THE CONDO BOOK PROJECT

640 Baltic Street Condominium

640 Baltic Street, Brooklyn, NY 11215

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Overview

Units
2 residential
Subway
7 min walk to Union St RAtlantic Av-Barclays Ctr 2 3 4 5 B D N Q R, 7 min
Principals
Rey Grabato
Average $/sf
$1,396Homes in Schedule A, as first offered
Common charges
$1,098 a monthSponsor's first-year estimate in Schedule A, September 1, 2020 through August 31, 2021
Offering price
$6.14 million total

The sponsor of record is Baltic Street Capital 640, LLC, represented by Gabor & Marotta LLC. The offering plan runs 246 pages. The nearest other condo plan on file is 656 Baltic Street Condominium, next door.

Plan CD190411 · Rehab · accepted Aug 4, 2020 · AG record ↗

Closings Pro

Homes closed100% of the homes in Schedule A2 of 2
Closing prices vs. Schedule A2 homes: $5,570,000 at closing against $6,145,000 in Schedule A (p. 27)−9.4%
Average closing price2 homes, on their Schedule A square feet$1,266 / SF
Closingsfirst and latest recordedJul 26, 2021 – Aug 6, 2021

Sales recorded with the Department of Finance (ACRIS) through Aug 31, 2021: 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 2 closings
HomeRecordedClosing priceSchedule ADifference
Unit BJul 26, 2021$2,510,000$2,995,000 p. 27−16.2%
Unit AAug 6, 2021$3,060,000$3,150,000 p. 27−2.9%

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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
Baltic Street Capital 640, LLC
Principals
Rey Grabato

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

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