THE CONDO BOOK PROJECT

Gretsch Building

60 B'Way A/K/A 409-415 Wythe Avenue, Brooklyn, NY 11211

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Overview

Units
130 residential · 1 storage · 3 commercial
Subway
8 min walk to Marcy Av J M ZHewes St J M, 14 min
Principals
Edward Wydra, Frances Palumbo, George Roth, Henry Palumbo
Average $/sf
$493Homes in Schedule A, as first offered
Common charges
$168–$1,671 a monthSponsor's first-year estimate in Schedule A, Twelve Month Period Commencing October 1, 2004 and Ending August 31, 2005 ("First Year")
Offering price
$81.5 million total

The sponsor of record is Classon Realty, LLC, represented by D'Agostino, Levine & Landesman, L L P. The offering plan runs 556 pages. The sponsor has filed 24 amendments, the latest in January 2008. The nearest other condo plan on file is 75 South 8th Street Condominium, next door.

Plan CD030139 · Rehab · accepted Jul 22, 2003 · AG record ↗

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FigureThis building1Schaefer Landing North2135 units · 0.2 miaccepted 2005Court Street Lofts3124 units · 2.9 miaccepted 2005
Average Offering PricePer Apartment$626,708Below peers$871,515$716,089

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Unit mix, closings, budgets, finishes and the team, against Schaefer Landing North and Court Street Lofts, 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.

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
Classon Realty, LLC
Principals
Edward Wydra, Frances Palumbo, George Roth, Henry Palumbo
Tax estimate
Stephen E. McArdle & Associates, Real Estate Appraisers and ConsultantsPrepared the first-year real estate tax projection
Construction lender
North Fork Bank$22 million recorded

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

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