THE CONDO BOOK PROJECT

78 2nd Place Condominium

78 2nd Place, Brooklyn, NY 11231

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Overview

Units
4 residential
Subway
4 min walk to Carroll St F GSmith-9 Sts F G, 10 min
Principals
Carlos Saavedra, Nicole Eckstrom
Average $/sf
$1,865Homes in Schedule A, as first offered
Common charges
$274–$344 a monthSponsor's first-year estimate in Schedule A, July 1, 2021- June 30, 2022
Offering price
$8.8 million total $8.74 million when first offered

The sponsor of record is 78 2nd Place LLC, represented by Marans Newman Tsolis & Nazinitsky LLC. The offering plan runs 278 pages. The sponsor has filed 2 amendments, the latest in July 2023. The nearest other condo plan on file is 74 2nd Place Condominium, next door.

Plan CD200165 · Rehab · accepted Feb 18, 2021 · AG record ↗

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FigureThis building1349 Hoyt24 units · 0.3 miaccepted 2021279 Sackett34 units · 0.3 miaccepted 2021
Common ChargesPer Square Foot / Month$0.25Lowest$0.37$0.34
Average Offering PricePer Apartment$2.2MAbove peers$2.14M$2.2M
Average PricePer Square Foot$1,865In line$1,931$1,760
Property TaxesPer Square Foot / Month$0.65Highest$0.19$0.49
Average Unit SizeSquare Feet1,180 SFIn line1,110 SF1,249 SF

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Unit mix, closings, budgets, finishes and the team, against 349 Hoyt and 279 Sackett, 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 A4 of 4
Closing prices vs. Schedule A3 homes: $7,027,210 at closing against $6,700,000 in Schedule A (p. 44)+4.9%
Average closing price3 homes, on their Schedule A square feet$1,969 / SF
Closingsfirst and latest recordedJul 27, 2021 – Aug 19, 2021

Sales recorded with the Department of Finance (ACRIS) through Jan 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 4 closings
HomeRecordedClosing priceSchedule ADifference
3Jul 27, 2021$2,302,348$2,100,000 p. 44+9.6%
2Jul 28, 2021$2,189,238$2,100,000 p. 44+4.2%
1Aug 13, 2021$2,535,625$2,500,000 p. 44+1.4%
4Aug 19, 2021$2,138,325——

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Closings are for subscribers

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
78 2nd Place LLC
Principals
Carlos Saavedra, Nicole Eckstrom
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection

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

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