THE CONDO BOOK PROJECT

Homage On 3rd Street Condominium

497 3rd Street, Brooklyn, NY 11215

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Overview

Units
4 residential · 5 storage · 1 commercial
Subway
6 min walk to 7 Av F GGrand Army Plaza 2 3, 13 min
Principals
Peggy Hernandez
Average $/sf
$1,669Homes in Schedule A, as first offered
Common charges
$993–$1,855 a monthSponsor's first-year estimate in Schedule A, 6/1/2020 - 5/31/2021
Offering price
$10.1 million total

The sponsor of record is The Homage On 3rd, LLC, represented by Paley Group, P.C., Attorneys At Law. The offering plan runs 423 pages. The sponsor has filed 3 amendments, the latest in December 2021. The nearest other condo plan on file is 484 Second Street Condominium, next door.

Plan CD190327 · New · accepted Apr 15, 2020 · AG record ↗

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FigureThis building1320 Sackett23 units · 1.2 miaccepted 2020115 St. Marks Place33 units · 0.7 miaccepted 2020
Common ChargesPer Square Foot / Month$0.93Highest$0.49$0.41
Average Offering PricePer Apartment$2.22MIn line$2.23M$1.83M
Average PricePer Square Foot$1,669Below peers$1,672$1,700
Property TaxesPer Square Foot / Month$0.86Highest$0.62$0.43
Average Unit SizeSquare Feet1,329 SFIn line1,333 SF1,079 SF

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Unit mix, closings, budgets, finishes and the team, against 320 Sackett and 115 St. Marks Place, 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 closed50% of the homes in Schedule A2 of 4
Closing prices vs. Schedule A2 homes: $3,784,219 at closing against $3,800,000 in Schedule A (p. 60)−0.4%
Average closing price2 homes, on their Schedule A square feet$1,657 / SF
Closingsfirst and latest recordedFeb 28, 2022 – Apr 1, 2022

Sales recorded with the Department of Finance (ACRIS) through Apr 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 2 closings
HomeRecordedClosing priceSchedule ADifference
3Feb 28, 2022$1,909,219$1,875,000 p. 60+1.8%
4Apr 1, 2022$1,875,000$1,925,000 p. 60−2.6%

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Closings are for subscribers

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
The Homage On 3rd, LLC
Principals
Peggy Hernandez
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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