THE CONDO BOOK PROJECT

Carroll Street Condominiums

316 Carroll Street, Brooklyn, NY 11231

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Overview

Units
3 residential
Subway
4 min walk to Carroll St F GBergen St F G, 11 min
Principals
Rafi Manor
Average $/sf
$1,889Homes in Schedule A, as first offered
Common charges
$257–$372 a monthSponsor's first-year estimate in Schedule A, 1/1/2018
Offering price
$5.25 million total $4.97 million when first offered

The sponsor of record is 316 Carroll Street Villa LLC, represented by Law Offices Of Hershy Itzkowitz, P.C.. The offering plan runs 289 pages. The sponsor has filed 4 amendments, the latest in September 2019. The nearest other condo plan on file is 349 Hoyt Street Condominium, next door.

Plan CD160315 · New · accepted Apr 3, 2017 · AG record ↗

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FigureThis building1132 Cambridge Place24 units · 1.6 miaccepted 2017341 Union34 units · 0.2 miaccepted 2019
Common ChargesPer Square Foot / Month$0.34Below peers$0.36$0.38
Average Offering PricePer Apartment$1.75MIn line$1.62M$2.13M
Average PricePer Square Foot$1,889Above peers$1,370$1,844
Property TaxesPer Square Foot / Month$0.77Highest$0.59$0.30
Average Unit SizeSquare Feet926 SFSmallest1,179 SF1,153 SF

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Unit mix, closings, budgets, finishes and the team, against 132 Cambridge Place and 341 Union, 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: $4,053,000 at closing against $5,250,000 in Schedule A (p. 25)−22.8%
Average closing price3 homes, on their Schedule A square feet$1,458 / SF
Closingsfirst and latest recordedNov 8, 2019 – Apr 6, 2020

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 3 closings
HomeRecordedClosing priceSchedule ADifference
1Nov 8, 2019$1,273,000$1,680,000 p. 25−24.2%
3Nov 13, 2019$1,480,000$1,980,000 p. 25−25.3%
2Apr 6, 2020$1,300,000$1,590,000 p. 25−18.2%

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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
316 Carroll Street Villa LLC
Principals
Rafi Manor
Tax estimate
LAW OFFICES OF HERSHY ITZKOWITZ, P.C.Prepared the first-year real estate tax projection
Construction lender
S3 Capital$1.55 million recorded

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

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