THE CONDO BOOK PROJECT

309 Prospect Place Condominium

309 Prospect Place, Brooklyn, NY 11238

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Overview

Units
4 residential · 1 parking
Subway
8 min walk to Grand Army Plaza 2 37 Av B Q, 8 min
Principals
William Caleo, Lyndsay Caleo
Average $/sf
$1,232Homes in Schedule A, as first offered
Common charges
$539–$902 a monthSponsor's first-year estimate in Schedule A, From January 1, 2022 To December 31, 2022
Offering price
$6.36 million total

The sponsor of record is 309 Prospect Blaz LLC, represented by Marcus Attorneys Pllc. The offering plan runs 334 pages. The sponsor has filed 1 amendment, the latest in November 2021. The nearest other condo plan on file is 280 St. Marks Avenue Condominium, next door.

Plan CD210077 · Rehab · accepted Oct 25, 2021 · AG record ↗

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FigureThis building1184 Saint Marks24 units · 0.2 miaccepted 202219 Irving Place34 units · 0.6 miaccepted 2022
Common ChargesPer Square Foot / Month$0.52Highest$0.33$0.31
Average Offering PricePer Apartment$1.57MIn line$2.01M$1.14M
Average PricePer Square Foot$1,232Below peers$1,467$1,350
Property TaxesPer Square Foot / Month$0.41Highest$0.35$0.16
Average Unit SizeSquare Feet1,272 SFIn line1,372 SF846 SF

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Unit mix, closings, budgets, finishes and the team, against 184 Saint Marks and 19 Irving 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: $6,608,352 at closing against $6,265,000 in Schedule A (p. 33)+5.5%
Average closing price4 homes, on their Schedule A square feet$1,299 / SF
Closingsfirst and latest recordedFeb 4, 2022 – Mar 3, 2022

Sales recorded with the Department of Finance (ACRIS) through Apr 30, 2022: 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
2Feb 4, 2022$1,543,961$1,450,000 p. 33+6.5%
1Feb 8, 2022$2,144,391$2,125,000 p. 33+0.9%
3Feb 17, 2022$1,350,000$1,295,000 p. 33+4.2%
PHMar 3, 2022$1,570,000$1,395,000 p. 33+12.5%

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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
309 Prospect Blaz LLC
Principals
William Caleo, Lyndsay Caleo
Tax estimate
Metropolitan Realty ExemptionsPrepared the first-year real estate tax projection

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

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