THE CONDO BOOK PROJECT

58 Butler Street Condominium

58 Butler Street, Brooklyn, NY 11231

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Overview

Units
4 residential
Subway
3 min walk to Bergen St F GCarroll St F G, 5 min
Principals
Carlos Saavedra, Nicole Eckstrom
Average $/sf
$1,882Homes in Schedule A, as first offered
Common charges
$358–$563 a monthSponsor's first-year estimate in Schedule A, January 1, 2022- December 31, 2022
Offering price
$10 million total $9.95 million when first offered

The sponsor of record is 58 Butler St LLC, Se Butler LLC, represented by Marans, Weisz & Newman, LLC. The offering plan runs 305 pages. The sponsor has filed 2 amendments, the latest in September 2022. The nearest other condo plan on file is No-46 Condominium, next door.

Plan CD210016 · Rehab · accepted Jul 2, 2021 · AG record ↗

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FigureThis building1349 Hoyt24 units · 0.3 miaccepted 2021279 Sackett34 units · 0.2 miaccepted 2021
Common ChargesPer Square Foot / Month$0.33Below peers$0.37$0.34
Average Offering PricePer Apartment$2.49MAbove peers$2.14M$2.2M
Average PricePer Square Foot$1,882In line$1,931$1,760
Property TaxesPer Square Foot / Month$0.54Above peers$0.19$0.49
Average Unit SizeSquare Feet1,322 SFLarger1,110 SF1,249 SF

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Unit mix, closings, budgets, finishes and the team, against 349 Hoyt and 279 Sackett, 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 A4 of 4
Closing prices vs. Schedule A4 homes: $10,193,075 at closing against $9,950,000 in Schedule A (p. 46)+2.4%
Average closing price4 homes, on their Schedule A square feet$1,928 / SF
Closingsfirst and latest recordedMar 18, 2022 – Apr 20, 2022

Sales recorded with the Department of Finance (ACRIS) through Dec 31, 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 4 closings
HomeRecordedClosing priceSchedule ADifference
1Mar 18, 2022$2,800,188$2,875,000 p. 46−2.6%
3Mar 18, 2022$2,600,000$2,375,000 p. 46+9.5%
2Mar 31, 2022$2,392,888$2,300,000 p. 46+4%
4Apr 20, 2022$2,400,000$2,400,000 p. 460%

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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
58 Butler St LLC, Se Butler LLC
Principals
Carlos Saavedra, Nicole Eckstrom
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
S3 Capital$3.6 million recorded

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

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