THE CONDO BOOK PROJECT

320 Sackett Street Condominium

320 Sackett Street, Brooklyn, NY 11231

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Overview

Units
3 residential
Subway
4 min walk to Carroll St F GBergen St F G, 7 min
Developer
Red Brick Properties, Inc.
Principals
David Slaven
Average $/sf
$1,672Homes in Schedule A, as first offered
Common charges
$505–$738 a monthSponsor's first-year estimate in Schedule A, July 1, 2021 - June 30, 2022
Offering price
$8.17 million total $6.68 million when first offered

The sponsor of record is 320 Sackett Street LLC, represented by Tsyngauz & Associates, P.C.. The offering plan runs 282 pages. The sponsor has filed 3 amendments, the latest in January 2023. The nearest other condo plan on file is 321 Union Street Condominium, next door.

Plan CD200113 · New · accepted Oct 23, 2020 · AG record ↗

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FigureThis building1110 Summit23 units · 0.4 miaccepted 202099 Douglass33 units · 0.2 miaccepted 2020
Common ChargesPer Square Foot / Month$0.49Highest$0.28$0.24
Average Offering PricePer Apartment$2.23MIn line$1.93M$2.4M
Average PricePer Square Foot$1,672Above peers$1,622$1,579
Property TaxesPer Square Foot / Month$0.62Highest$0.14$0.31
Average Unit SizeSquare Feet1,333 SFIn line1,192 SF1,520 SF

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Unit mix, closings, budgets, finishes and the team, against 110 Summit and 99 Douglass, 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: $8,119,384 at closing against $6,685,000 in Schedule A (p. 40)+21.5%
Average closing price3 homes, on their Schedule A square feet$2,030 / SF
Closingsfirst and latest recordedDec 13, 2022 – Jun 14, 2023

Sales recorded with the Department of Finance (ACRIS) through Jan 31, 2024: 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 13, 2022$2,829,575$2,395,000 p. 40+18.1%
3Dec 16, 2022$2,998,746$2,595,000 p. 40+15.6%
2Jun 14, 2023$2,291,063$1,695,000 p. 40+35.2%

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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
320 Sackett Street LLC
Developer
Red Brick Properties, Inc.
Principals
David Slaven
Tax estimate
MGNY Consulting Corp.Prepared the first-year real estate tax projection
Construction lender
First Republic Bank$3.1 million loan stated in the plan

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

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