THE CONDO BOOK PROJECT

79 Powers Street Condominium

79 Powers Street, Brooklyn, NY 11211

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Overview

Units
7 residential
Subway
3 min walk to Metropolitan Av/Lorimer St G LGraham Av L, 7 min
Principals
Arie Bar Chaim
Average $/sf
$1,376Homes in Schedule A, as first offered
Common charges
$226–$582 a monthSponsor's first-year estimate in Schedule A, January 1, 2022- December 31, 2022
Offering price
$7.24 million total $6.79 million when first offered

The sponsor of record is 79 Powers St LLC, represented by The Law Office Of Jay Lichtman, P.C.. The offering plan runs 370 pages. The sponsor has filed 3 amendments, the latest in August 2021. The nearest other condo plan on file is 81 Powers Street Condominium, next door.

Plan CD200246 · New · accepted Feb 23, 2021 · AG record ↗

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FigureThis building181 Powers27 units · 0 miaccepted 2021383 Manhattan36 units · 0.4 miaccepted 2021
Common ChargesPer Square Foot / Month$0.46In line$0.39$0.46
Average Offering PricePer Apartment$970,714Below peers$977,857$1.13M
Average PricePer Square Foot$1,376In line$1,386$1,334
Property TaxesPer Square Foot / Month$0.86Below peers$0.90$1.39
Average Unit SizeSquare Feet705 SFIn line705 SF824 SF

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Unit mix, closings, budgets, finishes and the team, against 81 Powers and 383 Manhattan, 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 A7 of 7
Closing prices vs. Schedule A7 homes: $7,152,072 at closing against $6,795,000 in Schedule A (p. 34)+5.3%
Average closing price7 homes, on their Schedule A square feet$1,449 / SF
Closingsfirst and latest recordedSep 20, 2021 – Dec 15, 2021

Sales recorded with the Department of Finance (ACRIS) through Jan 31, 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 7 closings
HomeRecordedClosing priceSchedule ADifference
3RSep 20, 2021$795,000$795,000 p. 340%
2FSep 30, 2021$745,000$725,000 p. 34+2.8%
4FSep 30, 2021$1,230,000$1,250,000 p. 34−1.6%
4ROct 6, 2021$800,000$725,000 p. 34+10.3%
2RNov 2, 2021$950,000$900,000 p. 34+5.6%
3FNov 3, 2021$782,072$750,000 p. 34+4.3%
1Dec 15, 2021$1,850,000$1,650,000 p. 34+12.1%

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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
79 Powers St LLC
Principals
Arie Bar Chaim
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Quanta Finance$2.48 million recorded

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

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