THE CONDO BOOK PROJECT

637 Madison Street Condominium

637 Madison Street, Brooklyn, NY 11221

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Overview

Units
8 residential
Subway
12 min walk to Utica Av A CGates Av J Z, 13 min
Principals
Rotem Cohen, Eliran Cohen, Raanan Noy
Average $/sf
$1,225Homes in Schedule A, as first offered
Common charges
$225–$388 a monthSponsor's first-year estimate in Schedule A, July 1, 2024 To June 30, 2025
Offering price
$5.72 million total $5.76 million when first offered

The sponsor of record is 637 Madison Development LLC, represented by Eial Girtz, PC. The offering plan runs 277 pages. The sponsor has filed 3 amendments, the latest in August 2024. The nearest other condo plan on file is Six47 Madison Condominium, next door.

Plan CD230146 · New · accepted Jan 3, 2024 · AG record ↗

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FigureThis building11020 Hancock28 units · 0.8 miaccepted 2024Macon On The Park Condominium I37 units · 0.6 miaccepted 2024
Common ChargesPer Square Foot / Month$0.51In line$0.59$0.43
Average Offering PricePer Apartment$720,000Below peers$780,250$755,714
Average PricePer Square Foot$1,225Above peers$1,181$1,144
Property TaxesPer Square Foot / Month$0.88In line$0.29$0.93
Average Unit SizeSquare Feet588 SFSmaller661 SF660 SF

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Unit mix, closings, budgets, finishes and the team, against 1020 Hancock and Macon On The Park Condominium I, 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 A8 of 8
Closing prices vs. Schedule A8 homes: $5,621,000 at closing against $5,760,000 in Schedule A (p. 36)−2.4%
Average closing price8 homes, on their Schedule A square feet$1,196 / SF
Closingsfirst and latest recordedJul 25, 2024 – Mar 14, 2025

Sales recorded with the Department of Finance (ACRIS) through Oct 31, 2025: 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 8 closings
HomeRecordedClosing priceSchedule ADifference
3RJul 25, 2024$640,000$625,000 p. 36+2.4%
4RJul 25, 2024$819,000$899,000 p. 36−8.9%
2RJul 30, 2024$695,000$699,000 p. 36−0.6%
3FAug 5, 2024$649,000$615,000 p. 36+5.5%
2FSep 6, 2024$599,000$599,000 p. 360%
1RSep 12, 2024$889,000$849,000 p. 36+4.7%
1FOct 25, 2024$545,000$589,000 p. 36−7.5%
4FMar 14, 2025$785,000$885,000 p. 36−11.3%

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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
637 Madison Development LLC
Principals
Rotem Cohen, Eliran Cohen, Raanan Noy
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Yk 2021$2.2 million recorded

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

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