THE CONDO BOOK PROJECT

Sterling Green Condominium

580 Sterling Place, Brooklyn, NY 11238

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Overview

Units
8 residential
Subway
5 min walk to Park Pl SFranklin Av-Medgar Evers College/Botanic Garden 2 3 4 5 S, 6 min
Principals
Seth Brown
Average $/sf
$585Homes in Schedule A, as first offered
Common charges
$198–$326 a monthSponsor's first-year estimate in Schedule A, September 1, 2009 to August 31, 2010
Offering price
$3.45 million total

The sponsor of record is 580 Sterling Place, LLC, represented by Marcus Attorneys. The offering plan runs 270 pages. The sponsor has filed 3 amendments, the latest in September 2009. The nearest other condo plan on file is 578 Sterling Place Condominium, next door.

Plan CD080346 · New · accepted Sep 16, 2008 · AG record ↗

Compare

FigureThis building1Moderne-Art Condos27 units · 1.5 miaccepted 2008Clinton Lofts Condo / F/K/A Retro316 units · 1.5 miaccepted 2007
Common ChargesPer Square Foot / Month$0.34In line$0.28$0.78
Average Offering PricePer Apartment$431,500Below peers$505,286$548,125
Average PricePer Square Foot$585Below peers$774$589
Property TaxesPer Square Foot / Month$0.02Lowest$0.03$0.17
Average Unit SizeSquare Feet738 SFIn line653 SF931 SF

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Unit mix, closings, budgets, finishes and the team, against Moderne-Art Condos and Clinton Lofts Condo / F/K/A Retro, 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
Closingsfirst and latest recordedNov 24, 2009 – Dec 22, 2009

Sales recorded with the Department of Finance (ACRIS) through Mar 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 8 closings
HomeRecordedClosing priceSchedule ADifference
2ANov 24, 2009$318,396——
3BNov 24, 2009$323,466——
1ANov 25, 2009$303,186——
2BNov 25, 2009$358,956——
3ANov 25, 2009$280,000——
PHADec 1, 2009$460,356——
1BDec 11, 2009$491,739——
PHBDec 22, 2009$445,146——

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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
580 Sterling Place, LLC
Principals
Seth Brown
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Capital at Work, Co. & Asher Group

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

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