THE CONDO BOOK PROJECT

Symon Condominium

70 Schermerhorn Street, Brooklyn, NY 11201

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Overview

Units
59 residential · 9 parking · 15 storage · 1 commercial
Subway
4 min walk to Borough Hall/Court St 2 3 4 5 RJay St-MetroTech A C F R, 5 min
Developers
Orange Management Inc., Lonicera Partners
Principals
Andrew Bradfield, Demetrios Yatrakis, Jamie Anthony, John Evans
Average $/sf
$1,471Homes in Schedule A, as first offered
Common charges
$739–$2,964 a monthSponsor's first-year estimate in Schedule A, 1/1/2020-12/31/2020
Offering price
$95.6 million total

The sponsor of record is 70 Schermerhorn Owner LLC**, represented by Seiden & Schein, P.C.. The offering plan runs 433 pages. The sponsor has filed 8 amendments, the latest in July 2023. The nearest other condo plan on file is Lookout Hill Condominium, next door.

Plan CD180389 · New · accepted Aug 8, 2019 · AG record ↗

Compare

FigureThis building1561 Pacific263 units · 0.8 miaccepted 2018Saint Marks Place3105 units · 0.8 miaccepted 2020
Common ChargesPer Square Foot / Month$1.25Highest$0.96$0.85
Average Offering PricePer Apartment$1.57MBelow peers$1.61M$1.73M
Average PricePer Square Foot$1,471In line$1,462$1,476
Property TaxesPer Square Foot / Month$0.81Below peers$0.90$1.18
Average Unit SizeSquare Feet1,070 SFSmaller1,091 SF1,174 SF

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Unit mix, closings, budgets, finishes and the team, against 561 Pacific and Saint Marks Place, 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 A59 of 59
Closing prices vs. Schedule A59 homes: $92,112,129 at closing against $92,845,000 in Schedule A (p. 58)−0.8%
Average closing price59 homes, on their Schedule A square feet$1,459 / SF
Closingsfirst and latest recordedNov 30, 2020 – Jun 29, 2023

Sales recorded with the Department of Finance (ACRIS) through Aug 31, 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 61 closings
HomeRecordedClosing priceSchedule ADifference
4BNov 30, 2020$1,240,356$1,240,000 p. 58+0%
2ADec 4, 2020$2,069,063$2,050,000 p. 58+0.9%
3FDec 4, 2020$795,356$795,000 p. 58+0%
2BDec 7, 2020$1,221,296$1,210,000 p. 58+0.9%
7CDec 9, 2020$1,430,356$1,430,000 p. 58+0%
2CDec 11, 2020$1,345,356$1,325,000 p. 58+1.5%
3CDec 14, 2020$1,360,356$1,340,000 p. 58+1.5%
6CDec 14, 2020$1,410,000$1,410,000 p. 580%
5BDec 15, 2020$1,281,162$1,255,000 p. 58+2.1%
3BDec 16, 2020$1,225,356$1,225,000 p. 58+0%
4CDec 21, 2020$1,358,258$1,355,000 p. 58+0.2%
5CDec 28, 2020$1,382,501$1,370,000 p. 58+0.9%
5EDec 29, 2020$835,356$835,000 p. 58+0%
9CJan 5, 2021$1,490,356$1,470,000 p. 58+1.4%
PH1Jan 13, 2021$3,995,000$3,995,000 p. 580%
4FJan 15, 2021$823,001$805,000 p. 58+2.2%
6EJan 22, 2021$863,731$845,000 p. 58+2.2%
PH3Jan 25, 2021$2,100,356$2,100,000 p. 58+0%
10CJan 27, 2021$1,353,258$1,395,000 p. 58−3%
11DFeb 11, 2021$1,265,000$1,265,000 p. 580%
6BApr 6, 2021$1,285,000$1,295,000 p. 58−0.8%
2EMay 21, 2021$1,625,000$1,650,000 p. 58−1.5%
8CMay 27, 2021$1,450,356$1,450,000 p. 58+0%
9BJun 1, 2021$1,355,000$1,355,000 p. 580%
11AJun 4, 2021$2,800,350$2,900,000 p. 58−3.4%
9FJun 9, 2021$815,000$855,000 p. 58−4.7%
5FJun 11, 2021$795,000$815,000 p. 58−2.5%
9AJun 18, 2021$2,150,356$2,175,000 p. 58−1.1%
4EJun 28, 2021$800,000$825,000 p. 58−3%
6AJun 28, 2021$2,022,500$2,100,000 p. 58−3.7%
10BJun 28, 2021$2,395,356$2,475,000 p. 58−3.2%
10AJun 29, 2021$3,225,357$3,300,000 p. 58−2.3%
5AJul 7, 2021$2,000,355$2,050,000 p. 58−2.4%
9EJul 16, 2021$855,356$875,000 p. 58−2.2%
3ESep 14, 2021$805,356$815,000 p. 58−1.2%
12DOct 12, 2021$860,356$870,000 p. 58−1.1%
8EOct 15, 2021$855,356$865,000 p. 58−1.1%
7FOct 20, 2021$822,950$835,000 p. 58−1.4%
8BNov 4, 2021$1,335,356$1,335,000 p. 58+0%
7ENov 10, 2021$845,356$855,000 p. 58−1.1%
6FNov 12, 2021$820,356$825,000 p. 58−0.6%
10DNov 23, 2021$1,235,356$1,250,000 p. 58−1.2%
8FDec 28, 2021$835,356$845,000 p. 58−1.1%
2DJan 11, 2022$1,875,000$1,895,000 p. 58−1.1%
PH2Feb 18, 2022$2,995,356$3,350,000 p. 58−10.6%
3DFeb 25, 2022$1,775,356$1,775,000 p. 58+0%
7BMar 7, 2022$1,317,856$1,315,000 p. 58+0.2%
11CMar 14, 2022$1,430,356$1,410,000 p. 58+1.4%
11BMar 31, 2022$2,253,258$2,250,000 p. 58+0.1%
8AApr 1, 2022$2,103,258$2,150,000 p. 58−2.2%
4AApr 12, 2022$2,151,766$2,025,000 p. 58+6.3%
7AApr 12, 2022$2,095,000$2,125,000 p. 58−1.4%
3AApr 27, 2022$2,065,215$1,985,000 p. 58+4%
9DApr 28, 2022$1,940,350$1,940,000 p. 58+0%
6DMay 4, 2022$1,820,000$1,865,000 p. 58−2.4%
5DJul 29, 2022$1,805,356$1,825,000 p. 58−1.1%
8DAug 4, 2022$1,900,356$1,915,000 p. 58−0.8%
CFUSep 29, 2022$2,850,000——
RETUSep 29, 2022$2,850,000——
7DOct 13, 2022$1,860,356$1,890,000 p. 58−1.6%
4DJun 29, 2023$1,887,021$1,800,000 p. 58+4.8%

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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
70 Schermerhorn Owner LLC**
Developers
Orange Management Inc., Lonicera Partners
Principals
Andrew Bradfield, Demetrios Yatrakis, Jamie Anthony, John Evans
Tax estimate
Tuchman, Korngold, Weiss, Liebman & Lindemann, LLPPrepared the first-year real estate tax projection
Construction lender
Bank OZK$42.1 million recorded

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

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