THE CONDO BOOK PROJECT

729 Decatur Street Condominium

729 Decatur Street, Brooklyn, NY 11207

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Overview

Units
6 residential
Subway
3 min walk to Chauncey St J ZHalsey St J, 5 min
Principals
Boaz Gilad
Average $/sf
$792Homes in Schedule A, as first offered
Common charges
$292–$683 a monthSponsor's first-year estimate in Schedule A, Year Projected to Begin February 1, 2017
Offering price
$2.91 million total

The sponsor of record is Decatur Opportunity LLC, represented by Jeffrey Zwick & Associates, P.C.. The offering plan runs 285 pages. The sponsor has filed 2 amendments, the latest in July 2017. The nearest other condo plan on file is 766 Decatur Street Condominium, next door.

Plan CD160013 · New · accepted Oct 18, 2016 · AG record ↗

Compare

FigureThis building1686 Macdonough26 units · 0.3 miaccepted 2017Ridgewood Place34 units · 1 miaccepted 2016
Common ChargesPer Square Foot / Month$0.65In line$0.71$0.29
Average Offering PricePer Apartment$485,667Below peers$550,500$867,000
Average PricePer Square Foot$792Below peers$911$878
Property TaxesPer Square Foot / Month$0.46Lowest$0.76$0.57
Average Unit SizeSquare Feet613 SFIn line604 SF988 SF

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Unit mix, closings, budgets, finishes and the team, against 686 Macdonough and Ridgewood 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 A6 of 6
Closing prices vs. Schedule A6 homes: $2,715,192 at closing against $2,914,000 in Schedule A (p. 24)−6.8%
Average closing price6 homes, on their Schedule A square feet$738 / SF
Closingsfirst and latest recordedMar 20, 2017 – Aug 29, 2017

Sales recorded with the Department of Finance (ACRIS) through Mar 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 6 closings
HomeRecordedClosing priceSchedule ADifference
2AMar 20, 2017$404,586$400,000 p. 24+1.1%
3BApr 3, 2017$328,000$340,000 p. 24−3.5%
3AApr 6, 2017$405,700$415,000 p. 24−2.2%
1May 15, 2017$702,593$749,000 p. 24−6.2%
2BMay 30, 2017$329,550$325,000 p. 24+1.4%
4Aug 29, 2017$544,764$685,000 p. 24−20.5%

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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
Decatur Opportunity LLC
Principals
Boaz Gilad
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Bcre Real Estate Funding

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

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