THE CONDO BOOK PROJECT

363 16th Street Condominium

363 16th Street, Brooklyn, NY 11215

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Overview

Units
7 residential
Subway
6 min walk to 15 St-Prospect Park F G7 Av F G, 8 min
Principals
Dipraj Singh
Average $/sf
$774Homes in Schedule A, as first offered
Common charges
$145–$269 a monthSponsor's first-year estimate in Schedule A, November 1, 2007 - October 31, 2008
Offering price
$3.54 million total

The sponsor of record is 363 16th Street Condominium, LLC, represented by Harold L. Gruber, P.C.. The offering plan runs 200 pages. The sponsor has filed 4 amendments, the latest in August 2009. The nearest other condo plan on file is 359-361 16th Street Condominium, next door.

Plan CD070204 · New · accepted Feb 19, 2008 · AG record ↗

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FigureThis building1Tiffany D Condominiums26 units · 1.8 miaccepted 2007Sterling Green38 units · 1.5 miaccepted 2008
Common ChargesPer Square Foot / Month$0.28Lowest$0.35$0.34
Average Offering PricePer Apartment$505,286In line$774,167$431,500
Average PricePer Square Foot$774In line$780$585
Property TaxesPer Square Foot / Month$0.03In line$0.15$0.02
Average Unit SizeSquare Feet653 SFSmaller993 SF738 SF

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Unit mix, closings, budgets, finishes and the team, against Tiffany D Condominiums and Sterling Green, 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 A7 of 7
Closing prices vs. Schedule A7 homes: $2,937,262 at closing against $3,537,000 in Schedule A (p. 15)−17%
Average closing price7 homes, on their Schedule A square feet$643 / SF
Closingsfirst and latest recordedSep 23, 2008 – Oct 8, 2009

Sales recorded with the Department of Finance (ACRIS) through Sep 30, 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 7 closings
HomeRecordedClosing priceSchedule ADifference
2ASep 23, 2008$456,300$399,000 p. 15+14.4%
3AOct 2, 2008$466,440$425,000 p. 15+9.8%
1BFeb 25, 2009$456,389$655,000 p. 15−30.3%
2BJun 17, 2009$324,543$399,000 p. 15−18.7%
1AJul 10, 2009$415,740$495,000 p. 15−16%
3BAug 11, 2009$331,130$425,000 p. 15−22.1%
4AOct 8, 2009$486,720$739,000 p. 15−34.1%

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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
363 16th Street Condominium, LLC
Principals
Dipraj Singh
Tax estimate
Ben Rottenstein Associates Inc.Prepared the first-year real estate tax projection

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

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