THE CONDO BOOK PROJECT

75 Columbia Street Condominium

75 Columbia Street, Brooklyn, NY 11201

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Overview

Units
11 residential · 9 parking · 9 storage
Subway
12 min walk to Bergen St F GBorough Hall/Court St 2 3 4 5 R, 15 min
Principals
Linda Greco
Average $/sf
$902Homes in Schedule A, as first offered
Common charges
$455–$1,446 a monthSponsor's first-year estimate in Schedule A, Twelve Month Period Commencing Jan. 1, 2013 and Ending December 31, 2013
Offering price
$13.8 million total

The sponsor of record is Sds Columbia LLC, represented by Smith, Gambrell & Russell, LLP. The offering plan runs 316 pages. The sponsor has filed 1 amendment, the latest in October 2012. The nearest other condo plan on file is Govley Condominium, next door.

Plan CD120132 · New · accepted Sep 27, 2012 · AG record ↗

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FigureThis building1531 Vanderbilt218 units · 1.8 miaccepted 2014City View316 units · 1.2 miaccepted 2010
Common ChargesPer Square Foot / Month$0.76Highest$0.56$0.41
Average Offering PricePer Apartment$1.19MHighest$565,417$494,412
Average PricePer Square Foot$902In line$1,024$613
Property TaxesPer Square Foot / Month$0.08In line$0.65$0.07
Average Unit SizeSquare Feet1,316 SFLargest552 SF806 SF

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Unit mix, closings, budgets, finishes and the team, against 531 Vanderbilt and City View, 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 A11 of 11
Closing prices vs. Schedule A8 homes: $7,779,932 at closing against $10,450,000 in Schedule A (p. 33)−25.6%
Average closing price8 homes, on their Schedule A square feet$688 / SF
Closingsfirst and latest recordedOct 22, 2013 – May 7, 2015

Sales recorded with the Department of Finance (ACRIS) through May 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 18 closings
HomeRecordedClosing priceSchedule ADifference
2BOct 22, 2013$980,000$995,000 p. 33−1.5%
7Dec 30, 2013$1,855,000$1,895,000 p. 33−2.1%
PS 4Dec 30, 2013$1,855,000——
PS 3Mar 7, 2014$30,420——
5BMar 17, 2014$1,290,000$1,205,000 p. 33+7.1%
5AMar 25, 2014$1,200,000$1,200,000 p. 330%
4BMar 26, 2014$918,462$1,135,000 p. 33−19.1%
PS 6Mar 26, 2014$918,462——
1AApr 29, 2014$1,791,713——
PS 5Apr 29, 2014$1,791,713——
3AJun 30, 2014$527,410$1,060,000 p. 33−50.2%
3BJun 30, 2014$527,410$1,065,000 p. 33−50.5%
6Jun 30, 2014$481,650$1,895,000 p. 33−74.6%
PS 7Jun 30, 2014$25,350——
PS 8Jun 30, 2014$25,350——
PS 9Jun 30, 2014$481,650——
PS 1Dec 10, 2014$50,700——
PS 2May 7, 2015$85,000——

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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
Sds Columbia LLC
Principals
Linda Greco
Tax estimate
Jerome Mazursky, The Mazursky Group Inc.Prepared the first-year real estate tax projection
Construction lenders
Greco, Louis V Jr, The Dream TrustLender on the mortgage and building loan agreement recorded September 2008 in ACRIS

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

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