THE CONDO BOOK PROJECT

27 Jefferson Condominium

27 Jefferson Avenue, Brooklyn, NY 11238

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Overview

Units
4 residential
Subway
3 min walk to Franklin Av C SNostrand Av A C, 5 min
Developers
The Stuyvesant Group, GILA Realty
Principals
Adam Cohen, Asher Jungreis
Average $/sf
$1,185Homes in Schedule A, as first offered
Common charges
$365–$452 a monthSponsor's first-year estimate in Schedule A, January 1, 2019 - December 31, 2019
Offering price
$5.53 million total

The sponsor of record is 27 Jefferson Suites LLC, represented by Jeffrey Zwick & Associates, P.C.. The offering plan runs 313 pages. The sponsor has filed 2 amendments, the latest in February 2021. The nearest other condo plan on file is 22 Jefferson Avenue Condominium, next door.

Plan CD180139 · New · accepted Sep 13, 2018 · AG record ↗

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FigureThis building1359 7th24 units · 1.7 miaccepted 2017187 Bridge36 units · 1.8 miaccepted 2018
Common ChargesPer Square Foot / Month$0.34In line$0.22$0.50
Average Offering PricePer Apartment$1.38MAbove peers$1.31M$1.22M
Average PricePer Square Foot$1,185In line$1,163$1,295
Property TaxesPer Square Foot / Month$0.13Lowest$1.02$0.76
Average Unit SizeSquare Feet1,166 SFLarger1,129 SF940 SF

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Unit mix, closings, budgets, finishes and the team, against 359 7th and 187 Bridge, 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 A4 of 4
Closing prices vs. Schedule A4 homes: $4,903,000 at closing against $5,526,500 in Schedule A (p. 29)−11.3%
Average closing price4 homes, on their Schedule A square feet$1,052 / SF
Closingsfirst and latest recordedNov 14, 2019 – Mar 20, 2020

Sales recorded with the Department of Finance (ACRIS) through Aug 31, 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 4 closings
HomeRecordedClosing priceSchedule ADifference
2Nov 14, 2019$1,189,000$1,320,000 p. 29−9.9%
4Dec 3, 2019$1,475,000$1,522,500 p. 29−3.1%
1Jan 27, 2020$1,059,000$1,342,000 p. 29−21.1%
3Mar 20, 2020$1,180,000$1,342,000 p. 29−12.1%

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Closings are for subscribers

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
27 Jefferson Suites LLC
Developers
The Stuyvesant Group, GILA Realty
Principals
Adam Cohen, Asher Jungreis
Tax estimate
Tuchman, Korngold, Weiss, Liebman & Gelles, LLPPrepared the first-year real estate tax projection

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

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