THE CONDO BOOK PROJECT

766 Decatur Street Condominium

766 Decatur Street, Brooklyn, NY 11233

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Overview

Units
10 residential
Subway
2 min walk to Chauncey St J ZHalsey St J, 5 min
Principals
Shai Birenzweig, Ofer Aviv
Average $/sf
$831Homes in Schedule A, as first offered
Common charges
$334–$715 a monthSponsor's first-year estimate in Schedule A, July 1, 2020- June 30, 2021
Offering price
$5.76 million total $5.07 million when first offered

The sponsor of record is 766 Decatur LLC, represented by Marans Weisz & Newman LLC. The offering plan runs 308 pages. The sponsor has filed 4 amendments, the latest in February 2022. The nearest other condo plan on file is 729 Decatur Street Condominium, next door.

Plan CD190146 · New · accepted Feb 11, 2020 · AG record ↗

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FigureThis building11110 Madison210 units · 0.6 miaccepted 2020803 Quincy38 units · 0.8 miaccepted 2020
Common ChargesPer Square Foot / Month$0.58Highest$0.31$0.47
Average Offering PricePer Apartment$572,200Lowest$775,400$780,500
Average PricePer Square Foot$831Below peers$944$853
Property TaxesPer Square Foot / Month$0.80In line$0.84$0.78
Average Unit SizeSquare Feet689 SFSmallest821 SF915 SF

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Unit mix, closings, budgets, finishes and the team, against 1110 Madison and 803 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 A10 of 10
Closing prices vs. Schedule A10 homes: $5,273,495 at closing against $5,722,000 in Schedule A (p. 41)−7.8%
Average closing price10 homes, on their Schedule A square feet$765 / SF
Closingsfirst and latest recordedMay 19, 2021 – Feb 7, 2022

Sales recorded with the Department of Finance (ACRIS) through Sep 30, 2022: 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 10 closings
HomeRecordedClosing priceSchedule ADifference
2AMay 19, 2021$505,050$529,000 p. 41−4.5%
5BMay 19, 2021$507,000$549,000 p. 41−7.7%
2BMay 24, 2021$507,500$529,000 p. 41−4.1%
4BJun 1, 2021$547,309$545,000 p. 41+0.4%
1AJun 4, 2021$429,936$449,000 p. 41−4.2%
1BJun 8, 2021$741,795$749,000 p. 41−1%
3BJul 21, 2021$521,904$539,000 p. 41−3.2%
4ASep 28, 2021$515,000$545,000 p. 41−5.5%
5ADec 30, 2021$499,000$749,000 p. 41−33.4%
3AFeb 7, 2022$499,000$539,000 p. 41−7.4%

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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
766 Decatur LLC
Principals
Shai Birenzweig, Ofer Aviv
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Plenitude CapitalLender on the mortgage and building loan agreement recorded August 2017 in ACRIS; $2.7 million recorded

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

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