THE CONDO BOOK PROJECT

686 Macdonough Street Condominium

686 Macdonough Street, Brooklyn, NY 11233

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Overview

Units
6 residential
Subway
6 min walk to Halsey St JChauncey St J Z, 9 min
Principals
Boaz Gilad
Average $/sf
$911Homes in Schedule A, as first offered
Common charges
$319–$848 a monthSponsor's first-year estimate in Schedule A, December 1, 2017
Offering price
$2.88 million total $3.3 million when first offered

The sponsor of record is Gil Holdings LLC, represented by Jeffrey Zwick & Associates, P.C.. The offering plan runs 295 pages. The sponsor has filed 6 amendments, the latest in December 2018. The nearest other condo plan on file is Macon On The Park Condominium Ii, next door.

Plan CD170046 · New · accepted Jul 24, 2017 · AG record ↗

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FigureThis building1729 Decatur26 units · 0.3 miaccepted 2016854 Putnam38 units · 0.5 miaccepted 2017
Common ChargesPer Square Foot / Month$0.71Above peers$0.65$0.29
Average Offering PricePer Apartment$550,500In line$485,667$1M
Average PricePer Square Foot$911In line$792$1,051
Property TaxesPer Square Foot / Month$0.76Highest$0.46$0.66
Average Unit SizeSquare Feet604 SFSmaller613 SF952 SF

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Unit mix, closings, budgets, finishes and the team, against 729 Decatur and 854 Putnam, 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 A6 of 6
Closing prices vs. Schedule A6 homes: $2,828,609 at closing against $3,303,000 in Schedule A (p. 24)−14.4%
Average closing price6 homes, on their Schedule A square feet$780 / SF
Closingsfirst and latest recordedAug 30, 2018 – Nov 26, 2018

Sales recorded with the Department of Finance (ACRIS) through Feb 28, 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 6 closings
HomeRecordedClosing priceSchedule ADifference
4Aug 30, 2018$546,000$575,000 p. 24−5%
2ASep 5, 2018$395,460$449,000 p. 24−11.9%
2BSep 14, 2018$429,936$475,000 p. 24−9.5%
3BSep 17, 2018$425,880$490,000 p. 24−13.1%
1Oct 16, 2018$630,704$849,000 p. 24−25.7%
3ANov 26, 2018$400,629$465,000 p. 24−13.8%

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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
Gil Holdings LLC
Principals
Boaz Gilad
Tax estimate
Metropolitan Realty ExemptionsPrepared the first-year real estate tax projection
Construction lender
Bcre Real Estate Funding$1 million recorded

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

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