THE CONDO BOOK PROJECT

Park Slope Gardens Condominiums

354 2nd Street; 347 & 355 3rd Street, Brooklyn, NY 11215

Overview

Units
30 residential
Subway
7 min walk to Union St R4 Av-9 St F G R, 9 min
Average $/sf
$610Homes in Schedule A, as first offered
Common charges
$234–$456 a monthSponsor's first-year estimate in Schedule A, 2/1/05-1/31/06
Offering price
$18.8 million total

The sponsor of record is Park Slope Gardens, LLC, represented by Marc L. Brick. The offering plan runs 310 pages. The sponsor has filed 4 amendments, the latest in March 2006. The nearest other condo plan on file is 286 1st Street Condominium, next door.

Plan CD040005 · New · accepted Aug 27, 2004 · AG record ↗

Compare

FigureThis building1Carriage House On The Slope224 units · 0.6 miaccepted 2005The Absolute335 units · 1.8 miaccepted 2007
Common ChargesPer Square Foot / Month$0.30Lowest$0.41$0.36
Average Offering PricePer Apartment$625,800In line$787,917$556,514
Average PricePer Square Foot$610Above peers$609$560
Property TaxesPer Square Foot / Month$0.08In line$0.16$0.03
Average Unit SizeSquare Feet1,027 SFIn line1,293 SF995 SF

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Unit mix, closings, budgets, finishes and the team, against Carriage House On The Slope and The Absolute, 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 A30 of 30
Closing prices vs. Schedule A30 homes: $19,032,007 at closing against $18,774,000 in Schedule A (p. 21)+1.4%
Average closing price30 homes, on their Schedule A square feet$618 / SF
Closingsfirst and latest recordedMar 22, 2005 – Jul 25, 2006

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 30 closings
HomeRecordedClosing priceSchedule ADifference
A-3AMar 22, 2005$486,720$480,000 p. 21+1.4%
A-4BMar 30, 2005$486,720$480,000 p. 21+1.4%
A-5BMar 30, 2005$499,902$480,000 p. 21+4.1%
A-1BMar 31, 2005$829,297$831,000 p. 21−0.2%
A-4AApr 5, 2005$486,720$480,000 p. 21+1.4%
A2-BApr 14, 2005$486,720$480,000 p. 21+1.4%
A-5AApr 18, 2005$438,048$480,000 p. 21−8.7%
A-3BMay 10, 2005$486,720$480,000 p. 21+1.4%
A-2AMay 19, 2005$486,815$480,000 p. 21+1.4%
A-1AMay 26, 2005$767,000$767,000 p. 210%
C-5ASep 30, 2005$773,870$760,000 p. 21+1.8%
C-2BOct 3, 2005$549,855$540,000 p. 21+1.8%
C-1AOct 6, 2005$936,790$954,000 p. 21−1.8%
B-3AOct 11, 2005$549,855$540,000 p. 21+1.8%
C-3AOct 11, 2005$549,855$540,000 p. 21+1.8%
C-3BOct 11, 2005$549,855$540,000 p. 21+1.8%
C-4BOct 11, 2005$549,855$540,000 p. 21+1.8%
B-3BOct 14, 2005$549,855$540,000 p. 21+1.8%
B-2AOct 27, 2005$549,855$540,000 p. 21+1.8%
B-4AOct 28, 2005$549,855$540,000 p. 21+1.8%
C-2AOct 28, 2005$549,855$540,000 p. 21+1.8%
B-4BNov 3, 2005$549,855$540,000 p. 21+1.8%
C-4ANov 15, 2005$549,855$540,000 p. 21+1.8%
B-5ANov 18, 2005$773,870$760,000 p. 21+1.8%
C-1BNov 23, 2005$971,411$954,000 p. 21+1.8%
C-5BNov 25, 2005$773,870$760,000 p. 21+1.8%
B-2BNov 28, 2005$549,855$540,000 p. 21+1.8%
B-5BMar 16, 2006$896,060$760,000 p. 21+17.9%
B-1AMay 2, 2006$941,881$954,000 p. 21−1.3%
B-1BJul 25, 2006$911,333$954,000 p. 21−4.5%

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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
Park Slope Gardens, LLC
Tax estimate
Moseson & AssociatesPrepared the first-year real estate tax projection

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

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