THE CONDO BOOK PROJECT

803 Quincy Street Condominium

803 Quincy Street, Brooklyn, NY 11221

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Overview

Units
8 residential
Subway
3 min walk to Gates Av J ZKosciuszko St J, 6 min
Principals
Shai Birenzweig, Ofer Aviv
Average $/sf
$853Homes in Schedule A, as first offered
Common charges
$318–$667 a monthSponsor's first-year estimate in Schedule A, July 1, 2020 - June 30, 2021
Offering price
$6.24 million total

The sponsor of record is 803 Quincy Development LLC, represented by Marans, Weisz & Newman LLC. The offering plan runs 305 pages. The sponsor has filed 3 amendments, the latest in March 2022. The nearest other condo plan on file is 844 Quincy Street Condominium, next door.

Plan CD190076 · New · accepted Jan 29, 2020 · AG record ↗

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FigureThis building1The Carmen28 units · 0.3 miaccepted 2020766 Decatur310 units · 0.8 miaccepted 2020
Common ChargesPer Square Foot / Month$0.47In line$0.25$0.58
Average Offering PricePer Apartment$780,500In line$1.08M$572,200
Average PricePer Square Foot$853In line$986$831
Property TaxesPer Square Foot / Month$0.78In line$0.62$0.80
Average Unit SizeSquare Feet915 SFIn line1,091 SF689 SF

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Unit mix, closings, budgets, finishes and the team, against The Carmen and 766 Decatur, 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 A8 of 8
Closing prices vs. Schedule A8 homes: $5,643,178 at closing against $6,244,000 in Schedule A (p. 40)−9.6%
Average closing price8 homes, on their Schedule A square feet$771 / SF
Closingsfirst and latest recordedJun 18, 2021 – Apr 27, 2022

Sales recorded with the Department of Finance (ACRIS) through Oct 31, 2023: 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 8 closings
HomeRecordedClosing priceSchedule ADifference
1FJun 18, 2021$670,000$775,000 p. 40−13.5%
2RJun 18, 2021$631,315$699,000 p. 40−9.7%
3FJun 18, 2021$625,000$699,000 p. 40−10.6%
4RJun 23, 2021$925,000$975,000 p. 40−5.1%
4FJul 1, 2021$661,863$699,000 p. 40−5.3%
2FAug 18, 2021$620,000$699,000 p. 40−11.3%
3RAug 25, 2021$625,000$699,000 p. 40−10.6%
1RApr 27, 2022$885,000$999,000 p. 40−11.4%

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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
803 Quincy Development LLC
Principals
Shai Birenzweig, Ofer Aviv
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
White Oak Projects$2.2 million recorded

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

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