THE CONDO BOOK PROJECT

24 Fayette Street Condominium

24 Fayette Street, Brooklyn, NY 11206

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Overview

Units
7 residential · 1 commercial
Subway
1 min walk to Flushing Av J MMyrtle Av J M Z, 8 min
Developer
RBM Holdings LLC
Principals
Robert Matatov
Offering price
$6.3 million total $6.21 million when first offered

The sponsor of record is 24 Fayette LLC, represented by Jeffrey Zwick & Associates, P.C.. The offering plan runs 336 pages. The sponsor has filed 1 amendment, the latest in November 2022. The nearest other condo plan on file is 885 Park Avenue Condominium, 0.1 mi away.

Plan CD210210 · New · accepted Apr 12, 2022 · AG record ↗

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FigureThis building11160 Greene27 units · 1 miaccepted 2022Residence At 73537 units · 0.7 miaccepted 2021
Average Offering PricePer Apartment$787,500Above peers$767,714$738,429

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Unit mix, closings, budgets, finishes and the team, against 1160 Greene and Residence At 735, 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 closed38% of the homes in Schedule A3 of 8
Closing prices vs. Schedule A3 homes: $2,205,000 at closing against $2,405,000 in Schedule A (p. 32)−8.3%
Closingsfirst and latest recordedMar 17, 2023 – Apr 3, 2023

Sales recorded with the Department of Finance (ACRIS) through Nov 30, 2023: 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 3 closings
HomeRecordedClosing priceSchedule ADifference
PHMar 17, 2023$1,050,000$1,100,000 p. 32−4.5%
3BMar 21, 2023$550,000$645,000 p. 32−14.7%
4BApr 3, 2023$605,000$660,000 p. 32−8.3%

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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
24 Fayette LLC
Developer
RBM Holdings LLC
Principals
Robert Matatov
Tax estimate
Metropolitan Realty ExemptionsPrepared the first-year real estate tax projection
Construction lender
Cross River Bank$2.5 million recorded

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

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