THE CONDO BOOK PROJECT

7 Whipple Street Condominium

7 Whipple Street, Brooklyn, NY 11206

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Overview

Units
24 residential · 1 storage
Subway
5 min walk to Flushing Av GFlushing Av J M, 6 min
Developer
Stone Edge Holdings LLC
Principals
Joel Schwartz, Sheindy Schwartz
Common charges
$113–$582 a monthSponsor's first-year estimate in Schedule A, January 1, 2020-December 31, 2020
Offering price
$14.2 million total $22.7 million when first offered

The sponsor of record is Whipple Properties LLC, represented by The Law Office Of Jay Lichtman, P.C.. The offering plan runs 388 pages. The sponsor has filed 1 amendment, the latest in August 2020. The nearest other condo plan on file is 30 Bartlett Street Condominium, next door.

Plan CD180187 · New · accepted Jul 13, 2020 · AG record ↗

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FigureThis building1The Evergreen On Putnam221 units · 1.7 miaccepted 2021Willart320 units · 0.5 miaccepted 2020
Average Offering PricePer Apartment$547,058Below peers$611,905$795,500

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Unit mix, closings, budgets, finishes and the team, against The Evergreen On Putnam and Willart, 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 closed69% of the homes in Schedule A18 of 26
Closing prices vs. Schedule A18 homes: $17,045,439 at closing against $11,898,700 in Schedule A (p. 38)+43.3%
Closingsfirst and latest recordedDec 16, 2020 – Feb 24, 2022

Sales recorded with the Department of Finance (ACRIS) through Sep 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 18 closings
HomeRecordedClosing priceSchedule ADifference
103Dec 16, 2020$1,412,822$880,700 p. 38+60.4%
402Dec 23, 2020$486,720$270,400 p. 38+80%
401Dec 24, 2020$763,688$700,000 p. 38+9.1%
601Dec 24, 2020$794,235$700,000 p. 38+13.5%
604Dec 24, 2020$941,881$559,600 p. 38+68.3%
201Dec 29, 2020$999,000$700,000 p. 38+42.7%
504Dec 30, 2020$826,819$559,600 p. 38+47.8%
204Dec 31, 2020$847,184$559,600 p. 38+51.4%
304Jan 20, 2021$822,600$504,000 p. 38+63.2%
403Jan 20, 2021$992,794$728,800 p. 38+36.2%
501Jan 20, 2021$993,812$700,000 p. 38+42%
301Jan 21, 2021$997,885$700,000 p. 38+42.6%
503Jan 21, 2021$995,000$728,800 p. 38+36.5%
101Feb 17, 2021$995,000$806,800 p. 38+23.3%
603Feb 17, 2021$995,000$728,800 p. 38+36.5%
404Feb 18, 2021$906,000$559,600 p. 38+61.9%
303Apr 27, 2021$1,280,000$783,200 p. 38+63.4%
203Feb 24, 2022$995,000$728,800 p. 38+36.5%

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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
Whipple Properties LLC
Developer
Stone Edge Holdings LLC
Principals
Joel Schwartz, Sheindy Schwartz
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Popular Bank$15.9 million recorded

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

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