THE CONDO BOOK PROJECT

657 Baltic Condominium

657 Baltic Street, Brooklyn, NY 11217

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Overview

Units
4 residential
Subway
5 min walk to Bergen St 2 3Atlantic Av-Barclays Ctr 2 3 4 5 B D N Q R, 7 min
Principals
Robin Damaghi
Average $/sf
$1,764Homes in Schedule A, as first offered
Common charges
$494–$778 a monthSponsor's first-year estimate in Schedule A, January 1, 2023 - December 31, 2023
Offering price
$7.3 million total $6.9 million when first offered

The sponsor of record is 657 Baltic LLC, represented by Starr Associates, LLP. The offering plan runs 480 pages. The sponsor has filed 4 amendments, the latest in April 2024. The nearest other condo plan on file is 659 Baltic Condominium, next door.

Plan CD220063 · New · accepted Oct 28, 2022 · AG record ↗

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FigureThis building141 Wyckoff24 units · 0.8 miaccepted 2022Francesca34 units · 1.1 miaccepted 2022
Common ChargesPer Square Foot / Month$0.56In line$0.48$0.65
Average Offering PricePer Apartment$1.82MIn line$2.05M$1.8M
Average PricePer Square Foot$1,764In line$1,735$1,951
Property TaxesPer Square Foot / Month$0.27Lowest$0.34$0.54
Average Unit SizeSquare Feet1,035 SFIn line1,182 SF923 SF

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Unit mix, closings, budgets, finishes and the team, against 41 Wyckoff and Francesca, 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: $6,750,556 at closing against $7,300,000 in Schedule A (p. 53)−7.5%
Average closing price4 homes, on their Schedule A square feet$1,631 / SF
Closingsfirst and latest recordedSep 13, 2023 – Jun 18, 2024

Sales recorded with the Department of Finance (ACRIS) through Nov 30, 2024: 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
2Sep 13, 2023$1,515,000$1,750,000 p. 53−13.4%
3Sep 26, 2023$1,599,000$1,700,000 p. 53−5.9%
4Dec 4, 2023$1,861,556$1,850,000 p. 53+0.6%
1Jun 18, 2024$1,775,000$2,000,000 p. 53−11.3%

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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
657 Baltic LLC
Principals
Robin Damaghi
Tax estimate
Korngold Powers LLPPrepared the first-year real estate tax projection
Construction lender
Baltic Street 657

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

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