THE CONDO BOOK PROJECT

271 Mcdonald Avenue Condominium

271 Mcdonald Avenue, Brooklyn, NY 11234

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Overview

Units
12 residential · 8 parking
Subway
5 min walk to Church Av F GFort Hamilton Pkwy F G, 6 min
Principals
Roy Raineri
Average $/sf
$977Homes in Schedule A, as first offered
Common charges
$134–$441 a monthSponsor's first-year estimate in Schedule A, June 1, 2021 through May 31, 2021
Offering price
$13.5 million total $15 million when first offered

The sponsor of record is 3127 Ft Hamilton LLC, represented by Christine Corrado Attorney At Law. The offering plan runs 277 pages. The sponsor has filed 2 amendments, the latest in April 2022. The nearest other condo plan on file is 150 East 2nd Street Condominium, next door.

Plan CD200263 · New · accepted Apr 27, 2021 · AG record ↗

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FigureThis building149 East 4th26 units · 0.3 miaccepted 20211415 6738 units · 2 miaccepted 2020
Common ChargesPer Square Foot / Month$0.25Lowest$0.33$0.38
Average Offering PricePer Apartment$1.11MIn line$1.42M$957,500
Average PricePer Square Foot$977Below peers$1,179$1,037
Property TaxesPer Square Foot / Month$0.67In line$0.55$0.77
Average Unit SizeSquare Feet1,137 SFIn line1,207 SF924 SF

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Unit mix, closings, budgets, finishes and the team, against 49 East 4th and 1415 67, 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 A12 of 12
Closing prices vs. Schedule A12 homes: $12,854,454 at closing against $13,321,000 in Schedule A (p. 30)−3.5%
Average closing price12 homes, on their Schedule A square feet$942 / SF
Closingsfirst and latest recordedMar 14, 2022 – Dec 21, 2022

Sales recorded with the Department of Finance (ACRIS) through Jul 31, 2026: 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 12 closings
HomeRecordedClosing priceSchedule ADifference
3AMar 14, 2022$1,460,000$1,435,000 p. 30+1.7%
3DMar 15, 2022$761,000$745,000 p. 30+2.1%
3BMar 24, 2022$1,150,000$1,125,000 p. 30+2.2%
2AMar 28, 2022$1,221,900$1,295,000 p. 30−5.6%
2CApr 7, 2022$995,000$995,000 p. 300%
2BApr 8, 2022$946,698$966,000 p. 30−2%
1DMay 10, 2022$785,000$795,000 p. 30−1.3%
1BMay 16, 2022$1,275,000$1,375,000 p. 30−7.3%
1CMay 25, 2022$1,377,456$1,395,000 p. 30−1.3%
2DJun 13, 2022$585,494$575,000 p. 30+1.8%
3CSep 30, 2022$1,176,832$1,195,000 p. 30−1.5%
1ADec 21, 2022$1,120,075$1,425,000 p. 30−21.4%

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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
3127 Ft Hamilton LLC
Principals
Roy Raineri

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

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