THE CONDO BOOK PROJECT

505 Court Street Condominium

505 Court Street, Brooklyn, NY 11231

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Overview

Units
124 residential
Subway
3 min walk to Smith-9 Sts F GCarroll St F G, 7 min
Developers
Metropolitan Housing Partners, The Excelsior Real Estate Fund
Principals
Richard Mack, Christopher H. Martorella, Jane Gladstein
Average $/sf
$660Homes in Schedule A, as first offered
Common charges
$437–$1,490 a monthSponsor's first-year estimate in Schedule A, September 1, 2005 to August 31, 2006
Offering price
$83.2 million total $88.8 million when first offered

The sponsor of record is Sm Court Lofts LLC, represented by Seiden & Schein, PC. The offering plan runs 623 pages. The sponsor has filed 42 amendments, the latest in April 2026. The nearest other condo plan on file is 185 Huntington Street Condominium, next door.

Plan CD040161 · Conversion · accepted May 31, 2005 · AG record ↗

Compare

FigureThis building1Schaefer Landing North2135 units · 2.8 miaccepted 2005Carriage House On The Slope324 units · 0.9 miaccepted 2005
Common ChargesPer Square Foot / Month$0.65Highest$0.55$0.41
Average Offering PricePer Apartment$716,089Below peers$871,515$787,917
Average PricePer Square Foot$660In line$683$609
Property TaxesPer Square Foot / Month$0.29Highest$0.06$0.16
Average Unit SizeSquare Feet1,085 SFSmaller1,276 SF1,293 SF

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Unit mix, closings, budgets, finishes and the team, against Schaefer Landing North and Carriage House On The Slope, 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 A124 of 124
Closing prices vs. Schedule A118 homes: $73,427,468 at closing against $85,100,052 in Schedule A (p. 50, p. 51, p. 52, p. 53)−13.7%
Average closing price118 homes, on their Schedule A square feet$571 / SF
Closingsfirst and latest recordedJul 13, 2006 – Oct 29, 2018

Sales recorded with the Department of Finance (ACRIS) through Sep 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 124 closings
HomeRecordedClosing priceSchedule ADifference
7AJul 13, 2006$491,790$485,000 p. 52+1.4%
8BJul 13, 2006$702,593$690,000 p. 52+1.8%
4MJul 17, 2006$610,950$620,000 p. 51−1.5%
3BJul 20, 2006$585,494$575,000 p. 50+1.8%
5GJul 20, 2006$461,370$455,000 p. 51+1.4%
2MJul 21, 2006$600,768$590,000 p. 50+1.8%
6AJul 21, 2006$481,650$475,000 p. 51+1.4%
2PJul 25, 2006$580,403$630,000 p. 50−7.9%
6EJul 25, 2006$524,399$515,000 p. 52+1.8%
3GJul 26, 2006$441,090$435,000 p. 50+1.4%
9EJul 26, 2006$549,855$540,000 p. 53+1.8%
5MAug 1, 2006$646,589$635,000 p. 51+1.8%
1HAug 2, 2006$601,658$725,000 p. 50−17%
2BAug 3, 2006$509,125$555,000 p. 50−8.3%
1GAug 7, 2006$672,045$680,000 p. 50−1.2%
3MAug 8, 2006$616,041$605,000 p. 50+1.8%
1AAug 9, 2006$514,216$505,000 p. 50+1.8%
2QAug 11, 2006$506,299$610,000 p. 50−17%
5RAug 14, 2006$901,151$885,000 p. 51+1.8%
5AAug 22, 2006$463,905$465,000 p. 51−0.2%
3HAug 25, 2006$712,775$745,000 p. 50−4.3%
6FAug 25, 2006$763,688$780,000 p. 52−2.1%
6KAug 25, 2006$911,843$995,000 p. 52−8.4%
1JSep 12, 2006$822,237$850,000 p. 50−3.3%
5DSep 19, 2006$850,239$835,000 p. 51+1.8%
6PSep 21, 2006$572,613$690,000 p. 52−17%
8ADec 14, 2006$471,510$495,000 p. 52−4.7%
6MDec 22, 2006$661,863$650,000 p. 52+1.8%
9DJan 3, 2007$926,608$930,000 p. 53−0.4%
3EJan 23, 2007$456,300$465,000 p. 50−1.9%
2JFeb 1, 2007$569,202$670,000 p. 50−15%
5HFeb 21, 2007$728,049$785,000 p. 51−7.3%
3NFeb 22, 2007$621,133$665,000 p. 50−6.6%
4GFeb 28, 2007$438,048$445,000 p. 51−1.6%
7NMar 5, 2007$954,355$1,150,000 p. 52−17%
1CMar 14, 2007$941,881$1,075,000 p. 50−12.4%
9BMar 14, 2007$707,684$705,000 p. 53+0.4%
4EMar 19, 2007$460,356$475,000 p. 51−3.1%
2RMar 26, 2007$840,056$825,000 p. 50+1.8%
2AApr 6, 2007$415,740$435,000 p. 50−4.4%
5NApr 18, 2007$656,771$695,000 p. 51−5.5%
6GApr 23, 2007$465,000$465,000 p. 520%
5PMay 18, 2007$604,841$675,000 p. 51−10.4%
7JMay 18, 2007$610,950$745,000 p. 52−18%
PH AMay 18, 2007$491,790$520,000 p. 53−5.4%
7EMay 29, 2007$518,289$520,000 p. 52−0.3%
1BMay 31, 2007$707,684$805,000 p. 50−12.1%
4PJun 4, 2007$594,658$660,000 p. 51−9.9%
5JJun 15, 2007$590,585$715,000 p. 51−17.4%
8EJun 19, 2007$528,472$530,000 p. 52−0.3%
4JJun 20, 2007$589,567$700,000 p. 51−15.8%
8DJun 20, 2007$895,042$915,000 p. 52−2.2%
1FJun 21, 2007$705,721$705,000 p. 50+0.1%
2EJun 21, 2007$448,030$450,000 p. 50−0.4%
4QJun 27, 2007$580,403$640,000 p. 51−9.3%
6JJun 29, 2007$600,768$730,000 p. 52−17.7%
7MJun 29, 2007$672,045$665,000 p. 52+1.1%
4FJul 10, 2007$711,757$740,000 p. 51−3.8%
5QJul 17, 2007$590,585$655,000 p. 51−9.8%
4KJul 24, 2007$874,677$940,000 p. 51−6.9%
9FJul 26, 2007$793,217$870,000 p. 53−8.8%
2KAug 6, 2007$814,600$900,000 p. 50−9.5%
8CAug 10, 2007$762,669$820,000 p. 52−7%
8FSep 17, 2007$761,651$855,000 p. 52−10.9%
3KSep 18, 2007$844,129$920,000 p. 50−8.2%
3FOct 18, 2007$682,228$725,000 p. 50−5.9%
3CNov 9, 2007$666,954$705,000 p. 50−5.4%
6QDec 11, 2007$609,932$670,000 p. 52−9%
4DDec 19, 2007$773,870$785,000 p. 51−1.4%
5SMar 21, 2008$879,768$925,000 p. 51−4.9%
PH BMar 21, 2008$794,235$1,100,000 p. 53−27.8%
7HJun 30, 2008$666,954$805,000 p. 52−17.1%
5KJul 9, 2008$884,859$975,000 p. 51−9.2%
PH EJul 19, 2008$534,581$560,000 p. 53−4.5%
1DAug 13, 2008$755,542$805,052 p. 50−6.1%
2SSep 8, 2008$789,144$865,000 p. 50−8.8%
2HOct 1, 2008$605,859$730,000 p. 50−17%
9CDec 12, 2008$641,498$850,000 p. 53−24.5%
4HApr 28, 2009$645,000$760,000 p. 51−15.1%
3JMay 29, 2009$570,220$685,000 p. 50−16.8%
6RJun 8, 2009$720,616$905,000 p. 52−20.4%
2DJul 7, 2009$575,201$755,000 p. 50−23.8%
2FJul 22, 2009$560,038$710,000 p. 50−21.1%
7CAug 13, 2009$356,388$785,000 p. 52−54.6%
3SAug 17, 2009$733,140$885,000 p. 51−17.2%
4RAug 18, 2009$743,323$865,000 p. 51−14.1%
6BAug 26, 2009$365,040$650,000 p. 52−43.8%
PH FOct 6, 2009$773,870$1,025,000 p. 53−24.5%
4SNov 4, 2009$712,775$905,000 p. 51−21.2%
7BNov 9, 2009$261,612$675,000 p. 52−61.2%
7FNov 9, 2009$636,406$785,000 p. 52−18.9%
9GNov 18, 2009$173,103$495,000 p. 53−65%
3QNov 19, 2009$233,220$625,000 p. 51−62.7%
5CDec 2, 2009$249,951$745,000 p. 51−66.4%
5EDec 21, 2009$183,250$495,000 p. 51−63%
PH CDec 23, 2009$692,410$1,075,000 p. 53−35.6%
PH GDec 30, 2009$519,308$795,000 p. 53−34.7%
4NJan 15, 2010$268,710$680,000 p. 51−60.5%
4AJan 21, 2010$167,310$455,000 p. 51−63.2%
7PFeb 3, 2010$339,690$940,000 p. 52−63.9%
6CMar 22, 2010$248,430$770,000 p. 52−67.7%
7DApr 22, 2010$682,228$900,000 p. 52−24.2%
3DJun 1, 2011$697,501$770,000 p. 50−9.4%
5BJun 15, 2011$646,589$635,000 p. 51+1.8%
7SJun 27, 2011$646,589$1,075,000 p. 52−39.9%
PH DNov 22, 2011$890,969$1,100,000 p. 53−19%
7KDec 27, 2011$712,775$1,010,000 p. 52−29.4%
3RApr 20, 2012$675,000$845,000 p. 51−20.1%
2CMay 7, 2012$476,311$535,000 p. 50−11%
6HAug 1, 2012$499,000$800,000 p. 52−37.6%
1ESep 27, 2012$759,615$730,000 p. 50+4.1%
7GFeb 25, 2013$481,650$475,000 p. 52+1.4%
6SJan 21, 2014$1,298,269$945,000 p. 52+37.4%
5FJun 13, 2014$509,125$765,000 p. 51−33.4%
6NSep 24, 2014$509,125$705,000 p. 52−27.8%
3ANov 6, 2014$661,863$445,000 p. 50+48.7%
9AJan 30, 2017$730,000$505,000 p. 52+44.6%
4CJan 17, 2018$834,965$720,000 p. 51+16%
2GOct 29, 2018$2,279,172one deed, 6 homes$425,000 p. 50—
2NOct 29, 2018$2,279,172one deed, 6 homes$650,000 p. 50—
3POct 29, 2018$2,279,172one deed, 6 homes$645,000 p. 51—
4BOct 29, 2018$2,279,172one deed, 6 homes$605,000 p. 51—
6DOct 29, 2018$2,279,172one deed, 6 homes$885,000 p. 52—
8GOct 29, 2018$2,279,172one deed, 6 homes$485,000 p. 52—

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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
Sm Court Lofts LLC
Developers
Metropolitan Housing Partners, The Excelsior Real Estate Fund
Principals
Richard Mack, Christopher H. Martorella, Jane Gladstein
Tax estimate
Stroock & Stroock & Lavan LLPPrepared the first-year real estate tax projection
Construction lender
General Electric Capital CorporationLender on the mortgage and building loan agreement recorded December 2003 in ACRIS

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

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