THE CONDO BOOK PROJECT

59 Quincy Street Condominium

59 Quincy Street, Brooklyn, NY 11238

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Overview

Units
5 residential
Subway
5 min walk to Classon Av GBedford-Nostrand Avs G, 9 min
Principals
Omri Bar-Mashiah
Average $/sf
$786Homes in Schedule A, as first offered
Common charges
$169–$381 a monthSponsor's first-year estimate in Schedule A, September 1, 2017 - August 31, 2018
Offering price
$4.28 million total $3.3 million when first offered

The sponsor of record is 59 Quincy Moc LLC, represented by Tsyngauz & Associates, P.C.. The offering plan runs 265 pages. The sponsor has filed 4 amendments, the latest in May 2018. The nearest other condo plan on file is 56 Quincy Street Condominium, next door.

Plan CD170039 · New · accepted Apr 24, 2017 · AG record ↗

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FigureThis building1578 Sterling Place24 units · 0.9 miaccepted 2017675 Lafayette34 units · 0.7 miaccepted 2017
Common ChargesPer Square Foot / Month$0.34Below peers$0.36$0.40
Average Offering PricePer Apartment$660,000Lowest$1.18M$872,000
Average PricePer Square Foot$786Below peers$827$1,013
Property TaxesPer Square Foot / Month$0.76In line$0.85$0.31
Average Unit SizeSquare Feet840 SFSmaller1,428 SF861 SF

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Unit mix, closings, budgets, finishes and the team, against 578 Sterling Place and 675 Lafayette, 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 A5 of 5
Closing prices vs. Schedule A5 homes: $4,311,401 at closing against $3,300,000 in Schedule A (p. 30)+30.6%
Average closing price5 homes, on their Schedule A square feet$1,026 / SF
Closingsfirst and latest recordedMar 9, 2018 – Apr 15, 2021

Sales recorded with the Department of Finance (ACRIS) through Nov 30, 2023: 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 5 closings
HomeRecordedClosing priceSchedule ADifference
1Mar 9, 2018$1,220,882$900,000 p. 30+35.7%
2Mar 12, 2018$1,017,232$800,000 p. 30+27.2%
4RApr 24, 2018$585,494$425,000 p. 30+37.8%
3Jun 19, 2018$992,794$800,000 p. 30+24.1%
4FApr 15, 2021$495,000$375,000 p. 30+32%

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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
59 Quincy Moc LLC
Principals
Omri Bar-Mashiah
Tax estimate
Empire Consulting Service, Inc.Prepared the first-year real estate tax projection
Construction lender
Eastern Capital Group$1.5 million loan stated in the plan

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

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