THE CONDO BOOK PROJECT

81 Mcguinness Condominium

81 Mcguinness Boulervard, Brooklyn, NY 11222

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Overview

Units
8 residential
Subway
4 min walk to Nassau Av GGreenpoint Av G, 11 min
Principals
Cecilia L.C. Law, Wayne Moy
Average $/sf
$1,628Homes in Schedule A, as first offered
Common charges
$208–$665 a monthSponsor's first-year estimate in Schedule A, Twelve Month Period Commencing January 1, 2021 and ending December 31, 2021
Offering price
$12.3 million total $12.2 million when first offered

The sponsor of record is 81 Mcguinness LLC & Cecilia Realty LLC, represented by Chu & Partners. The offering plan runs 243 pages. The sponsor has filed 2 amendments, the latest in April 2022. The nearest other condo plan on file is 181 Eckford Street Condominium, next door.

Plan CD190275 · New · accepted Sep 2, 2020 · AG record ↗

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FigureThis building1243 North 5th27 units · 0.8 miaccepted 202121 North Henry36 units · 0.5 miaccepted 2020
Common ChargesPer Square Foot / Month$0.57Above peers$0.41$0.52
Average Offering PricePer Apartment$1.54MIn line$2.04M$1.14M
Average PricePer Square Foot$1,628In line$1,624$1,641
Property TaxesPer Square Foot / Month$0.93Above peers$0.72$0.83
Average Unit SizeSquare Feet946 SFIn line1,259 SF696 SF

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Unit mix, closings, budgets, finishes and the team, against 243 North 5th and 21 North Henry, 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: $10,478,288 at closing against $12,320,000 in Schedule A (p. 24)−14.9%
Average closing price8 homes, on their Schedule A square feet$1,385 / SF
Closingsfirst and latest recordedMar 21, 2022 – Feb 27, 2023

Sales recorded with the Department of Finance (ACRIS) through Mar 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
4AMar 21, 2022$1,510,000$1,890,000 p. 24−20.1%
6BMar 22, 2022$1,195,000$1,290,000 p. 24−7.4%
3AMar 28, 2022$1,600,000$1,890,000 p. 24−15.3%
1AMar 29, 2022$605,000$590,000 p. 24+2.5%
1BApr 4, 2022$1,250,000$1,490,000 p. 24−16.1%
5AApr 5, 2022$1,540,000$1,890,000 p. 24−18.5%
6AApr 13, 2022$1,200,000$1,490,000 p. 24−19.5%
2AFeb 27, 2023$1,578,288$1,790,000 p. 24−11.8%

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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
81 Mcguinness LLC & Cecilia Realty LLC
Principals
Cecilia L.C. Law, Wayne Moy
Tax estimate
Anthony Como AssociatesPrepared the first-year real estate tax projection

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

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