THE CONDO BOOK PROJECT

40 Douglass Street Condominium

40 Douglass Street, Brooklyn, NY 11231

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Overview

Units
3 residential
Subway
4 min walk to Bergen St F GCarroll St F G, 5 min
Principals
Jamie Grady, Joanne Mercaldi, Joseph Boyd, Joseph Calabrese, Laura Boyd, Roger Mercaldi
Average $/sf
$1,657Homes in Schedule A, as first offered
Offering price
$8.57 million total

The sponsor of record is 40 Douglass LLC, represented by The Law Office Of Claudia V. Murdoch, P.C.. The offering plan runs 221 pages. The sponsor has filed 2 amendments, the latest in December 2021. The nearest other condo plan on file is No-46 Condominium, next door.

Plan CD200182 · New · accepted Nov 16, 2020 · AG record ↗

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FigureThis building199 Douglass23 units · 0.1 miaccepted 2020320 Sackett33 units · 0.1 miaccepted 2020
Common ChargesPer Square Foot / Month$0.23Below peers$0.24$0.49
Average Offering PricePer Apartment$2.86MHighest$2.4M$2.23M
Average PricePer Square Foot$1,657In line$1,579$1,672
Average Unit SizeSquare Feet1,725 SFLarger1,520 SF1,333 SF

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Unit mix, closings, budgets, finishes and the team, against 99 Douglass and 320 Sackett, 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 A3 of 3
Closing prices vs. Schedule A3 homes: $8,963,099 at closing against $8,575,000 in Schedule A (p. 33)+4.5%
Average closing price3 homes, on their Schedule A square feet$1,732 / SF
Closingsfirst and latest recordedFeb 3, 2022 – Feb 4, 2022

Sales recorded with the Department of Finance (ACRIS) through Mar 31, 2022: 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
AFeb 3, 2022$2,835,641$2,825,000 p. 33+0.4%
CFeb 3, 2022$3,174,533$2,950,000 p. 33+7.6%
BFeb 4, 2022$2,952,925$2,800,000 p. 33+5.5%

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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
40 Douglass LLC
Principals
Jamie Grady, Joanne Mercaldi, Joseph Boyd, Joseph Calabrese, Laura Boyd, Roger Mercaldi
Tax estimate
SJP Tax Consultants Inc.Prepared the first-year real estate tax projection

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

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