THE CONDO BOOK PROJECT

279 Sackett Street Condominium

279 Sackett Street, Brooklyn, NY 11231

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Overview

Units
4 residential
Subway
5 min walk to Carroll St F GBergen St F G, 8 min
Principals
Rey Grabato
Average $/sf
$1,760Homes in Schedule A, as first offered
Common charges
$388–$506 a monthSponsor's first-year estimate in Schedule A, July 1, 2021 through June 30, 2022
Offering price
$8.79 million total $8.7 million when first offered

The sponsor of record is Sackett Street Capital 279, LLC, represented by Gabor & Marotta LLC. The offering plan runs 267 pages. The nearest other condo plan on file is 284 Sackett Street Condominium, next door.

Plan CD200169 · Rehab · accepted May 17, 2021 · AG record ↗

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FigureThis building158 Butler24 units · 0.2 miaccepted 202178 2nd Place34 units · 0.3 miaccepted 2021
Common ChargesPer Square Foot / Month$0.34Above peers$0.33$0.25
Average Offering PricePer Apartment$2.2MBelow peers$2.49M$2.2M
Average PricePer Square Foot$1,760Below peers$1,882$1,865
Property TaxesPer Square Foot / Month$0.49Below peers$0.54$0.65
Average Unit SizeSquare Feet1,249 SFIn line1,322 SF1,180 SF

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Unit mix, closings, budgets, finishes and the team, against 58 Butler and 78 2nd Place, 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: $8,553,988 at closing against $8,795,000 in Schedule A (p. 31)−2.7%
Average closing price4 homes, on their Schedule A square feet$1,712 / SF
Closingsfirst and latest recordedJan 24, 2022 – Mar 23, 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 4 closings
HomeRecordedClosing priceSchedule ADifference
Unit 4Jan 24, 2022$2,087,413$2,100,000 p. 31−0.6%
Unit 1Feb 8, 2022$2,300,000$2,595,000 p. 31−11.4%
Unit 3Feb 10, 2022$2,138,325$2,100,000 p. 31+1.8%
Unit 2Mar 23, 2022$2,028,250$2,000,000 p. 31+1.4%

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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
Sackett Street Capital 279, LLC
Principals
Rey Grabato
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Lending One$5.06 million loan stated in the plan

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

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