THE CONDO BOOK PROJECT

446 Clinton Street Condominium

446 Clinton Street, Brooklyn, NY 11231

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Overview

Units
5 residential
Subway
6 min walk to Carroll St F GSmith-9 Sts F G, 12 min
Principals
Gabriel Saffayeh, George Saffayeh, Jack Shin, Larisa Lemberg-Ferdman
Average $/sf
$1,669Homes in Schedule A, as first offered
Common charges
$451–$715 a monthSponsor's first-year estimate in Schedule A, January 1, 2022 - December 31, 2022
Offering price
$9.2 million total $8.8 million when first offered

The sponsor of record is Grgs3, LLC, represented by The Law Office Of Claudia V. Murdoch, P.C.. The offering plan runs 229 pages. The sponsor has filed 3 amendments, the latest in June 2022. The nearest other condo plan on file is 160 Carroll Street Condominium, next door.

Plan CD210124 · Rehab · accepted Mar 11, 2022 · AG record ↗

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FigureThis building1340 6th24 units · 1.1 miaccepted 2022Townhouse 16 Saint Marks33 units · 0.9 miaccepted 2022
Common ChargesPer Square Foot / Month$0.50In line$0.37$0.61
Average Offering PricePer Apartment$1.76MBelow peers$1.86M$1.86M
Average PricePer Square Foot$1,669In line$1,818$1,597
Property TaxesPer Square Foot / Month$0.37In line$0.59$0.26
Average Unit SizeSquare Feet1,055 SFIn line1,024 SF1,167 SF

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Unit mix, closings, budgets, finishes and the team, against 340 6th and Townhouse 16 Saint Marks, 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 A5 of 5
Closing prices vs. Schedule A5 homes: $9,766,039 at closing against $8,805,000 in Schedule A (p. 29)+10.9%
Average closing price5 homes, on their Schedule A square feet$1,851 / SF
Closingsfirst and latest recordedSep 23, 2022 – Nov 1, 2022

Sales recorded with the Department of Finance (ACRIS) through Oct 31, 2023: 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 5 closings
HomeRecordedClosing priceSchedule ADifference
3Sep 23, 2022$1,832,850$1,545,000 p. 29+18.6%
2Oct 3, 2022$1,817,576$1,545,000 p. 29+17.6%
4Oct 6, 2022$2,018,250$1,925,000 p. 29+4.8%
1Oct 11, 2022$1,822,363$1,515,000 p. 29+20.3%
GNov 1, 2022$2,275,000$2,275,000 p. 290%

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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
Grgs3, LLC
Principals
Gabriel Saffayeh, George Saffayeh, Jack Shin, Larisa Lemberg-Ferdman
Tax estimate
Mazursky Group, Inc.Prepared the first-year real estate tax projection

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

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