THE CONDO BOOK PROJECT

838 Quincy Street Condominium

838 Quincy Street, Brooklyn, NY 11221

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Overview

Units
7 residential
Subway
3 min walk to Gates Av J ZKosciuszko St J, 7 min
Principals
Rotem Cohen, Dean Mizrahi, Don Mizrahi
Average $/sf
$954Homes in Schedule A, as first offered
Common charges
$293–$768 a monthSponsor's first-year estimate in Schedule A, October 1, 2019- September 30, 2020
Offering price
$4.78 million total $4.48 million when first offered

The sponsor of record is R & D Equity LLC, represented by The Law Office Of Jay Lichtman, P.C.. The offering plan runs 343 pages. The sponsor has filed 4 amendments, the latest in March 2020. The nearest other condo plan on file is 844 Quincy Street Condominium, next door.

Plan CD180478 · New · accepted Apr 15, 2019 · AG record ↗

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FigureThis building164 Stanhope28 units · 0.5 miaccepted 201918 Van Buren37 units · 1 miaccepted 2019
Common ChargesPer Square Foot / Month$0.59Below peers$0.75$0.67
Average Offering PricePer Apartment$640,429In line$687,750$603,571
Average PricePer Square Foot$954Above peers$931$884
Property TaxesPer Square Foot / Month$0.16Above peers$0.11$0.14
Average Unit SizeSquare Feet672 SFSmaller739 SF683 SF

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Unit mix, closings, budgets, finishes and the team, against 64 Stanhope and 18 Van Buren, 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: $4,402,011 at closing against $4,483,000 in Schedule A (p. 35)−1.8%
Average closing price7 homes, on their Schedule A square feet$936 / SF
Closingsfirst and latest recordedOct 25, 2019 – Feb 28, 2020

Sales recorded with the Department of Finance (ACRIS) through May 31, 2024: 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
4FOct 25, 2019$520,326$529,000 p. 35−1.6%
3ROct 31, 2019$524,399$529,000 p. 35−0.9%
2FNov 7, 2019$510,032$499,000 p. 35+2.2%
3FNov 25, 2019$525,000$529,000 p. 35−0.8%
4RNov 26, 2019$845,148$749,000 p. 35+12.8%
2RJan 13, 2020$508,107$499,000 p. 35+1.8%
1Feb 28, 2020$969,000$1,149,000 p. 35−15.7%

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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
R & D Equity LLC
Principals
Rotem Cohen, Dean Mizrahi, Don Mizrahi
Tax estimate
Metropolitan Realty Exemptions, IncPrepared the first-year real estate tax projection
Construction lender
Manhattan Bridge Capital$1.2 million recorded

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

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