THE CONDO BOOK PROJECT

288 Water Street Condominium

288 Water Street, Brooklyn, NY 11201

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Overview

Units
9 residential · 3 parking · 8 storage
Subway
7 min walk to York St FHigh St A C, 12 min
Developer
EDG Development
Principals
Harel Edery
Average $/sf
$1,546Homes in Schedule A, as first offered
Offering price
$22.6 million total $23.2 million when first offered

The sponsor of record is 288 Water Street Owner LLC, represented by Marans, Weisz & Newman, LLC. The offering plan runs 325 pages. The sponsor has filed 3 amendments, the latest in July 2024. The nearest other condo plan on file is 99 Gold Street Condominium, next door.

Plan CD200321 · New · accepted Sep 10, 2021 · AG record ↗

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FigureThis building1Two Fifty Six North Ninth Street210 units · 1.8 miaccepted 2021137 4th37 units · 1.6 miaccepted 2021
Common ChargesPer Square Foot / Month$0.61Highest$0.42$0.41
Average Offering PricePer Apartment$2.73MAbove peers$1.99M$2.47M
Average PricePer Square Foot$1,546Above peers$1,530$1,377
Average Unit SizeSquare Feet1,764 SFIn line1,300 SF1,792 SF

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Unit mix, closings, budgets, finishes and the team, against Two Fifty Six North Ninth Street and 137 4th, 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 closed75% of the homes in Schedule A6 of 8
Closing prices vs. Schedule A6 homes: $16,283,968 at closing against $15,570,000 in Schedule A (p. 49)+4.6%
Average closing price6 homes, on their Schedule A square feet$1,613 / SF
Closingsfirst and latest recordedDec 29, 2022 – Aug 7, 2024

Sales recorded with the Department of Finance (ACRIS) through Feb 28, 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 6 closings
HomeRecordedClosing priceSchedule ADifference
2BDec 29, 2022$2,614,866$2,420,000 p. 49+8.1%
1ADec 30, 2022$3,359,950$3,500,000 p. 49−4%
4AJan 19, 2023$2,635,231$2,525,000 p. 49+4.4%
3AFeb 7, 2023$2,600,477$2,375,000 p. 49+9.5%
3BFeb 7, 2023$2,634,444$2,400,000 p. 49+9.8%
2AAug 7, 2024$2,439,000$2,350,000 p. 49+3.8%

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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
288 Water Street Owner LLC
Developer
EDG DevelopmentReported by web.archive.org
Principals
Harel Edery
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection

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

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