THE CONDO BOOK PROJECT

291 Devoe Street Condo

291 Devoe Street, Brooklyn, NY 11211

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Overview

Units
8 residential
Subway
5 min walk to Grand St LGraham Av L, 8 min
Principals
Gregory S. Walls, Irving Rubin
Average $/sf
$784Homes in Schedule A, as first offered
Common charges
$121–$186 a monthSponsor's first-year estimate in Schedule A, January 1, 2008 - December 31, 2008
Offering price
$4.37 million total

The sponsor of record is Builders NY Holdings V, LLC, represented by Harold L. Gruber, P.C.. The offering plan runs 338 pages. The sponsor has filed 6 amendments, the latest in August 2011. The nearest other condo plan on file is 289 Devoe Street Condominium, next door.

Plan CD070330 · New · accepted Jul 29, 2008 · AG record ↗

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FigureThis building1365-367 Union214 units · 0.7 miaccepted 2007122 Newton35 units · 0.7 miaccepted 2008
Common ChargesPer Square Foot / Month$0.21Lowest$0.40$0.32
Average Offering PricePer Apartment$546,163In line$528,786$1.2M
Average PricePer Square Foot$784Above peers$711$701
Property TaxesPer Square Foot / Month$0.02Lowest$0.06$0.05
Average Unit SizeSquare Feet696 SFSmaller743 SF1,706 SF

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Unit mix, closings, budgets, finishes and the team, against 365-367 Union and 122 Newton, 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 A8 of 8
Closing prices vs. Schedule A8 homes: $3,578,166 at closing against $4,369,300 in Schedule A (p. 177)−18.1%
Average closing price8 homes, on their Schedule A square feet$642 / SF
Closingsfirst and latest recordedMay 3, 2011 – Aug 31, 2011

Sales recorded with the Department of Finance (ACRIS) through Apr 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 8 closings
HomeRecordedClosing priceSchedule ADifference
4AMay 3, 2011$499,395$683,150 p. 177−26.9%
3AMay 5, 2011$405,600$445,250 p. 177−8.9%
1BMay 18, 2011$549,855$685,500 p. 177−19.8%
3BMay 19, 2011$410,670$445,250 p. 177−7.8%
2AMay 26, 2011$395,460$445,250 p. 177−11.2%
4BJun 13, 2011$505,986$683,150 p. 177−25.9%
2BJul 28, 2011$390,390$445,250 p. 177−12.3%
1AAug 31, 2011$420,810$536,500 p. 177−21.6%

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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
Builders NY Holdings V, LLC
Principals
Gregory S. Walls, Irving Rubin
Tax estimate
Leitner Group, Inc.Prepared the first-year real estate tax projection
Construction lender
Builders BankLender on the mortgage and building loan agreement recorded December 2006 in ACRIS; $3.4 million recorded

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

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