THE CONDO BOOK PROJECT

262 Bond Street Condominium

262 Bond Street, Brooklyn, NY 11217

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Overview

Units
2 residential
Subway
8 min walk to Bergen St F GCarroll St F G, 9 min
Principals
Andrew Giancola, Michael Giancola
Average $/sf
$726Homes in Schedule A, as first offered
Common charges
$227 a monthSponsor's first-year estimate in Schedule A, September 1, 2006 - August 31, 2007
Offering price
$2.65 million total

The sponsor of record is Andrew Giancola & Michael Giancola, represented by Harold Gruber, P.C.. The offering plan runs 167 pages. The sponsor has filed 1 amendment, the latest in February 2007. The nearest other condo plan on file is Carroll Garden Condominium, next door.

Plan CD060025 · New · accepted Jul 25, 2006 · AG record ↗

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FigureThis building1308 Clinton24 units · 1.2 miaccepted 2004290 13th34 units · 1.1 miaccepted 2009
Common ChargesPer Square Foot / Month$0.12Lowest$0.19$0.22
Average Offering PricePer Apartment$1.32MHighest$774,000$1.1M
Average PricePer Square Foot$726In line$524$791
Property TaxesPer Square Foot / Month$0.19Highest$0.13$0.02
Average Unit SizeSquare Feet1,824 SFLargest1,477 SF1,391 SF

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Unit mix, closings, budgets, finishes and the team, against 308 Clinton and 290 13th, 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 A2 of 2
Closing prices vs. Schedule A2 homes: $2,607,262 at closing against $2,648,000 in Schedule A (p. 15)−1.5%
Average closing price2 homes, on their Schedule A square feet$715 / SF
Closingsfirst and latest recordedAug 15, 2007 – Sep 6, 2007

Sales recorded with the Department of Finance (ACRIS) through Feb 28, 2022: 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 2 closings
HomeRecordedClosing priceSchedule ADifference
2Aug 15, 2007$1,373,619$1,399,000 p. 15−1.8%
1Sep 6, 2007$1,233,642$1,249,000 p. 15−1.2%

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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
Andrew Giancola & Michael Giancola
Principals
Andrew Giancola, Michael Giancola
Tax estimate
Ben Rottenstein Associates Inc.Prepared the first-year real estate tax projection

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

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