THE CONDO BOOK PROJECT

361 Macon Street Condominium

361 Macon Street, Brooklyn, NY 11233

Overview

Units
4 residential
Subway
7 min walk to Kingston-Throop Avs CUtica Av A C, 9 min
Principals
Yuval Bitton
Common charges
$382–$568 a monthSponsor's first-year estimate in Schedule A, Year Projected to Begin: July 1, 2022- June 30, 2022
Offering price
$4.28 million total $3.77 million when first offered

The sponsor of record is 361 Macon Street LLC, represented by The Law Office Of Jay Lichtman, P.C.. The offering plan runs 343 pages. The sponsor has filed 1 amendment, the latest in February 2022. The nearest other condo plan on file is 320 Macon Condominium, next door.

Plan CD210102 · New · accepted Aug 30, 2021 · AG record ↗

Compare

FigureThis building1289 Kosciuszko24 units · 0.7 miaccepted 2021627 Halsey34 units · 0.5 miaccepted 2021
Average Offering PricePer Apartment$943,000Above peers$897,500$823,750

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Unit mix, closings, budgets, finishes and the team, against 289 Kosciuszko and 627 Halsey, 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 A4 of 4
Closing prices vs. Schedule A4 homes: $4,306,158 at closing against $3,772,000 in Schedule A (p. 37)+14.2%
Closingsfirst and latest recordedJun 7, 2022 – Jul 11, 2022

Sales recorded with the Department of Finance (ACRIS) through Jun 30, 2023: 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 4 closings
HomeRecordedClosing priceSchedule ADifference
4Jun 7, 2022$975,000$849,000 p. 37+14.8%
2Jun 17, 2022$979,000$849,000 p. 37+15.3%
3Jun 23, 2022$1,028,433$899,000 p. 37+14.4%
1Jul 11, 2022$1,323,725$1,175,000 p. 37+12.7%

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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
361 Macon Street LLC
Principals
Yuval Bitton
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Golden Bridge

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

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