THE CONDO BOOK PROJECT

61 Martense Street Condominium

61 Martense Street, Brooklyn, NY 11226

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Overview

Units
36 residential
Subway
9 min walk to Church Av B QChurch Av 2 5, 9 min
Principals
Eliezer Jeremias, Moshe Greenzweig
Average $/sf
$855Homes in Schedule A, as first offered
Common charges
$329–$638 a monthSponsor's first-year estimate in Schedule A, January 1, 2018 - December 31, 2018
Offering price
$48.7 million total $47.3 million when first offered

The sponsor of record is 61 Martense Street LLC, represented by Stroock & Stroock & Lavan, LLP. The offering plan runs 554 pages. The sponsor has filed 7 amendments, the latest in August 2022. The nearest other condo plan on file is 54 Martense Street Condominium, next door.

Plan CD160216 · Conversion · accepted Jun 13, 2018 · AG record ↗

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FigureThis building1Crown 601227 units · 1.4 miaccepted 2017Presidio320 units · 0.4 miaccepted 2017
Common ChargesPer Square Foot / Month$0.47Lowest$0.93$0.82
Average Offering PricePer Apartment$789,883Highest$642,115$675,600
Average PricePer Square Foot$855Below peers$879$956
Property TaxesPer Square Foot / Month$0.21In line$0.21$0.34
Average Unit SizeSquare Feet924 SFLargest730 SF707 SF

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Unit mix, closings, budgets, finishes and the team, against Crown 601 and Presidio, 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 closed52% of the homes in Schedule A31 of 60
Closing prices vs. Schedule A31 homes: $20,268,448 at closing against $23,852,000 in Schedule A (p. 65, p. 66)−15%
Average closing price31 homes, on their Schedule A square feet$740 / SF
Closingsfirst and latest recordedMar 25, 2019 – Feb 15, 2024

Sales recorded with the Department of Finance (ACRIS) through Jul 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 31 closings
HomeRecordedClosing priceSchedule ADifference
2FMar 25, 2019$570,156$678,000 p. 65−15.9%
2BMar 26, 2019$610,521$684,000 p. 65−10.7%
1HMar 27, 2019$618,000$760,000 p. 65−18.7%
2CMar 28, 2019$565,000$678,000 p. 65−16.7%
3HMar 28, 2019$560,000$678,000 p. 65−17.4%
6BApr 1, 2019$635,000$702,000 p. 66−9.5%
1EApr 3, 2019$540,000$700,000 p. 65−22.9%
5HApr 4, 2019$565,000$672,000 p. 66−15.9%
3FApr 8, 2019$600,000$678,000 p. 65−11.5%
5BApr 9, 2019$600,000$702,000 p. 66−14.5%
6DMay 21, 2019$780,000$936,000 p. 66−16.7%
5FJun 11, 2019$621,133$696,000 p. 66−10.8%
2DJul 1, 2019$720,000$912,000 p. 65−21.1%
5EJul 10, 2019$631,315$630,000 p. 66+0.2%
6CJul 16, 2019$600,000$696,000 p. 66−13.8%
4CJul 24, 2019$600,000$690,000 p. 66−13%
5GAug 5, 2019$720,000$912,000 p. 66−21.1%
6HAug 7, 2019$580,403$690,000 p. 66−15.9%
4HSep 18, 2019$530,000$678,000 p. 66−21.8%
4JSep 20, 2019$738,231$876,000 p. 66−15.7%
3KNov 18, 2019$692,410$726,000 p. 65−4.6%
6JNov 19, 2019$702,593$888,000 p. 66−20.9%
5CJan 9, 2020$570,000$696,000 p. 66−18.1%
5JMar 11, 2020$745,000$888,000 p. 66−16.1%
4GMay 21, 2020$735,000$912,000 p. 66−19.4%
3EMay 26, 2020$540,000$612,000 p. 65−11.8%
1ASep 30, 2020$975,000$1,100,000 p. 65−11.4%
2JAug 9, 2021$750,000$870,000 p. 65−13.8%
2GAug 24, 2022$763,688$894,000 p. 65−14.6%
1BOct 26, 2022$560,000$678,000 p. 65−17.4%
1JFeb 15, 2024$850,000$940,000 p. 65−9.6%

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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
61 Martense Street LLC
Principals
Eliezer Jeremias, Moshe Greenzweig
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection

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

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