THE CONDO BOOK PROJECT

825 Prospect Place Condominium

825 Prospect Place, Brooklyn, NY 11216

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Overview

Units
3 residential
Subway
8 min walk to Nostrand Av 3Nostrand Av A C, 9 min
Principals
Eliezer Lever
Average $/sf
$1,138Homes in Schedule A, as first offered
Common charges
$416–$705 a monthSponsor's first-year estimate in Schedule A, December 1, 2021 - November 30, 2022
Offering price
$5.09 million total $4.47 million when first offered

The sponsor of record is 825 Prospect Pl LLC, represented by Jeffrey Zwick & Associates, P.C.. The offering plan runs 308 pages. The sponsor has filed 2 amendments, the latest in December 2022. The nearest other condo plan on file is 815 Prospect Place Condominium, next door.

Plan CD210123 · New · accepted Sep 14, 2021 · AG record ↗

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FigureThis building1617 Warren23 units · 1.7 miaccepted 2021360 Tompkins34 units · 0.8 miaccepted 2022
Common ChargesPer Square Foot / Month$0.44Above peers$0.25$0.42
Average Offering PricePer Apartment$1.49MIn line$2.18M$1.1M
Average PricePer Square Foot$1,138Below peers$1,413$1,166
Property TaxesPer Square Foot / Month$0.40Above peers$0.12$0.35
Average Unit SizeSquare Feet1,310 SFIn line1,545 SF944 SF

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Unit mix, closings, budgets, finishes and the team, against 617 Warren and 360 Tompkins, 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 A3 of 3
Closing prices vs. Schedule A3 homes: $5,240,600 at closing against $4,475,000 in Schedule A (p. 32)+17.1%
Average closing price3 homes, on their Schedule A square feet$1,333 / SF
Closingsfirst and latest recordedMar 11, 2022 – May 20, 2022

Sales recorded with the Department of Finance (ACRIS) through Aug 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 3 closings
HomeRecordedClosing priceSchedule ADifference
BMar 11, 2022$1,323,596$1,100,000 p. 32+20.3%
CMar 15, 2022$1,922,004$1,575,000 p. 32+22%
AMay 20, 2022$1,995,000$1,800,000 p. 32+10.8%

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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
825 Prospect Pl LLC
Principals
Eliezer Lever
Tax estimate
Empire Consulting Service, Inc.Prepared the first-year real estate tax projection
Construction lender
825 Plaza Realty$2.6 million recorded

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

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