THE CONDO BOOK PROJECT

Chauncey

340-342 Chauncey Street, Brooklyn, NY 11233

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Overview

Units
13 residential
Subway
7 min walk to Ralph Av CRockaway Av C, 9 min
Principals
Ali Rashid
Average $/sf
$809Homes in Schedule A, as first offered
Common charges
$230–$868 a monthSponsor's first-year estimate in Schedule A, December 1, 2020 to November 30, 2021
Offering price
$8.09 million total $6.09 million when first offered

The sponsor of record is Kingsland Chauncey LLC, represented by Korsinsky & Klein, LLP. The offering plan runs 290 pages. The sponsor has filed 2 amendments, the latest in April 2021. The nearest other condo plan on file is 223 Howard Avenue Condominium, next door.

Plan CD190242 · New · accepted Nov 2, 2020 · AG record ↗

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FigureThis building1Calming One217 units · 0.3 miaccepted 2020819 Lexington310 units · 0.8 miaccepted 2020
Common ChargesPer Square Foot / Month$0.49In line$0.36$0.66
Average Offering PricePer Apartment$622,000Above peers$569,588$617,200
Average PricePer Square Foot$809Below peers$868$904
Property TaxesPer Square Foot / Month$0.38In line$0.11$1.05
Average Unit SizeSquare Feet768 SFLarger656 SF683 SF

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Unit mix, closings, budgets, finishes and the team, against Calming One and 819 Lexington, 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 A13 of 13
Closing prices vs. Schedule A13 homes: $7,665,421 at closing against $8,086,000 in Schedule A (p. 33)−5.2%
Average closing price13 homes, on their Schedule A square feet$767 / SF
Closingsfirst and latest recordedSep 1, 2021 – Jul 1, 2022

Sales recorded with the Department of Finance (ACRIS) through Sep 30, 2025: 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 13 closings
HomeRecordedClosing priceSchedule ADifference
342CSep 1, 2021$499,000$510,000 p. 33−2.2%
342ESep 1, 2021$500,000$510,000 p. 33−2%
340FSep 10, 2021$485,000$515,000 p. 33−5.8%
340DSep 14, 2021$487,500$525,000 p. 33−7.1%
340BSep 21, 2021$475,000$499,000 p. 33−4.8%
342ASep 24, 2021$915,000$899,000 p. 33+1.8%
342FOct 4, 2021$435,000$520,000 p. 33−16.3%
340AOct 5, 2021$965,000$899,000 p. 33+7.3%
340GDec 9, 2021$702,593$750,000 p. 33−6.3%
340EMar 18, 2022$450,000$515,000 p. 33−12.6%
342DMay 4, 2022$441,090$520,000 p. 33−15.2%
342BJun 22, 2022$850,239$925,000 p. 33−8.1%
340CJul 1, 2022$460,000$499,000 p. 33−7.8%

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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
Kingsland Chauncey LLC
Principals
Ali Rashid
Tax estimate
Highpoint Incentive Inc.Prepared the first-year real estate tax projection
Construction lender
Bayport FundingLender on the mortgage and building loan agreement recorded April 2016 in ACRIS; $1.4 million recorded

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

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