THE CONDO BOOK PROJECT

40two Devoe Street Condominium

42 Devoe Street, Brooklyn, NY 11211

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Overview

Units
8 residential
Subway
2 min walk to Metropolitan Av/Lorimer St G LGraham Av L, 7 min
Principals
Kenneth Kramer, Peter Sansone
Average $/sf
$1,595Homes in Schedule A, as first offered
Common charges
$574–$699 a monthSponsor's first-year estimate in Schedule A, March 1, 2022 To February 28, 2023
Offering price
$14.6 million total $12.8 million when first offered

The sponsor of record is 42 Devoe Street LLC, represented by Tsoromokos & Papadopoulos, Pllc. The offering plan runs 343 pages. The sponsor has filed 2 amendments, the latest in August 2022. The nearest other condo plan on file is Devaux, next door.

Plan CD210231 · New · accepted May 9, 2022 · AG record ↗

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FigureThis building1143 Powers26 units · 0.3 miaccepted 2022340 Metropolitan310 units · 0.4 miaccepted 2022
Common ChargesPer Square Foot / Month$0.68Highest$0.40$0.41
Average Offering PricePer Apartment$1.59MIn line$1.27M$1.72M
Average PricePer Square Foot$1,595In line$1,590$1,608
Property TaxesPer Square Foot / Month$0.33Lowest$0.99$0.95
Average Unit SizeSquare Feet1,000 SFIn line796 SF1,068 SF

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Unit mix, closings, budgets, finishes and the team, against 143 Powers and 340 Metropolitan, 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: $13,958,193 at closing against $12,760,000 in Schedule A (p. 47)+9.4%
Average closing price8 homes, on their Schedule A square feet$1,745 / SF
Closingsfirst and latest recordedJan 4, 2023 – Apr 20, 2023

Sales recorded with the Department of Finance (ACRIS) through Apr 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
2AJan 4, 2023$1,685,204$1,595,000 p. 47+5.7%
2BJan 4, 2023$1,705,569$1,595,000 p. 47+6.9%
4BJan 5, 2023$1,832,850$1,695,000 p. 47+8.1%
3AJan 17, 2023$1,715,751$1,595,000 p. 47+7.6%
1BJan 18, 2023$1,832,850$1,695,000 p. 47+8.1%
3BJan 20, 2023$1,706,100$1,595,000 p. 47+7%
1AFeb 3, 2023$1,445,915$1,295,000 p. 47+11.7%
4AApr 20, 2023$2,033,954$1,695,000 p. 47+20%

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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
42 Devoe Street LLC
Principals
Kenneth Kramer, Peter Sansone
Tax estimate
Tsoromokos & Papadopoulos, PLLCPrepared the first-year real estate tax projection
Construction lender
Marie Holdings$4.5 million recorded

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

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