THE CONDO BOOK PROJECT

C 560 Condominium

560 Carroll Street, Brooklyn, NY 11215

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Overview

Units
41 residential · 2 parking · 5 storage
Subway
2 min walk to Union St R4 Av-9 St F G R, 10 min
Developer
Alpha Development and Construction, LLC
Principals
Mitchell B. Rutter
Average $/sf
$770Homes in Schedule A, as first offered
Offering price
$29.7 million total

The sponsor of record is 560 Carroll Street, LLC, represented by Sonnenschein, Sherman & Deutsch, LLP. The offering plan runs 574 pages. The sponsor has filed 10 amendments, the latest in May 2014. The nearest other condo plan on file is 21 Garfield Place Condominium, next door.

Plan CD080598 · New · accepted Apr 15, 2009 · AG record ↗

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FigureThis building1904 Pacific221 units · 1.1 miaccepted 2009Clifton Place332 units · 1.5 miaccepted 2009
Common ChargesPer Square Foot / Month$0.43 ⚠In line$0.45$0.25
Average Offering PricePer Apartment$776,711Above peers$701,190$596,500
Average PricePer Square Foot$770Above peers$733$586
Average Unit SizeSquare Feet1,088 SFLarger957 SF1,018 SF

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Unit mix, closings, budgets, finishes and the team, against 904 Pacific and Clifton 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.

⚠ Read from a partly legible Schedule B.

Closings Pro

Homes closed100% of the homes in Schedule A41 of 41
Closing prices vs. Schedule A38 homes: $26,138,029 at closing against $29,515,000 in Schedule A (p. 198)−11.4%
Average closing price41 homes, on their Schedule A square feet$617 / SF
Closingsfirst and latest recordedMay 24, 2011 – Nov 25, 2014

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 44 closings
HomeRecordedClosing priceSchedule ADifference
9BMay 24, 2011$1,480,000——
8AMay 25, 2011$540,000$650,000 p. 198−16.9%
8BMay 25, 2011$575,000$605,000 p. 198−5%
8CMay 25, 2011$580,000$625,000 p. 198−7.2%
10CMay 25, 2011$605,000$655,000 p. 198−7.6%
6AMay 26, 2011$525,274$610,000 p. 198−13.9%
6BMay 26, 2011$785,000$890,000 p. 198−11.8%
7BMay 27, 2011$810,000$910,000 p. 198−11%
7DMay 31, 2011$995,000$850,000 p. 198+17.1%
11AJun 1, 2011$933,000$1,025,000 p. 198−9%
2BJun 2, 2011$455,000$560,000 p. 198−18.7%
2CJun 2, 2011$455,000$565,000 p. 198−19.5%
4AJun 3, 2011$456,000$580,000 p. 198−21.4%
1CJun 7, 2011$590,000$925,000 p. 198−36.2%
5CJun 7, 2011$527,000$855,000 p. 198−38.4%
9AJun 8, 2011$425,000——
6CJun 9, 2011$545,000$875,000 p. 198−37.7%
3BJun 10, 2011$720,000$845,000 p. 198−14.8%
3DJun 10, 2011$933,000$785,000 p. 198+18.9%
11BJun 14, 2011$890,000$975,000 p. 198−8.7%
7CJun 15, 2011$580,000$895,000 p. 198−35.2%
10AJun 15, 2011$899,000$1,025,000 p. 198−12.3%
6DJun 21, 2011$980,000$830,000 p. 198+18.1%
4CJun 23, 2011$573,000$845,000 p. 198−32.2%
4DJun 23, 2011$965,000$800,000 p. 198+20.6%
8EJun 23, 2011$760,000——
12BJun 28, 2011$635,000$675,000 p. 198−5.9%
5BJun 29, 2011$780,000$870,000 p. 198−10.3%
5DJun 30, 2011$965,000$810,000 p. 198+19.1%
4BJul 1, 2011$753,505$860,000 p. 198−12.4%
12AJul 6, 2011$899,000$945,000 p. 198−4.9%
11CJul 8, 2011$625,000$685,000 p. 198−8.8%
7AJul 19, 2011$535,000$630,000 p. 198−15.1%
10BJul 27, 2011$817,000$825,000 p. 198−1%
1BSep 8, 2011$293,046——
3ASep 9, 2011$450,000$550,000 p. 198−18.2%
3CSep 27, 2011$483,000$830,000 p. 198−41.8%
1AOct 28, 2011$682,083——
1DNov 8, 2011$790,000$835,000 p. 198−5.4%
5AJan 9, 2012$480,000$590,000 p. 198−18.6%
2DJul 2, 2012$796,390$835,000 p. 198−4.6%
2ASep 14, 2012$456,300$525,000 p. 198−13.1%
9CNov 29, 2012$660,977——
8DNov 25, 2014$756,560$870,000 p. 198−13%

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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
560 Carroll Street, LLC
Developer
Alpha Development and Construction, LLC
Principals
Mitchell B. Rutter
Tax estimate
Mazursky Group, Inc.Prepared the first-year real estate tax projection
Construction lender
M&T Bank

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

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