THE CONDO BOOK PROJECT

254 North 6th Street Condominium

254 North 6th Street, Brooklyn, NY 11211

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Overview

Units
3 residential
Subway
3 min walk to Bedford Av LMetropolitan Av/Lorimer St G L, 5 min
Principals
Jessica Paciullo, Phyllis Paciullo, Robert Paciullo, Santiago Montoya
Average $/sf
$667Homes in Schedule A, as first offered
Common charges
$300–$376 a monthSponsor's first-year estimate in Schedule A, Commencing October 1, 2010
Offering price
$2.83 million total

The sponsor of record is 254 North 6th LLC, represented by Fridman Saks, LLP. The offering plan runs 196 pages. The sponsor has filed 1 amendment, the latest in June 2010. The nearest other condo plan on file is 243 North 5th Street Condominium, next door.

Plan CD100069 · New · accepted May 11, 2010 · AG record ↗

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FigureThis building1122 Newton25 units · 0.6 miaccepted 2008557 Lafayette36 units · 1.7 miaccepted 2010
Common ChargesPer Square Foot / Month$0.24Below peers$0.32$0.28
Average Offering PricePer Apartment$943,333In line$1.2M$260,667
Average PricePer Square Foot$667In line$701$395
Property TaxesPer Square Foot / Month$0.20Highest$0.05—
Average Unit SizeSquare Feet1,415 SFIn line1,706 SF661 SF

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Unit mix, closings, budgets, finishes and the team, against 122 Newton and 557 Lafayette, 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 A3 of 3
Closing prices vs. Schedule A3 homes: $2,540,919 at closing against $2,830,000 in Schedule A (p. 16)−10.2%
Average closing price3 homes, on their Schedule A square feet$598 / SF
Closingsfirst and latest recordedNov 22, 2010 – Mar 15, 2011

Sales recorded with the Department of Finance (ACRIS) through Jan 31, 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 3 closings
HomeRecordedClosing priceSchedule ADifference
BNov 22, 2010$1,017,232$1,150,000 p. 16−11.5%
AJan 31, 2011$760,000$815,000 p. 16−6.7%
CMar 15, 2011$763,688$865,000 p. 16−11.7%

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Closings are for subscribers

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
254 North 6th LLC
Principals
Jessica Paciullo, Phyllis Paciullo, Robert Paciullo, Santiago Montoya
Tax estimate
Fridman Saks LLPPrepared the first-year real estate tax projection

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

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