THE CONDO BOOK PROJECT

849 Madison Court Condominium

849 Madison Street, Brooklyn, NY 11221

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Overview

Units
7 residential
Subway
5 min walk to Gates Av J ZHalsey St J, 8 min
Average $/sf
$1,008Homes in Schedule A, as first offered
Common charges
$263–$296 a monthSponsor's first-year estimate in Schedule A, July 1, 2022 To June 30, 2023
Offering price
$3.05 million total $3.08 million when first offered

The sponsor of record is 849 Madison Court LLC, represented by Eial Girtz, PC. The offering plan runs 284 pages. The sponsor has filed 2 amendments, the latest in April 2023. The nearest other condo plan on file is 832 Monroe Street Condominium, next door.

Plan CD210272 · New · accepted May 3, 2022 · AG record ↗

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FigureThis building11060 Jefferson210 units · 0.3 miaccepted 2022Hastings House310 units · 0.3 miaccepted 2022
Common ChargesPer Square Foot / Month$0.53Below peers$0.58$0.80
Average Offering PricePer Apartment$609,600Below peers$711,900$753,000
Average PricePer Square Foot$1,008Below peers$1,047$1,039
Property TaxesPer Square Foot / Month$0.54In line$0.59$0.21
Average Unit SizeSquare Feet664 SFSmaller680 SF725 SF

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Unit mix, closings, budgets, finishes and the team, against 1060 Jefferson and Hastings House, 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 closed86% of the homes in Schedule A6 of 7
Closing prices vs. Schedule A5 homes: $2,620,000 at closing against $3,048,000 in Schedule A (p. 41)−14%
Average closing price5 homes, on their Schedule A square feet$866 / SF
Closingsfirst and latest recordedMar 14, 2023 – Apr 18, 2023

Sales recorded with the Department of Finance (ACRIS) through Nov 30, 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 6 closings
HomeRecordedClosing priceSchedule ADifference
4AMar 14, 2023$527,000$620,000 p. 41−15%
2BMar 28, 2023$510,000$650,000 p. 41−21.5%
3AMar 28, 2023$515,000$599,000 p. 41−14%
2AMar 30, 2023$553,000$580,000 p. 41−4.7%
PS-1Mar 30, 2023$553,000——
3BApr 18, 2023$515,000$599,000 p. 41−14%

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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
849 Madison Court LLC
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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