THE CONDO BOOK PROJECT

25 Quincy Street Condominium

25 Quincy Street, Brooklyn, NY 11238

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Overview

Units
10 residential
Subway
5 min walk to Classon Av GClinton-Washington Avs C, 8 min
Principals
Joshua Markovics
Average $/sf
$1,168Homes in Schedule A, as first offered
Common charges
$141–$451 a monthSponsor's first-year estimate in Schedule A, July 1, 2021 To June 30, 2022
Offering price
$11.1 million total $9.94 million when first offered

The sponsor of record is 25 Quincy Developers LLC, represented by Mekhtiyev Law Firm. The offering plan runs 265 pages. The sponsor has filed 2 amendments, the latest in November 2022. The nearest other condo plan on file is 27-29 Quincy Street Condominium, next door.

Plan CD200206 · New · accepted Apr 15, 2021 · AG record ↗

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FigureThis building1151 Quincy210 units · 0.3 miaccepted 2021107 Madison310 units · 0.3 miaccepted 2021
Common ChargesPer Square Foot / Month$0.35Lowest$0.51$0.48
Average Offering PricePer Apartment$993,500Above peers$970,000$905,260
Average PricePer Square Foot$1,168In line$1,130$1,283
Property TaxesPer Square Foot / Month$0.34In line$1.22$0.31
Average Unit SizeSquare Feet851 SFIn line858 SF706 SF

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Unit mix, closings, budgets, finishes and the team, against 151 Quincy and 107 Madison, 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 A10 of 10
Closing prices vs. Schedule A10 homes: $10,586,983 at closing against $9,935,000 in Schedule A (p. 40)+6.6%
Average closing price10 homes, on their Schedule A square feet$1,245 / SF
Closingsfirst and latest recordedMar 29, 2022 – May 6, 2022

Sales recorded with the Department of Finance (ACRIS) through Sep 30, 2024: 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
3DMar 29, 2022$1,300,000$1,175,000 p. 40+10.6%
2CMar 30, 2022$488,000$489,000 p. 40−0.2%
1CApr 1, 2022$681,209$675,000 p. 40+0.9%
3AApr 6, 2022$1,665,000$1,499,000 p. 40+11.1%
1BApr 11, 2022$1,555,000$1,450,000 p. 40+7.2%
2EApr 13, 2022$728,800$699,000 p. 40+4.3%
3CApr 13, 2022$495,000$499,000 p. 40−0.8%
1AApr 19, 2022$1,599,500$1,499,000 p. 40+6.7%
2DApr 28, 2022$430,000$475,000 p. 40−9.5%
3BMay 6, 2022$1,644,474$1,475,000 p. 40+11.5%

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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
25 Quincy Developers LLC
Principals
Joshua Markovics
Tax estimate
MGNY ConsultingPrepared the first-year real estate tax projection

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

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