THE CONDO BOOK PROJECT

84 Sterling Place Condominium

84 Sterling Place, Brooklyn, NY 11217

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Overview

Units
4 residential
Subway
4 min walk to 7 Av B QBergen St 2 3, 5 min
Principals
Omri Bar-Mashiah, Asaf Ringlheim, Alexander Maroni, Amiel Bar-Mashiah, Mira Bar-Bashiah
Offering price
$7.5 million total $5.75 million when first offered

The sponsor of record is 84 Sterling Management LLC, represented by Raphael And Marks Attorneys At Law. The offering plan runs 287 pages. The sponsor has filed 4 amendments, the latest in July 2018. The nearest other condo plan on file is 82 Sterling Place Condominium, next door.

Plan CD160347 · Rehab · accepted Mar 31, 2017 · AG record ↗

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FigureThis building1Villas At Prospect Place26 units · 0.6 miaccepted 2017342 6th34 units · 0.6 miaccepted 2015
Average Offering PricePer Apartment$1.44MIn line$1.19M$1.6M

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Unit mix, closings, budgets, finishes and the team, against Villas At Prospect Place and 342 6th, 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 the plan4 of 4
Closingsfirst and latest recordedMay 11, 2018 – Aug 14, 2018

Sales recorded with the Department of Finance (ACRIS) through Aug 31, 2021: 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 4 closings
HomeRecordedClosing priceSchedule ADifference
2May 11, 2018$1,654,965——
3Jun 13, 2018$1,571,198——
1Jul 25, 2018$2,341,975——
4Aug 14, 2018$1,792,120——

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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
84 Sterling Management LLC
Principals
Omri Bar-Mashiah, Asaf Ringlheim, Alexander Maroni, Amiel Bar-Mashiah, Mira Bar-Bashiah
Tax estimate
Empire Consulting Service, Inc.Prepared the first-year real estate tax projection

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

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