THE CONDO BOOK PROJECT

Elan Condominium

255 1st Street, Brooklyn, NY 11215

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Overview

Units
32 residential · 11 parking
Subway
4 min walk to Union St R4 Av-9 St F G R, 9 min
Developers
A.D. Capital LLC, Citywide LLC
Offering price
$32.7 million total $29.6 million when first offered

The sponsor of record is 261 1st Condominium Associates, LLC, represented by Raphael And Marks Attorneys At Law. The offering plan runs 300 pages. The sponsor has filed 19 amendments, the latest in January 2021. The nearest other condo plan on file is 251 1st Street Condominium, next door.

Plan CD070295 · New · accepted Aug 16, 2007 · AG record ↗

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FigureThis building1Lot 58 Lofts231 units · 1.6 miaccepted 2007C 560341 units · 0.1 miaccepted 2009
Average Offering PricePer Apartment$924,906Highest$761,938$776,711

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Unit mix, closings, budgets, finishes and the team, against Lot 58 Lofts and C 560, 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.

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
261 1st Condominium Associates, LLC
Developers
A.D. Capital LLC, Citywide LLC
Tax estimate
Metropolitan Valuation ServicesPrepared the first-year real estate tax projection
Construction lender
Builders Bank$13.9 million recorded

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

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