THE CONDO BOOK PROJECT

377 Degraw Street Condominium

377 Degraw Street, Brooklyn, NY 11231

Overview

Units
3 residential
Subway
5 min walk to Carroll St F GBergen St F G, 6 min
Principals
Rey Grabato
Average $/sf
$1,703Homes in Schedule A, as first offered
Common charges
$383–$765 a monthSponsor's first-year estimate in Schedule A, September 1, 2020 through August 31, 2021
Offering price
$6.35 million total

The sponsor of record is Degraw St Capital 377, LLC**, represented by Gabor & Marotta LLC. The offering plan runs 264 pages. The sponsor has filed 3 amendments, the latest in December 2021. The nearest other condo plan on file is 404 Degraw Street Condominium, next door.

Plan CD190348 · Rehab · accepted Apr 17, 2020 · AG record ↗

Closings Pro

Homes closed100% of the homes in Schedule A3 of 3
Closing prices vs. Schedule A3 homes: $5,796,919 at closing against $6,348,000 in Schedule A (p. 27)−8.7%
Average closing price3 homes, on their Schedule A square feet$1,555 / SF
Closingsfirst and latest recordedJun 29, 2021 – Jul 30, 2021

Sales recorded with the Department of Finance (ACRIS) through Sep 30, 2024: 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 3 closings
HomeRecordedClosing priceSchedule ADifference
Unit 3Jun 29, 2021$1,501,919$1,649,000 p. 27−8.9%
Unit 1Jul 8, 2021$2,795,000$3,100,000 p. 27−9.8%
Unit 2Jul 30, 2021$1,500,000$1,599,000 p. 27−6.2%

Pro

Closings are for subscribers

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
Degraw St Capital 377, LLC**
Principals
Rey Grabato
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Patch of Land Lending$3.83 million loan stated in the plan

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

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