THE CONDO BOOK PROJECT

251 Withers Street Condominium

251 Withers Street, Brooklyn, NY 11211

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Overview

Units
6 residential
Subway
7 min walk to Graham Av LGrand St L, 9 min
Principals
Chao Q. Wu, Wu Chen, Yu Zhen Li, Zhen Tian Dong, Zhi Lin
Average $/sf
$1,143Homes in Schedule A, as first offered
Common charges
$197–$377 a monthSponsor's first-year estimate in Schedule A, For the Period from May 1, 2017 to April 30, 2017
Offering price
$5.58 million total $4.88 million when first offered

The sponsor of record is 251 Withers LLC, represented by The Law Office Of Jay Lichtman, P.C.. The offering plan runs 262 pages. The sponsor has filed 2 amendments, the latest in July 2017. The nearest other condo plan on file is 249 Withers Street Condominium, next door.

Plan CD160340 · New · accepted May 12, 2017 · AG record ↗

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FigureThis building1Miramar II26 units · 0.1 miaccepted 2017Miramar I36 units · 0.1 miaccepted 2017
Common ChargesPer Square Foot / Month$0.32Lowest$0.40$0.40
Average Offering PricePer Apartment$928,667Lowest$1.14M$1.14M
Average PricePer Square Foot$1,143Below peers$1,186$1,186
Property TaxesPer Square Foot / Month$0.61Lowest$0.81$0.81
Average Unit SizeSquare Feet813 SFSmallest960 SF960 SF

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Unit mix, closings, budgets, finishes and the team, against Miramar II and Miramar I, 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 A6 of 6
Closing prices vs. Schedule A4 homes: $2,844,038 at closing against $2,928,000 in Schedule A (p. 28)−2.9%
Average closing price4 homes, on their Schedule A square feet$1,118 / SF
Closingsfirst and latest recordedOct 31, 2017 – Dec 28, 2017

Sales recorded with the Department of Finance (ACRIS) through Jun 30, 2021: 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 6 closings
HomeRecordedClosing priceSchedule ADifference
1Oct 31, 2017$1,373,619——
2FNov 6, 2017$711,757$729,000 p. 28−2.4%
2RNov 14, 2017$699,000$735,000 p. 28−4.9%
3RDec 4, 2017$721,524$729,000 p. 28−1%
3FDec 28, 2017$711,757$735,000 p. 28−3.2%
4Dec 28, 2017$1,323,725——

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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
251 Withers LLC
Principals
Chao Q. Wu, Wu Chen, Yu Zhen Li, Zhen Tian Dong, Zhi Lin

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

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