THE CONDO BOOK PROJECT

625 Warren Street Condominium

625 Warren Street, Brooklyn, NY 11217

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Overview

Units
4 residential
Subway
5 min walk to Atlantic Av-Barclays Ctr 2 3 4 5 B D N Q RBergen St 2 3, 5 min
Principals
Omri Bar-Mashiah
Average $/sf
$1,649Homes in Schedule A, as first offered
Common charges
$477–$610 a monthSponsor's first-year estimate in Schedule A, August 1, 2021 - July 31, 2022
Offering price
$8.14 million total $6.2 million when first offered

The sponsor of record is 625 Warren LLC, represented by Tsyngauz & Associates, P.C.. The offering plan runs 298 pages. The sponsor has filed 2 amendments, the latest in June 2021. The nearest other condo plan on file is 617 Warren Street Condominium, next door.

Plan CD200295 · New · accepted Jun 1, 2021 · AG record ↗

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FigureThis building1301 Degraw24 units · 0.8 miaccepted 2021257 13th34 units · 1.1 miaccepted 2021
Common ChargesPer Square Foot / Month$0.44In line$0.48$0.40
Average Offering PricePer Apartment$2MIn line$1.97M$2.13M
Average PricePer Square Foot$1,649In line$1,694$1,626
Property TaxesPer Square Foot / Month$0.71Highest$0.35$0.58
Average Unit SizeSquare Feet1,213 SFIn line1,165 SF1,307 SF

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Unit mix, closings, budgets, finishes and the team, against 301 Degraw and 257 13th, 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: $8,261,138 at closing against $8,000,000 in Schedule A (p. 38)+3.3%
Average closing price4 homes, on their Schedule A square feet$1,703 / SF
Closingsfirst and latest recordedDec 21, 2021 – Jan 5, 2022

Sales recorded with the Department of Finance (ACRIS) through Oct 31, 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 4 closings
HomeRecordedClosing priceSchedule ADifference
1Dec 21, 2021$2,341,975$2,300,000 p. 38+1.8%
2Dec 21, 2021$1,927,075$1,800,000 p. 38+7.1%
3Dec 21, 2021$1,862,163$1,800,000 p. 38+3.5%
4Jan 5, 2022$2,129,925$2,100,000 p. 38+1.4%

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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
625 Warren LLC
Principals
Omri Bar-Mashiah
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
S3 Capital$3.05 million loan stated in the plan

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

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