THE CONDO BOOK PROJECT

41 Newel Street Condominium

41 Newel Street, Brooklyn, NY 11222

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Overview

Units
7 residential
Subway
5 min walk to Nassau Av GGreenpoint Av G, 14 min
Developer
Mortar Arch + Dev
Principals
Anthony Morena
Average $/sf
$1,127Homes in Schedule A, as first offered
Common charges
$357–$862 a monthSponsor's first-year estimate in Schedule A, August 1, 2019 - July 31, 2020
Offering price
$6.09 million total $6.24 million when first offered

The sponsor of record is 41 Newel Management LLC, represented by Marans, Weisz & Newman, LLC. The offering plan runs 269 pages. The sponsor has filed 6 amendments, the latest in October 2020. The nearest other condo plan on file is Villas At Newell, next door.

Plan CD180299 · Rehab · accepted Dec 18, 2018 · AG record ↗

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FigureThis building1844 Quincy27 units · 2.6 miaccepted 2019206 Powers38 units · 0.8 miaccepted 2020
Common ChargesPer Square Foot / Month$0.63In line$0.65$0.47
Average Offering PricePer Apartment$890,714In line$750,364$956,750
Average PricePer Square Foot$1,127Below peers$1,171$1,209
Property TaxesPer Square Foot / Month$1.01Highest$0.03$0.26
Average Unit SizeSquare Feet790 SFIn line641 SF791 SF

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Unit mix, closings, budgets, finishes and the team, against 844 Quincy and 206 Powers, 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: $5,576,000 at closing against $6,235,000 in Schedule A (p. 31)−10.6%
Average closing price7 homes, on their Schedule A square feet$1,008 / SF
Closingsfirst and latest recordedFeb 28, 2020 – Feb 12, 2021

Sales recorded with the Department of Finance (ACRIS) through Sep 30, 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 7 closings
HomeRecordedClosing priceSchedule ADifference
4AFeb 28, 2020$799,000$865,000 p. 31−7.6%
2BMar 16, 2020$755,000$765,000 p. 31−1.3%
3AMar 16, 2020$739,000$795,000 p. 31−7%
3BApr 23, 2020$758,000$775,000 p. 31−2.2%
4BSep 11, 2020$785,000$895,000 p. 31−12.3%
1BSep 25, 2020$990,000$1,145,000 p. 31−13.5%
1AFeb 12, 2021$750,000$995,000 p. 31−24.6%

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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
41 Newel Management LLC
Developer
Mortar Arch + DevReported by cityrealty.com
Principals
Anthony Morena
Tax estimate
Empire Consulting Service, Inc.Prepared the first-year real estate tax projection
Construction lender
Rosenthal & Rosenthal$2.4 million recorded

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

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