THE CONDO BOOK PROJECT

256 North 9th Street Condominium

256 North 9th Street, Brooklyn, NY 11211

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Overview

Units
10 residential
Subway
5 min walk to Bedford Av LMetropolitan Av/Lorimer St G L, 6 min
Developer
Investmates
Principals
Jakov Telyas
Average $/sf
$1,530Homes in Schedule A, as first offered
Common charges
$397–$1,060 a monthSponsor's first-year estimate in Schedule A, October 1, 2021 - September 30, 2022
Offering price
$20.1 million total $19.4 million when first offered

The sponsor of record is 254-256 N 9th St LLC, represented by Jeffrey Zwick & Associates, P.C.. The offering plan runs 330 pages. The sponsor has filed 2 amendments, the latest in July 2023. The nearest other condo plan on file is 258 North 9th Street Condominium, next door.

Plan CD210028 · New · accepted Jul 12, 2021 · AG record ↗

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FigureThis building1Huron29 units · 1.1 miaccepted 2021340 Metropolitan310 units · 0.3 miaccepted 2022
Common ChargesPer Square Foot / Month$0.42In line$0.69$0.41
Average Offering PricePer Apartment$1.99MHighest$1.46M$1.72M
Average PricePer Square Foot$1,530Below peers$1,567$1,608
Property TaxesPer Square Foot / Month$0.45Lowest$0.77$0.95
Average Unit SizeSquare Feet1,300 SFLargest929 SF1,068 SF

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Unit mix, closings, budgets, finishes and the team, against Huron and 340 Metropolitan, 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 A9 homes: $16,875,773 at closing against $15,900,000 in Schedule A (p. 30)+6.1%
Average closing price9 homes, on their Schedule A square feet$1,601 / SF
Closingsfirst and latest recordedApr 11, 2022 – Mar 8, 2023

Sales recorded with the Department of Finance (ACRIS) through Sep 30, 2026: 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
1BApr 11, 2022$1,725,000$1,500,000 p. 30+15%
2BApr 11, 2022$1,650,000$1,550,000 p. 30+6.5%
3BApr 11, 2022$1,675,000$1,550,000 p. 30+8.1%
4BApr 15, 2022$1,630,000$1,600,000 p. 30+1.9%
3AApr 27, 2022$1,625,000$1,550,000 p. 30+4.8%
4AApr 28, 2022$1,685,000$1,600,000 p. 30+5.3%
1AApr 29, 2022$1,766,664$1,500,000 p. 30+17.8%
2AMay 3, 2022$1,624,109$1,550,000 p. 30+4.8%
6AAug 2, 2022$3,495,000$3,500,000 p. 30−0.1%
PH1Mar 8, 2023$4,200,000——

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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
254-256 N 9th St LLC
Developer
Investmates
Principals
Jakov Telyas
Tax estimate
Empire Consulting Service, Inc.Prepared the first-year real estate tax projection
Construction lender
S3 Capital$5.7 million recorded

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

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