THE CONDO BOOK PROJECT

Alcove Residences

237 Rutland Road, Brooklyn, NY 11225

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Overview

Units
9 residential · 4 storage
Subway
6 min walk to Winthrop St 2 5Sterling St 2 5, 8 min
Principals
Nigel Boyden
Average $/sf
$1,192Homes in Schedule A, as first offered
Common charges
$397–$578 a monthSponsor's first-year estimate in Schedule A, March 1, 2023 – February 29, 2024
Offering price
$11.2 million total $10.6 million when first offered

The sponsor of record is 237 Rutland 2019, LLC, represented by Jeffrey Zwick & Associates, P.C.. The offering plan runs 345 pages. The sponsor has filed 3 amendments, the latest in November 2024. The nearest other condo plan on file is 259 Rutland Condominium, next door.

Plan CD220074 · New · accepted Jan 12, 2023 · AG record ↗

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FigureThis building1Elysium212 units · 0.1 miaccepted 2023Winthrop Gardens310 units · 0.2 miaccepted 2022
Common ChargesPer Square Foot / Month$0.50Below peers$0.87$0.53
Average Offering PricePer Apartment$1.17MAbove peers$1.07M$807,500
Average PricePer Square Foot$1,192Above peers$1,187$1,057
Property TaxesPer Square Foot / Month$1.04Highest$0.84$0.42
Average Unit SizeSquare Feet986 SFLarger898 SF764 SF

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Unit mix, closings, budgets, finishes and the team, against Elysium and Winthrop Gardens, 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 A9 of 9
Closing prices vs. Schedule A8 homes: $9,363,823 at closing against $9,075,000 in Schedule A (p. 32)+3.2%
Average closing price8 homes, on their Schedule A square feet$1,247 / SF
Closingsfirst and latest recordedMar 21, 2024 – Jun 5, 2026

Sales recorded with the Department of Finance (ACRIS) through Jun 30, 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 10 closings
HomeRecordedClosing priceSchedule ADifference
2BMar 21, 2024$990,000$995,000 p. 32−0.5%
1CMar 28, 2024$1,135,000$1,150,000 p. 32−1.3%
3BApr 10, 2024$999,000$995,000 p. 32+0.4%
2AApr 18, 2024$1,420,459$1,295,000 p. 32+9.7%
4B/PJun 3, 2024$1,496,828——
3AJun 10, 2024$1,359,364$1,325,000 p. 32+2.6%
4AJul 15, 2024$1,375,000$1,325,000 p. 32+3.8%
1AAug 21, 2024$925,000$895,000 p. 32+3.4%
1B/CAug 26, 2024$1,086,000——
1BJun 5, 2026$1,160,000$1,095,000 p. 32+5.9%

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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
237 Rutland 2019, LLC
Principals
Nigel Boyden
Tax estimate
The Mazursky Group, Inc.Prepared the first-year real estate tax projection
Construction lender
Mercury Capital Funding$1.6 million recorded

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

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