THE CONDO BOOK PROJECT

311 Hart Street Condominium

311 Hart Street, Brooklyn, NY 11206

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Overview

Units
10 residential
Subway
7 min walk to Myrtle Av J M ZFlushing Av J M, 10 min
Principals
Shay Medina, Yaaqov Yaron Levi
Average $/sf
$1,069Homes in Schedule A, as first offered
Common charges
$189–$482 a monthSponsor's first-year estimate in Schedule A, October 1, 2018 To September 30, 2019
Offering price
$8.41 million total $8.21 million when first offered

The sponsor of record is 311 Hart LLC, represented by Eial Girtz, PC. The offering plan runs 232 pages. The sponsor has filed 4 amendments, the latest in June 2019. The nearest other condo plan on file is 120 Marcus Garvey Condominium, 0.1 mi away.

Plan CD170378 · New · accepted Feb 21, 2018 · AG record ↗

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FigureThis building1854 Putnam28 units · 0.8 miaccepted 2017511 Herkimer38 units · 1.1 miaccepted 2018
Common ChargesPer Square Foot / Month$0.37In line$0.29$0.85
Average Offering PricePer Apartment$821,000In line$1M$640,245
Average PricePer Square Foot$1,069In line$1,051$1,111
Property TaxesPer Square Foot / Month$0.56In line$0.66$0.02
Average Unit SizeSquare Feet768 SFIn line952 SF576 SF

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Unit mix, closings, budgets, finishes and the team, against 854 Putnam and 511 Herkimer, 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 closed90% of the homes in Schedule A9 of 10
Closing prices vs. Schedule A9 homes: $5,524,000 at closing against $6,760,000 in Schedule A (p. 34)−18.3%
Average closing price9 homes, on their Schedule A square feet$887 / SF
Closingsfirst and latest recordedJan 30, 2019 – Sep 14, 2020

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 9 closings
HomeRecordedClosing priceSchedule ADifference
2AJan 30, 2019$580,000$575,000 p. 34+0.9%
2BFeb 8, 2019$520,000$575,000 p. 34−9.6%
4AMar 22, 2019$510,000$595,000 p. 34−14.3%
3AMar 25, 2019$510,000$585,000 p. 34−12.8%
4CApr 12, 2019$875,000$1,200,000 p. 34−27.1%
4BApr 18, 2019$525,000$595,000 p. 34−11.8%
1BJul 19, 2019$855,000$1,085,000 p. 34−21.2%
1ASep 26, 2019$650,000$965,000 p. 34−32.6%
3BSep 14, 2020$499,000$585,000 p. 34−14.7%

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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
311 Hart LLC
Principals
Shay Medina, Yaaqov Yaron Levi
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
White Oak Projects$2.75 million loan stated in the plan

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

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