THE CONDO BOOK PROJECT

243 North 5th Street Condominium

243 North 5th Street, Brooklyn, NY 11211

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Overview

Units
7 residential
Subway
5 min walk to Bedford Av LMetropolitan Av/Lorimer St G L, 5 min
Principals
Elizabeth McDonald, Jason Blauvelt, Rocco Basile
Average $/sf
$1,624Homes in Schedule A, as first offered
Common charges
$434–$796 a monthSponsor's first-year estimate in Schedule A, April 1, 2021 through March 31, 2022
Offering price
$15.1 million total $14.3 million when first offered

The sponsor of record is 241-243 North 5th Street, LLC, represented by Rosen Law LLC. The offering plan runs 403 pages. The sponsor has filed 6 amendments, the latest in October 2022. The nearest other condo plan on file is 244 North 5th Street Condominium, next door.

Plan CD200112 · New · accepted Feb 4, 2021 · AG record ↗

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FigureThis building181 Mcguinness28 units · 0.8 miaccepted 2020Two Fifty Six North Ninth Street310 units · 0.2 miaccepted 2021
Common ChargesPer Square Foot / Month$0.41Below peers$0.57$0.42
Average Offering PricePer Apartment$2.04MAbove peers$1.54M$1.99M
Average PricePer Square Foot$1,624In line$1,628$1,530
Property TaxesPer Square Foot / Month$0.72In line$0.93$0.45
Average Unit SizeSquare Feet1,259 SFIn line946 SF1,300 SF

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Unit mix, closings, budgets, finishes and the team, against 81 Mcguinness and Two Fifty Six North Ninth Street, 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 A7 of 7
Closing prices vs. Schedule A7 homes: $13,785,254 at closing against $14,313,000 in Schedule A (p. 49)−3.7%
Average closing price7 homes, on their Schedule A square feet$1,564 / SF
Closingsfirst and latest recordedDec 13, 2021 – Dec 29, 2022

Sales recorded with the Department of Finance (ACRIS) through Jan 31, 2025: 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 7 closings
HomeRecordedClosing priceSchedule ADifference
2BDec 13, 2021$1,807,394$1,749,000 p. 49+3.3%
3BDec 13, 2021$1,831,832$1,749,000 p. 49+4.7%
4ADec 30, 2021$3,419,513$2,999,000 p. 49+14%
1BJan 24, 2022$2,239,132$2,169,000 p. 49+3.2%
2AFeb 11, 2022$1,149,650$1,749,000 p. 49−34.3%
3AFeb 28, 2022$1,831,832$1,749,000 p. 49+4.7%
1ADec 29, 2022$1,505,902$2,149,000 p. 49−29.9%

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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
241-243 North 5th Street, LLC
Principals
Elizabeth McDonald, Jason Blauvelt, Rocco Basile
Tax estimate
Rosen Law, LLCPrepared the first-year real estate tax projection
Construction lender
1st Constitution Bank$6.26 million recorded

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

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