THE CONDO BOOK PROJECT

585 10th Street Condominium

585 10th Street, Brooklyn, NY 11215

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Overview

Units
3 residential
Subway
2 min walk to 7 Av F G15 St-Prospect Park F G, 9 min
Average $/sf
$1,304Homes in Schedule A, as first offered
Common charges
$364–$526 a monthSponsor's first-year estimate in Schedule A, September 1, 2018 - August 31, 2019
Offering price
$6.15 million total $5.63 million when first offered

The sponsor of record is 585 10th Developer LLC, represented by Tsyngauz & Associates, P.C.. The offering plan runs 274 pages. The sponsor has filed 5 amendments, the latest in December 2019. The nearest other condo plan on file is 587 10th Street Condominium, next door.

Plan CD180081 · Rehab · accepted Jul 24, 2018 · AG record ↗

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FigureThis building1371 Van Brunt22 units · 1.9 miaccepted 2020315 6th33 units · 0.5 miaccepted 2020
Common ChargesPer Square Foot / Month$0.32Below peers$0.34$0.41
Average Offering PricePer Apartment$1.88MIn line$1.65M$1.98M
Average PricePer Square Foot$1,304In line$1,247$1,618
Property TaxesPer Square Foot / Month$0.33In line$0.12$0.51
Average Unit SizeSquare Feet1,441 SFLarger1,323 SF1,226 SF

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Unit mix, closings, budgets, finishes and the team, against 371 Van Brunt and 315 6th, 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 A3 of 3
Closing prices vs. Schedule A3 homes: $6,206,119 at closing against $5,635,000 in Schedule A (p. 35)+10.1%
Average closing price3 homes, on their Schedule A square feet$1,436 / SF
Closingsfirst and latest recordedJan 17, 2020 – Feb 10, 2020

Sales recorded with the Department of Finance (ACRIS) through Aug 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 3 closings
HomeRecordedClosing priceSchedule ADifference
3Jan 17, 2020$2,371,444$1,990,000 p. 35+19.2%
1Jan 30, 2020$2,270,531$2,150,000 p. 35+5.6%
2Feb 10, 2020$1,564,144$1,495,000 p. 35+4.6%

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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
585 10th Developer LLC
Tax estimate
MGNY Consulting Corp.Prepared the first-year real estate tax projection
Construction lender
Rudolf Kats$2.2 million loan stated in the plan

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

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