THE CONDO BOOK PROJECT

315 6th Street Condominium

315 6th Street, Brooklyn, NY 11215

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Overview

Units
3 residential
Subway
5 min walk to 4 Av-9 St F G R7 Av F G, 10 min
Principals
Mikhail Gurevich
Average $/sf
$1,618Homes in Schedule A, as first offered
Common charges
$381–$584 a monthSponsor's first-year estimate in Schedule A, January 1, 2021 - December 31, 2021
Offering price
$6.15 million total $5.65 million when first offered

The sponsor of record is 315 6th Street LLC, represented by Tsyngauz & Associates, P.C.. The offering plan runs 283 pages. The sponsor has filed 2 amendments, the latest in September 2021. The nearest other condo plan on file is 300 5th Street Condominium, next door.

Plan CD190183 · Rehab · accepted Jun 17, 2020 · AG record ↗

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FigureThis building1486 1st23 units · 0.5 miaccepted 2020285 7th33 units · 0.1 miaccepted 2021
Common ChargesPer Square Foot / Month$0.41Below peers$0.43$0.44
Average Offering PricePer Apartment$1.98MIn line$2.08M$1.93M
Average PricePer Square Foot$1,618In line$1,773$1,545
Property TaxesPer Square Foot / Month$0.51In line$0.75$0.47
Average Unit SizeSquare Feet1,226 SFIn line1,175 SF1,248 SF

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Unit mix, closings, budgets, finishes and the team, against 486 1st and 285 7th, 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 A3 of 3
Closing prices vs. Schedule A3 homes: $6,404,651 at closing against $5,950,000 in Schedule A (p. 39)+7.6%
Average closing price3 homes, on their Schedule A square feet$1,741 / SF
Closingsfirst and latest recordedDec 9, 2021 – Dec 22, 2021

Sales recorded with the Department of Finance (ACRIS) through Jan 31, 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 3 closings
HomeRecordedClosing priceSchedule ADifference
1Dec 9, 2021$2,315,942$2,150,000 p. 39+7.7%
2Dec 20, 2021$1,650,000$1,500,000 p. 39+10%
3Dec 22, 2021$2,438,709$2,300,000 p. 39+6%

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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
315 6th Street LLC
Principals
Mikhail Gurevich
Tax estimate
MGNY Consulting Corp.Prepared the first-year real estate tax projection
Construction lender
Rudolf Kats$1.7 million loan stated in the plan

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

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