THE CONDO BOOK PROJECT

85 Douglass Street Condominium

85 Douglass Street, Brooklyn, NY 11231

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Overview

Units
4 residential
Subway
4 min walk to Bergen St F GCarroll St F G, 5 min
Principals
Seth Weissman
Average $/sf
$1,674Homes in Schedule A, as first offered
Common charges
$460–$909 a monthSponsor's first-year estimate in Schedule A, January 1, 2023 - December 31, 2023
Offering price
$9.21 million total $7.43 million when first offered

The sponsor of record is Usd 85 Douglass LLC, represented by Belkin, Burden, Goldman, LLP. The offering plan runs 329 pages. The sponsor has filed 2 amendments, the latest in February 2024. The nearest other condo plan on file is 89 Douglass Street Condominium, next door.

Plan CD200322 · Rehab · accepted May 2, 2023 · AG record ↗

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FigureThis building1538 Henry24 units · 0.5 miaccepted 202318 Eighth34 units · 1.2 miaccepted 2022
Common ChargesPer Square Foot / Month$0.45Lowest$0.53$0.56
Average Offering PricePer Apartment$2.3MIn line$2.14M$2.33M
Average PricePer Square Foot$1,674In line$1,624$1,717
Property TaxesPer Square Foot / Month$0.42Below peers$0.47$0.83
Average Unit SizeSquare Feet1,376 SFLarger1,316 SF1,354 SF

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Unit mix, closings, budgets, finishes and the team, against 538 Henry and 18 Eighth, 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 A4 of 4
Closing prices vs. Schedule A4 homes: $8,207,000 at closing against $9,210,000 in Schedule A (p. 38)−10.9%
Average closing price4 homes, on their Schedule A square feet$1,492 / SF
Closingsfirst and latest recordedDec 27, 2023 – Jun 13, 2024

Sales recorded with the Department of Finance (ACRIS) through Aug 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 4 closings
HomeRecordedClosing priceSchedule ADifference
BDec 27, 2023$2,050,000$2,250,000 p. 38−8.9%
CFeb 5, 2024$1,982,000$2,250,000 p. 38−11.9%
AFeb 22, 2024$2,490,000$2,785,000 p. 38−10.6%
DJun 13, 2024$1,685,000$1,925,000 p. 38−12.5%

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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
Usd 85 Douglass LLC
Principals
Seth Weissman
Tax estimate
Korngold Powers LLPPrepared the first-year real estate tax projection

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

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