THE CONDO BOOK PROJECT

686 Carroll Street Condominium

686 Carroll Street, Brooklyn, NY 11215

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Overview

Units
4 residential
Subway
7 min walk to Union St RBergen St 2 3, 11 min
Principals
Omri Bar-Mashiah
Average $/sf
$1,871Homes in Schedule A, as first offered
Common charges
$316–$430 a monthSponsor's first-year estimate in Schedule A, September 1, 2022 - August 31, 2023
Offering price
$8.4 million total $5.45 million when first offered

The sponsor of record is 686 Carroll LLC, represented by Tsyngauz & Associates, P.C.. The offering plan runs 318 pages. The sponsor has filed 2 amendments, the latest in October 2022. The nearest other condo plan on file is 667 Carroll Street Condominium, next door.

Plan CD210236 · Rehab · accepted Jul 22, 2022 · AG record ↗

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FigureThis building184 6th24 units · 0.4 miaccepted 202223 Wyckoff34 units · 1.1 miaccepted 2022
Common ChargesPer Square Foot / Month$0.34Lowest$0.71$0.52
Average Offering PricePer Apartment$1.98MIn line$1.93M$2.04M
Average PricePer Square Foot$1,871Below peers$1,927$1,934
Property TaxesPer Square Foot / Month$0.36Lowest$0.49$0.54
Average Unit SizeSquare Feet1,056 SFIn line999 SF1,057 SF

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Unit mix, closings, budgets, finishes and the team, against 84 6th and 23 Wyckoff, 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: $8,409,287 at closing against $7,900,000 in Schedule A (p. 45)+6.4%
Average closing price4 homes, on their Schedule A square feet$1,992 / SF
Closingsfirst and latest recordedOct 18, 2022 – Nov 9, 2022

Sales recorded with the Department of Finance (ACRIS) through Aug 31, 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
1Oct 18, 2022$2,350,000$2,350,000 p. 450%
2Oct 18, 2022$1,985,587$1,800,000 p. 45+10.3%
4Oct 18, 2022$2,087,413$1,900,000 p. 45+9.9%
3Nov 9, 2022$1,986,287$1,850,000 p. 45+7.4%

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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
686 Carroll LLC
Principals
Omri Bar-Mashiah
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Quanta Finance$3.35 million loan stated in the plan

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

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