THE CONDO BOOK PROJECT

Boerum Condominium

265 State Street, Brooklyn, NY 11201

Compare

Overview

Units
128 residential · 3 commercial
Subway
3 min walk to Hoyt-Schermerhorn Sts A C GJay St-MetroTech A C F R, 4 min
Developer
Flank 71 Smith L.L.C
Principals
Jonathan Kully, Michael Walsdorf
Offering price
$277.9 million total $251.6 million when first offered

The sponsor of record is 71 Smith Street Property Owner, LLC, represented by Bryan Cave Leighton Paisner LLP. The offering plan runs 455 pages. The sponsor has filed 23 amendments, the latest in August 2017. The nearest other condo plan on file is Smith Condominium, next door.

Plan CD140158 · New · accepted Oct 31, 2014 · AG record ↗

Compare

FigureThis building1Bridge Street2144 units · 0.2 miaccepted 2014New York Dock Building370 units · 1.3 miaccepted 2014
Average Offering PricePer Apartment$1.97MIn line$1.4M$2.27M

Free Account

See the Full Comp

Unit mix, closings, budgets, finishes and the team, against Bridge Street and New York Dock Building, cited to the offering plans. No credit card required.

Create a free account
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
71 Smith Street Property Owner, LLC
Developer
Flank 71 Smith L.L.C
Principals
Jonathan Kully, Michael Walsdorf
Tax estimate
Marcus & Pollack LLPPrepared the first-year real estate tax projection
Construction lender
M&T Bank

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

Nearby