THE CONDO BOOK PROJECT

Bridge Street Condominium

388 Bridge Street, Brooklyn, NY 11201

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Overview

Units
144 residential · 1 parking · 2 commercial
Subway
1 min walk to Jay St-MetroTech A C F RHoyt St 2 3, 2 min
Developer
The Stahl Organization
Principals
Gregg Wolpert, Richard Czaja
Average $/sf
$1,368Homes in Schedule A, as first offered
Offering price
$10.5 million total $200.9 million when first offered

The sponsor of record is Sidney Bridge LLC, represented by Gerstein Strauss & Rinaldi LLP. The offering plan runs 620 pages. The sponsor has filed 12 amendments, the latest in March 2017. The nearest other condo plan on file is 7 Metrotech Condominium, next door.

Plan CD130272 · New · accepted May 30, 2014 · AG record ↗

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FigureThis building1Boerum2128 units · 0.2 miaccepted 2014Oosten3216 units · 1.6 miaccepted 2014
Average Offering PricePer Apartment$1.4MBelow peers$1.97M$1.59M

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Unit mix, closings, budgets, finishes and the team, against Boerum and Oosten, 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.

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
Sidney Bridge LLC
Developer
The Stahl Organization
Principals
Gregg Wolpert, Richard Czaja
Tax estimate
Tuchman, Korngold, Weiss, Liebman & Gelles, LLPPrepared the first-year real estate tax projection
Construction lenders
M&T Bank, New York State Housing Finance Administration$150 million loan stated in the plan

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

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