THE CONDO BOOK PROJECT

Grand Nassau Condominium

278 Nassau Avenue, Brooklyn, NY 11222

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Overview

Units
7 residential · 2 parking
Subway
12 min walk to Nassau Av GGraham Av L, 19 min
Principals
Jun Ming Mai
Average $/sf
$1,199Homes in Schedule A, as first offered
Common charges
$230–$569 a monthSponsor's first-year estimate in Schedule A, Year Projected to Begin: October 1, 2019
Offering price
$9.04 million total

The sponsor of record is New Nassau Developments, LLC, represented by The Law Office Of Jay Lichtman, P.C.. The offering plan runs 339 pages. The sponsor has filed 2 amendments, the latest in December 2020. The nearest other condo plan on file is Greenpoint 280 Condominium, next door.

Plan CD190067 · New · accepted Jul 25, 2019 · AG record ↗

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FigureThis building1Belvedere Xc28 units · 1.1 miaccepted 2020191 Withers36 units · 0.6 miaccepted 2019
Common ChargesPer Square Foot / Month$0.31Lowest$0.38$0.70
Average Offering PricePer Apartment$1.26MHighest$1.07M$925,000
Average PricePer Square Foot$1,199Below peers$1,212$1,331
Property TaxesPer Square Foot / Month$0.60Highest$0.51$0.10
Average Unit SizeSquare Feet1,048 SFLargest882 SF695 SF

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Unit mix, closings, budgets, finishes and the team, against Belvedere Xc and 191 Withers, 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 A7 of 7
Closing prices vs. Schedule A7 homes: $8,314,026 at closing against $8,797,000 in Schedule A (p. 31)−5.5%
Average closing price7 homes, on their Schedule A square feet$1,133 / SF
Closingsfirst and latest recordedJan 22, 2021 – Jun 10, 2021

Sales recorded with the Department of Finance (ACRIS) through Sep 30, 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 7 closings
HomeRecordedClosing priceSchedule ADifference
1BJan 22, 2021$1,195,000$1,200,000 p. 31−0.4%
4Jan 22, 2021$2,075,000$2,200,000 p. 31−5.7%
3AFeb 1, 2021$898,121$999,000 p. 31−10.1%
3BFeb 2, 2021$1,205,905$1,200,000 p. 31+0.5%
2BFeb 19, 2021$1,205,000$1,200,000 p. 31+0.4%
1AMay 27, 2021$865,000$999,000 p. 31−13.4%
2AJun 10, 2021$870,000$999,000 p. 31−12.9%

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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
New Nassau Developments, LLC
Principals
Jun Ming Mai
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
East West Bank$2.93 million recorded

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

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