THE CONDO BOOK PROJECT

608 St. Marks Avenue Condominium

608 St. Marks Avenue, Brooklyn, NY 11216

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Overview

Units
4 residential
Subway
5 min walk to Park Pl SNostrand Av A C, 8 min
Principals
Herbert Tepfer, Sharon Tepfer
Average $/sf
$1,202Homes in Schedule A, as first offered
Offering price
$5.88 million total $2.5 million when first offered

The sponsor of record is 608 St. Marks LLC, represented by Eial Girtz, PC. The offering plan runs 272 pages. The sponsor has filed 2 amendments, the latest in July 2022. The nearest other condo plan on file is Residences At Prospect Place, next door.

Plan CD210017 · New · accepted Jul 22, 2021 · AG record ↗

Compare

FigureThis building1825 Prospect Place23 units · 0.3 miaccepted 2021773 Greene34 units · 1.4 miaccepted 2021
Common ChargesPer Square Foot / Month$0.46Above peers$0.44$0.38
Average Offering PricePer Apartment$1.26MIn line$1.49M$1.09M
Average PricePer Square Foot$1,202Above peers$1,138$1,127
Average Unit SizeSquare Feet1,050 SFIn line1,310 SF965 SF

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Unit mix, closings, budgets, finishes and the team, against 825 Prospect Place and 773 Greene, 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: $5,828,775 at closing against $5,050,000 in Schedule A (p. 38)+15.4%
Average closing price4 homes, on their Schedule A square feet$1,387 / SF
Closingsfirst and latest recordedJun 30, 2022 – Aug 11, 2022

Sales recorded with the Department of Finance (ACRIS) through Sep 30, 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
3Jun 30, 2022$1,300,000$1,100,000 p. 38+18.2%
4Jun 30, 2022$1,705,569$1,450,000 p. 38+17.6%
1Jul 28, 2022$1,620,000$1,400,000 p. 38+15.7%
2Aug 11, 2022$1,203,206$1,100,000 p. 38+9.4%

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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
608 St. Marks LLC
Principals
Herbert Tepfer, Sharon Tepfer
Tax estimate
Law Offices of Farhid Sedaghat - Pour, Esq., PLLCPrepared the first-year real estate tax projection

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

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