THE CONDO BOOK PROJECT

667 Putnam Avenue Condominium

667 Putnam Avenue, Brooklyn, NY 11221

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Overview

Units
4 residential
Subway
12 min walk to Utica Av A CKingston-Throop Avs C, 14 min
Principals
Basilia Yao
Average $/sf
$1,232Homes in Schedule A, as first offered
Common charges
$266–$378 a monthSponsor's first-year estimate in Schedule A, May 1, 2018 to April 30, 2019
Offering price
$4.05 million total

The sponsor of record is 667 Putnam LLC, represented by Sichenzia Ross Ference LLP. The offering plan runs 270 pages. The sponsor has filed 2 amendments, the latest in December 2018. The nearest other condo plan on file is 659 Putnam Avenue Condominium, next door.

Plan CD170237 · Rehab · accepted Jan 19, 2018 · AG record ↗

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FigureThis building1697 Monroe24 units · 0.3 miaccepted 2018844 Quincy37 units · 0.5 miaccepted 2019
Common ChargesPer Square Foot / Month$0.36Lowest$0.58$0.65
Average Offering PricePer Apartment$1.01MAbove peers$888,250$750,364
Average PricePer Square Foot$1,232Above peers$1,000$1,171
Property TaxesPer Square Foot / Month$0.33In line$0.33$0.03
Average Unit SizeSquare Feet822 SFIn line889 SF641 SF

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Unit mix, closings, budgets, finishes and the team, against 697 Monroe and 844 Quincy, 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: $3,505,000 at closing against $4,050,000 in Schedule A (p. 30)−13.5%
Average closing price4 homes, on their Schedule A square feet$1,066 / SF
Closingsfirst and latest recordedJan 30, 2019 – Feb 11, 2019

Sales recorded with the Department of Finance (ACRIS) through Apr 30, 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 4 closings
HomeRecordedClosing priceSchedule ADifference
1Jan 30, 2019$985,000$1,200,000 p. 30−17.9%
3Feb 1, 2019$850,000$950,000 p. 30−10.5%
4Feb 4, 2019$820,000$950,000 p. 30−13.7%
2Feb 11, 2019$850,000$950,000 p. 30−10.5%

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Closings are for subscribers

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
667 Putnam LLC
Principals
Basilia Yao
Tax estimate
Moseson & Associates Corp.Prepared the first-year real estate tax projection

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

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