THE CONDO BOOK PROJECT

54 Martense Street Condominium

54 Martense Street, Brooklyn, NY 11226

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Overview

Units
8 residential
Subway
8 min walk to Church Av B QChurch Av 2 5, 9 min
Average $/sf
$1,048Homes in Schedule A, as first offered
Common charges
$116–$449 a monthSponsor's first-year estimate in Schedule A, May 1, 2021 to April 30, 2022
Offering price
$5.01 million total $4.95 million when first offered

The sponsor of record is 54 Martense LLC, represented by Moritt Hock & Hamroff, LLP. The offering plan runs 287 pages. The sponsor has filed 2 amendments, the latest in February 2022. The nearest other condo plan on file is 61 Martense Street Condominium, next door.

Plan CD200314 · New · accepted Mar 18, 2021 · AG record ↗

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FigureThis building1668 Nostrand29 units · 1.7 miaccepted 2021256 Winthrop38 units · 0.5 miaccepted 2021
Common ChargesPer Square Foot / Month$0.40Lowest$0.65$0.50
Average Offering PricePer Apartment$626,875Below peers$697,778$725,500
Average PricePer Square Foot$1,048Below peers$1,053$1,195
Property TaxesPer Square Foot / Month$0.37Lowest$0.62$0.68
Average Unit SizeSquare Feet598 SFSmaller662 SF607 SF

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Unit mix, closings, budgets, finishes and the team, against 668 Nostrand and 256 Winthrop, 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: $4,596,593 at closing against $5,015,000 in Schedule A (p. 39)−8.3%
Average closing price8 homes, on their Schedule A square feet$961 / SF
Closingsfirst and latest recordedAug 12, 2022 – Sep 8, 2022

Sales recorded with the Department of Finance (ACRIS) through Oct 31, 2024: 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
2AAug 12, 2022$550,000$595,000 p. 39−7.6%
4AAug 12, 2022$595,000$650,000 p. 39−8.5%
1BAug 18, 2022$735,000$795,000 p. 39−7.5%
3BAug 19, 2022$515,000$560,000 p. 39−8%
4BAug 24, 2022$702,593$725,000 p. 39−3.1%
1ASep 1, 2022$425,000$525,000 p. 39−19%
3ASep 7, 2022$575,000$615,000 p. 39−6.5%
2BSep 8, 2022$499,000$550,000 p. 39−9.3%

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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
54 Martense LLC
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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