THE CONDO BOOK PROJECT

Ridgewood Place Condominium

3 Ridgewood Place, Brooklyn, NY 11237

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Overview

Units
4 residential
Subway
2 min walk to Myrtle-Wyckoff Avs L MSeneca Av M, 8 min
Developer
Y.A. Construction
Principals
Yaakov Scharman
Average $/sf
$878Homes in Schedule A, as first offered
Common charges
$252–$375 a monthSponsor's first-year estimate in Schedule A, 1/1/2017 - 12/31/2017
Offering price
$3.47 million total $2.92 million when first offered

The sponsor of record is Ridgewood Pl Condo, LLC, represented by Law Office Of Charles Mandelbaum. The offering plan runs 295 pages. The sponsor has filed 1 amendment, the latest in November 2017. The nearest other condo plan on file is 373 Palmetto Street Condominium, next door.

Plan CD150251 · New · accepted Sep 23, 2016 · AG record ↗

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FigureThis building1Dod25 units · 1 miaccepted 2015729 Decatur36 units · 1 miaccepted 2016
Common ChargesPer Square Foot / Month$0.29In line$0.24$0.65
Average Offering PricePer Apartment$867,000Above peers$833,600$485,667
Average PricePer Square Foot$878In line$883$792
Property TaxesPer Square Foot / Month$0.57Highest$0.27$0.46
Average Unit SizeSquare Feet988 SFLarger944 SF613 SF

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Unit mix, closings, budgets, finishes and the team, against Dod and 729 Decatur, 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: $3,276,370 at closing against $3,468,000 in Schedule A (p. 23)−5.5%
Average closing price4 homes, on their Schedule A square feet$829 / SF
Closingsfirst and latest recordedOct 31, 2017 – Jan 11, 2018

Sales recorded with the Department of Finance (ACRIS) through Aug 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
4Oct 31, 2017$817,500$895,000 p. 23−8.7%
3Nov 17, 2017$790,000$839,000 p. 23−5.8%
2Nov 20, 2017$773,870$839,000 p. 23−7.8%
1Jan 11, 2018$895,000$895,000 p. 230%

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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
Ridgewood Pl Condo, LLC
Developer
Y.A. Construction
Principals
Yaakov Scharman
Tax estimate
Metropolitan Realty Exemptions, IncPrepared the first-year real estate tax projection
Construction lender
Tideway Capital Funding$975,000 recorded

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

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