THE CONDO BOOK PROJECT

832 Monroe Street Condominium

832 Monroe Street, Brooklyn, NY 11221

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Overview

Units
7 residential
Subway
4 min walk to Gates Av J ZHalsey St J, 9 min
Principals
Ramin Baratian
Average $/sf
$1,019Homes in Schedule A, as first offered
Common charges
$271–$508 a monthSponsor's first-year estimate in Schedule A, January 1, 2021- December 31, 2021
Offering price
$4.74 million total $4.47 million when first offered

The sponsor of record is Bkny Usa LLC, represented by The Law Office Of Jay Lichtman, P.C.. The offering plan runs 326 pages. The sponsor has filed 2 amendments, the latest in August 2021. The nearest other condo plan on file is 849 Madison Court Condominium, next door.

Plan CD200037 · New · accepted Feb 22, 2021 · AG record ↗

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FigureThis building1Bleecker26 units · 0.4 miaccepted 2021Green Bushwick38 units · 0.3 miaccepted 2021
Common ChargesPer Square Foot / Month$0.53In line$0.65$0.47
Average Offering PricePer Apartment$638,429Above peers$624,667$588,000
Average PricePer Square Foot$1,019In line$990$1,052
Property TaxesPer Square Foot / Month$0.63Lowest$1.02$1.03
Average Unit SizeSquare Feet627 SFIn line631 SF559 SF

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Unit mix, closings, budgets, finishes and the team, against Bleecker and Green Bushwick, 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: $4,659,860 at closing against $4,469,000 in Schedule A (p. 31)+4.3%
Average closing price7 homes, on their Schedule A square feet$1,062 / SF
Closingsfirst and latest recordedDec 27, 2021 – Feb 25, 2022

Sales recorded with the Department of Finance (ACRIS) through Oct 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
3BDec 27, 2021$580,000$569,000 p. 31+1.9%
4Jan 4, 2022$999,000$849,000 p. 31+17.7%
2AJan 10, 2022$555,000$549,000 p. 31+1.1%
1BJan 13, 2022$899,000$895,000 p. 31+0.4%
2BJan 27, 2022$560,000$559,000 p. 31+0.2%
1AFeb 7, 2022$496,860$499,000 p. 31−0.4%
3AFeb 25, 2022$570,000$549,000 p. 31+3.8%

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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
Bkny Usa LLC
Principals
Ramin Baratian
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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