THE CONDO BOOK PROJECT

270 12th Street Condominium

270 12th Street, Brooklyn, NY 11215

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Overview

Units
4 residential
Subway
5 min walk to 4 Av-9 St F G RProspect Av R, 7 min
Principals
Valdimir Lempert, Igor Avagyan, Jacqueline Vaiman, Leonid Kershteyn
Average $/sf
$1,162Homes in Schedule A, as first offered
Common charges
$336–$504 a monthSponsor's first-year estimate in Schedule A, Beginning January 1, 2020 And Ending December 31, 2021
Offering price
$4.89 million total $4.55 million when first offered

The sponsor of record is 270 12th St LLC, represented by Korsinsky & Klein, LLP. The offering plan runs 196 pages. The sponsor has filed 2 amendments, the latest in February 2021. The nearest other condo plan on file is Twelfth Street Condominium, next door.

Plan CD190315 · New · accepted Mar 31, 2020 · AG record ↗

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FigureThis building1147 14th23 units · 0.2 miaccepted 2020Phoenix Roze34 units · 1.5 miaccepted 2020
Common ChargesPer Square Foot / Month$0.41In line$0.34$0.69
Average Offering PricePer Apartment$1.14MBelow peers$1.59M$1.31M
Average PricePer Square Foot$1,162Below peers$1,205$1,200
Property TaxesPer Square Foot / Month$0.82In line$0.48$0.86
Average Unit SizeSquare Feet979 SFSmaller1,316 SF1,089 SF

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Unit mix, closings, budgets, finishes and the team, against 147 14th and Phoenix Roze, 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: $4,686,475 at closing against $4,550,000 in Schedule A (p. 20)+3%
Average closing price4 homes, on their Schedule A square feet$1,197 / SF
Closingsfirst and latest recordedJun 15, 2021 – Dec 9, 2021

Sales recorded with the Department of Finance (ACRIS) through Dec 31, 2021: 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
3Jun 15, 2021$980,000$950,000 p. 20+3.2%
1Jun 17, 2021$1,225,000$1,250,000 p. 20−2%
2Aug 13, 2021$955,119$950,000 p. 20+0.5%
4Dec 9, 2021$1,526,357$1,400,000 p. 20+9%

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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
270 12th St LLC
Principals
Valdimir Lempert, Igor Avagyan, Jacqueline Vaiman, Leonid Kershteyn

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

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