THE CONDO BOOK PROJECT

46 South 2nd Street Condominium

46 South 2nd Street, Brooklyn, NY 11211

Overview

Units
23 residential · 12 parking
Subway
13 min walk to Bedford Av LMarcy Av J M Z, 14 min
Principals
YIDEL HIRSCH, Toby Hirsch
Average $/sf
$628Homes in Schedule A, as first offered
Common charges
$187–$469 a monthSponsor's first-year estimate in Schedule A, April 1, 2011 - March 31, 2012
Offering price
$25.1 million total

The sponsor of record is 291 Kent Properties, LLC, represented by Harold L. Gruber, P.C.. The offering plan runs 304 pages. The sponsor has filed 6 amendments, the latest in November 2011. The nearest other condo plan on file is 50 S 2 Street Condominium, next door.

Plan CD090268 · New · accepted Dec 21, 2009 · AG record ↗

Compare

FigureThis building1Clifton Place232 units · 1.9 miaccepted 2009City View316 units · 1.3 miaccepted 2010
Common ChargesPer Square Foot / Month$0.25In line$0.25$0.41
Average Offering PricePer Apartment$704,652Highest$596,500$494,412
Average PricePer Square Foot$628Above peers$586$613
Property TaxesPer Square Foot / Month$0.04In line$0.04$0.07
Average Unit SizeSquare Feet1,122 SFLarger1,018 SF806 SF

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Unit mix, closings, budgets, finishes and the team, against Clifton Place and City View, 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 A23 of 23
Closing prices vs. Schedule A23 homes: $16,194,619 at closing against $16,207,000 in Schedule A (p. 15, p. 16)−0.1%
Average closing price23 homes, on their Schedule A square feet$628 / SF
Closingsfirst and latest recordedJun 24, 2011 – Mar 12, 2012

Sales recorded with the Department of Finance (ACRIS) through Aug 31, 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 23 closings
HomeRecordedClosing priceSchedule ADifference
3CJun 24, 2011$642,500$650,000 p. 15−1.2%
1AJun 28, 2011$735,000$735,000 p. 150%
2AJun 28, 2011$690,000$685,000 p. 15+0.7%
2FJun 28, 2011$735,000$720,000 p. 15+2.1%
3AJun 29, 2011$710,000$710,000 p. 150%
3DJun 29, 2011$516,000$525,000 p. 15−1.7%
2CJul 11, 2011$625,000$630,000 p. 15−0.8%
4CJul 13, 2011$717,000$735,000 p. 16−2.4%
1EJul 15, 2011$618,400$625,000 p. 15−1.1%
4DJul 15, 2011$575,311$565,000 p. 16+1.8%
3FJul 25, 2011$715,000$729,000 p. 15−1.9%
4AJul 25, 2011$790,000$810,000 p. 16−2.5%
1BJul 27, 2011$930,000$934,000 p. 15−0.4%
1CJul 28, 2011$717,000$720,000 p. 15−0.4%
2DAug 11, 2011$514,000$510,000 p. 15+0.8%
2EAug 16, 2011$490,000$510,000 p. 15−3.9%
3BAug 16, 2011$975,000$970,000 p. 15+0.5%
4BSep 1, 2011$1,015,000$999,000 p. 16+1.6%
1DSep 15, 2011$629,000$625,000 p. 15+0.6%
4FOct 28, 2011$745,000$750,000 p. 16−0.7%
2BNov 22, 2011$916,425$875,000 p. 15+4.7%
3EDec 7, 2011$532,120$530,000 p. 15+0.4%
4EMar 12, 2012$661,863$665,000 p. 16−0.5%

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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
291 Kent Properties, LLC
Principals
YIDEL HIRSCH, Toby Hirsch
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection

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

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