THE CONDO BOOK PROJECT

697 Monroe Street Condominium

697 Monroe Street, Brooklyn, NY 11221

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Overview

Units
4 residential
Subway
8 min walk to Gates Av J ZKosciuszko St J, 9 min
Principals
Michael Uhr
Average $/sf
$1,000Homes in Schedule A, as first offered
Common charges
$383–$672 a monthSponsor's first-year estimate in Schedule A, July 1, 2018- June 30, 2019
Offering price
$3.8 million total $3.55 million when first offered

The sponsor of record is 697 Monroe Street LLC, represented by The Law Office Of Jay Lichtman, P.C.. The offering plan runs 332 pages. The sponsor has filed 3 amendments, the latest in October 2018. The nearest other condo plan on file is 695 Monroe Street Condominium, next door.

Plan CD170282 · Rehab · accepted Apr 4, 2018 · AG record ↗

Compare

FigureThis building1667 Putnam24 units · 0.3 miaccepted 2018844 Quincy37 units · 0.2 miaccepted 2019
Common ChargesPer Square Foot / Month$0.58In line$0.36$0.65
Average Offering PricePer Apartment$888,250In line$1.01M$750,364
Average PricePer Square Foot$1,000Below peers$1,232$1,171
Property TaxesPer Square Foot / Month$0.33In line$0.33$0.03
Average Unit SizeSquare Feet889 SFLarger822 SF641 SF

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Unit mix, closings, budgets, finishes and the team, against 667 Putnam 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: $3,327,000 at closing against $3,553,000 in Schedule A (p. 33)−6.4%
Average closing price4 homes, on their Schedule A square feet$936 / SF
Closingsfirst and latest recordedApr 18, 2019 – Jun 27, 2019

Sales recorded with the Department of Finance (ACRIS) through Jun 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
2Apr 18, 2019$684,000$729,000 p. 33−6.2%
3Apr 24, 2019$645,000$729,000 p. 33−11.5%
1May 23, 2019$999,000$995,000 p. 33+0.4%
4Jun 27, 2019$999,000$1,100,000 p. 33−9.2%

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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
697 Monroe Street LLC
Principals
Michael Uhr
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Patch of Land Lending$1.45 million recorded

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

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