THE CONDO BOOK PROJECT

267-273 First Street Condominium

267-273 First Street, Brooklyn, NY 11238

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Overview

Units
9 residential
Subway
4 min walk to Union St R4 Av-9 St F G R, 9 min
Average $/sf
$892Homes in Schedule A, as first offered
Offering price
$10.8 million total

The sponsor of record is 269 Realty LLC, represented by Marshall S. Schiff, P.C.. The offering plan runs 262 pages. The sponsor has filed 7 amendments, the latest in September 2010. The nearest other condo plan on file is 261-263-265 1st Street Condominium, next door.

Plan CD050324 · New · accepted Jan 27, 2006 · AG record ↗

Compare

FigureThis building1Tiffany Tower Condominiums213 units · 1.2 miaccepted 2006Tiffany D Condominiums36 units · 1.2 miaccepted 2007
Common ChargesPer Square Foot / Month$0.31Below peers$0.55$0.35
Average Offering PricePer Apartment$1.2MHighest$901,888$774,167
Average PricePer Square Foot$892Above peers$757$780
Average Unit SizeSquare Feet1,339 SFLarger1,192 SF993 SF

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Unit mix, closings, budgets, finishes and the team, against Tiffany Tower Condominiums and Tiffany D Condominiums, 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 A9 of 9
Closing prices vs. Schedule A9 homes: $8,704,182 at closing against $10,755,000 in Schedule A (p. 17)−19.1%
Average closing price9 homes, on their Schedule A square feet$722 / SF
Closingsfirst and latest recordedMar 23, 2010 – Nov 1, 2024

Sales recorded with the Department of Finance (ACRIS) through Nov 30, 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 10 closings
HomeRecordedClosing priceSchedule ADifference
3Mar 23, 2010$1,017,232$1,200,000 p. 17−15.2%
1Apr 8, 2010$1,221,900$1,500,000 p. 17−18.5%
8Apr 13, 2010$656,771$850,000 p. 17−22.7%
5Apr 15, 2010$977,520$1,100,000 p. 17−11.1%
7Apr 22, 2010$896,060$1,200,000 p. 17−25.3%
6Jul 27, 2010$957,155$1,055,000 p. 17−9.3%
4Aug 18, 2010$957,280$1,450,000 p. 17−34%
9Sep 16, 2010$782,072$1,000,000 p. 17−21.8%
2Oct 28, 2010$1,238,192$1,400,000 p. 17−11.6%
10Nov 1, 2024$1,900,000——

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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
269 Realty LLC
Tax estimate
Paul KorngoldPrepared the first-year real estate tax projection
Construction lender
North Fork Bank$2.25 million loan stated in the plan

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

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