4 miaccepted 2019575 4th370 units · 0.4 miaccepted 2019
Average Offering PricePer Apartment$1.08MLowest$1.53M$1.35M

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Unit mix, closings, budgets, finishes and the team, against The Museum House and 575 4th, 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 A39 of 39
Closing prices vs. Schedule A33 homes: $29,774,498 at closing against $29,875,000 in Schedule A (p. 38)−0.3%
Closingsfirst and latest recordedMay 7, 2020 – May 2, 2023

Sales recorded with the Department of Finance (ACRIS) through May 31, 2026: 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 39 closings
HomeRecordedClosing priceSchedule ADifference
PH8AMay 7, 2020$1,600,000——
504May 8, 2020$775,000$775,000 p. 380%
205May 13, 2020$743,323$730,000 p. 38+1.8%
301May 13, 2020$999,000$1,010,000 p. 38−1.1%
401May 15, 2020$1,043,706$1,025,000 p. 38+1.8%
503May 15, 2020$1,298,269$1,275,000 p. 38+1.8%
307May 18, 2020$560,038$550,000 p. 38+1.8%
302May 19, 2020$999,000$1,000,000 p. 38−0.1%
202May 27, 2020$992,794$975,000 p. 38+1.8%
602May 29, 2020$1,170,988$1,150,000 p. 38+1.8%
303Jun 1, 2020$1,247,356$1,225,000 p. 38+1.8%
204Jun 16, 2020$743,323$730,000 p. 38+1.8%
505Jun 29, 2020$789,144$775,000 p. 38+1.8%
PH8BJul 7, 2020$1,629,200——
601Jul 10, 2020$1,094,619$1,075,000 p. 38+1.8%
502Jul 15, 2020$1,063,053$1,040,000 p. 38+2.2%
GRDNJul 22, 2020$1,781,938——
506Jul 24, 2020$860,421$845,000 p. 38+1.8%
501Aug 4, 2020$1,145,000$1,050,000 p. 38+9%
304Aug 18, 2020$758,596$745,000 p. 38+1.8%
606Sep 1, 2020$875,695$860,000 p. 38+1.8%
406Sep 23, 2020$845,148$830,000 p. 38+1.8%
603Sep 23, 2020$1,430,000$1,400,000 p. 38+2.1%
403Oct 22, 2020$1,250,000$1,250,000 p. 380%
402Nov 5, 2020$999,000$1,015,000 p. 38−1.6%
604Feb 24, 2021$784,000$790,000 p. 38−0.8%
206Mar 25, 2021$781,507$800,000 p. 38−2.3%
203May 7, 2021$1,102,765$1,150,000 p. 38−4.1%
405May 19, 2021$699,000$760,000 p. 38−8%
306May 20, 2021$804,418$815,000 p. 38−1.3%
305Jun 8, 2021$690,000$745,000 p. 38−7.4%
507Jun 8, 2021$499,000$580,000 p. 38−14%
404Jul 2, 2021$711,757$760,000 p. 38−6.3%
407Aug 31, 2021$499,000$565,000 p. 38−11.7%
201Sep 17, 2021$985,000$985,000 p. 380%
PH7ADec 14, 2021$2,033,387——
PH7BApr 6, 2022$2,119,997——
605Jun 1, 2022$534,581$595,000 p. 38−10.2%
PH9AMay 2, 2023$2,125,000——

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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
9th St Dev LLC
Principals
Levi Balkany
Tax estimate
Tuchman, Korngold, Weiss, Liebman & Lindemann, LLPPrepared the first-year real estate tax projection
Construction lender
Aristone Capital$26.4 million recorded

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

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