THE CONDO BOOK PROJECT

85 Carlton Avenue Condominium

85 Carlton Avenue, Brooklyn, NY 11205

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Overview

Units
7 residential
Subway
13 min walk to Fulton St GClinton-Washington Avs G, 14 min
Principals
Segev Nachum
Average $/sf
$1,058Homes in Schedule A, as first offered
Common charges
$397–$960 a monthSponsor's first-year estimate in Schedule A, Year Projected to Begin: July 1, 2021- June 30, 2022
Offering price
$5.25 million total

The sponsor of record is 85 Carlton LLC, represented by The Law Office Of Jay Lichtman, P.C.. The offering plan runs 365 pages. The sponsor has filed 1 amendment, the latest in April 2021. The nearest other condo plan on file is 80-82 Adelphi Street Condominium, next door.

Plan CD200151 · New · accepted Feb 3, 2021 · AG record ↗

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FigureThis building1725 Lafayette27 units · 1.5 miaccepted 2020467 Tompkins37 units · 1.8 miaccepted 2021
Common ChargesPer Square Foot / Month$0.75Highest$0.54$0.41
Average Offering PricePer Apartment$750,714Above peers$635,286$668,714
Average PricePer Square Foot$1,058Above peers$977$1,049
Property TaxesPer Square Foot / Month$1.08Above peers$0.99$0.77
Average Unit SizeSquare Feet709 SFLarger650 SF637 SF

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Unit mix, closings, budgets, finishes and the team, against 725 Lafayette and 467 Tompkins, 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: $5,264,319 at closing against $5,255,000 in Schedule A (p. 31)+0.2%
Average closing price7 homes, on their Schedule A square feet$1,060 / SF
Closingsfirst and latest recordedOct 12, 2021 – Mar 15, 2022

Sales recorded with the Department of Finance (ACRIS) through Apr 30, 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
3FOct 12, 2021$620,000$625,000 p. 31−0.8%
4FOct 18, 2021$687,319$675,000 p. 31+1.8%
2ROct 29, 2021$595,000$595,000 p. 310%
1FNov 2, 2021$1,195,000$1,195,000 p. 310%
2FNov 10, 2021$585,000$585,000 p. 310%
3RNov 12, 2021$635,000$635,000 p. 310%
4RMar 15, 2022$947,000$945,000 p. 31+0.2%

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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 Carlton LLC
Principals
Segev Nachum
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Bayport Funding$2.94 million recorded

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

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