THE CONDO BOOK PROJECT

85 3rd Street Condominium

85 3rd Street, Brooklyn, NY 11231

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Overview

Units
3 residential
Subway
4 min walk to Carroll St F GSmith-9 Sts F G, 10 min
Developer
Sterlingtown Equities LLC
Principals
Ido Paul Amit, Yossef Ariel
Average $/sf
$1,486Homes in Schedule A, as first offered
Common charges
$712–$992 a monthSponsor's first-year estimate in Schedule A, January 1, 2021 To December 31, 2021
Offering price
$6.55 million total $6.33 million when first offered

The sponsor of record is 85 3rd St Development LLC, represented by Eial Girtz, PC. The offering plan runs 269 pages. The sponsor has filed 2 amendments, the latest in February 2022. The nearest other condo plan on file is Third & Bond Condominium, next door.

Plan CD200009 · New · accepted Sep 25, 2020 · AG record ↗

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FigureThis building199 Douglass23 units · 0.4 miaccepted 2020320 Sackett33 units · 0.4 miaccepted 2020
Common ChargesPer Square Foot / Month$0.63Highest$0.24$0.49
Average Offering PricePer Apartment$2.11MBelow peers$2.4M$2.23M
Average PricePer Square Foot$1,486Below peers$1,579$1,672
Property TaxesPer Square Foot / Month$1.00Highest$0.31$0.62
Average Unit SizeSquare Feet1,419 SFIn line1,520 SF1,333 SF

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Unit mix, closings, budgets, finishes and the team, against 99 Douglass and 320 Sackett, 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: $5,945,440 at closing against $6,325,000 in Schedule A (p. 36)−6%
Average closing price3 homes, on their Schedule A square feet$1,397 / SF
Closingsfirst and latest recordedOct 27, 2021 – Aug 25, 2022

Sales recorded with the Department of Finance (ACRIS) through May 31, 2026: 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
COct 27, 2021$2,580,000$2,550,000 p. 36+1.2%
BNov 2, 2021$2,225,000$2,400,000 p. 36−7.3%
AAug 25, 2022$1,140,440$1,375,000 p. 36−17.1%

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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
85 3rd St Development LLC
Developer
Sterlingtown Equities LLC
Principals
Ido Paul Amit, Yossef Ariel
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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