THE CONDO BOOK PROJECT

373 Palmetto Street Condominium

373 Palmetto Street, Brooklyn, NY 11237

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Overview

Units
8 residential
Subway
2 min walk to Myrtle-Wyckoff Avs L MSeneca Av M, 8 min
Average $/sf
$1,014Homes in Schedule A, as first offered
Common charges
$197–$375 a monthSponsor's first-year estimate in Schedule A, July 1, 2022 To June 30, 2023
Offering price
$6.24 million total $5.35 million when first offered

The sponsor of record is 373 Palmetto LLC, represented by Eial Girtz, PC. The offering plan runs 262 pages. The sponsor has filed 4 amendments, the latest in April 2023. The nearest other condo plan on file is Ridgewood Place Condominium, next door.

Plan CD210149 · Rehab · accepted Oct 6, 2021 · AG record ↗

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FigureThis building1151 Weirfield26 units · 0.6 miaccepted 2021682 Hancock36 units · 1.3 miaccepted 2021
Common ChargesPer Square Foot / Month$0.38Lowest$0.60$0.62
Average Offering PricePer Apartment$672,500In line$604,000$812,500
Average PricePer Square Foot$1,014In line$944$1,253
Property TaxesPer Square Foot / Month$0.82Highest$0.35$0.36
Average Unit SizeSquare Feet663 SFLarger640 SF648 SF

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Unit mix, closings, budgets, finishes and the team, against 151 Weirfield and 682 Hancock, 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 A8 of 8
Closing prices vs. Schedule A8 homes: $5,803,919 at closing against $5,380,000 in Schedule A (p. 37)+7.9%
Average closing price8 homes, on their Schedule A square feet$1,094 / SF
Closingsfirst and latest recordedNov 10, 2022 – Jun 15, 2023

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 8 closings
HomeRecordedClosing priceSchedule ADifference
4BNov 10, 2022$1,059,581$945,000 p. 37+12.1%
3BNov 17, 2022$635,000$615,000 p. 37+3.3%
4ANov 17, 2022$650,000$615,000 p. 37+5.7%
3ADec 15, 2022$630,000$615,000 p. 37+2.4%
2BJan 31, 2023$620,000$595,000 p. 37+4.2%
2AMar 7, 2023$620,000$595,000 p. 37+4.2%
1BApr 25, 2023$999,000$875,000 p. 37+14.2%
1AJun 15, 2023$590,338$525,000 p. 37+12.4%

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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
373 Palmetto LLC
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Goldman Sachs BankLender on the mortgage and building loan agreement recorded March 2021 in ACRIS; $3.24 million recorded

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

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