THE CONDO BOOK PROJECT

850 Putnam Condominium

850 Putnam Avenue, Brooklyn, NY 11221

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Overview

Units
8 residential · 6 storage
Subway
10 min walk to Gates Av J ZKosciuszko St J, 10 min
Principals
Carmen Jia Wen Yu
Average $/sf
$986Homes in Schedule A, as first offered
Common charges
$254–$304 a monthSponsor's first-year estimate in Schedule A, January 1, 2020 - December 31, 2020
Offering price
$8.77 million total

The sponsor of record is 850 Putnam Avenue Development LLC, represented by Dylan Chan Law Firm. The offering plan runs 239 pages. The sponsor has filed 2 amendments, the latest in October 2021. The nearest other condo plan on file is 854 Putnam Avenue Condominium, next door.

Plan CD190210 · New · accepted Feb 18, 2020 · AG record ↗

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FigureThis building1803 Quincy28 units · 0.3 miaccepted 20201110 Madison310 units · 0.7 miaccepted 2020
Common ChargesPer Square Foot / Month$0.25Lowest$0.47$0.31
Average Offering PricePer Apartment$1.08MHighest$780,500$775,400
Average PricePer Square Foot$986Above peers$853$944
Property TaxesPer Square Foot / Month$0.62Lowest$0.78$0.84
Average Unit SizeSquare Feet1,091 SFLargest915 SF821 SF

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Unit mix, closings, budgets, finishes and the team, against 803 Quincy and 1110 Madison, 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 A8 of 8
Closing prices vs. Schedule A8 homes: $6,855,500 at closing against $8,606,098 in Schedule A (p. 37)−20.3%
Average closing price8 homes, on their Schedule A square feet$785 / SF
Closingsfirst and latest recordedNov 17, 2021 – Aug 5, 2022

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 8 closings
HomeRecordedClosing priceSchedule ADifference
3ANov 17, 2021$902,500$1,059,888 p. 37−14.8%
1BNov 22, 2021$975,000$1,300,000 p. 37−25%
2BNov 22, 2021$799,000$966,590 p. 37−17.3%
4BDec 2, 2021$790,000$998,000 p. 37−20.8%
3BDec 3, 2021$740,000$887,630 p. 37−16.6%
1AJan 11, 2022$890,000$1,205,280 p. 37−26.2%
2AMar 15, 2022$849,000$1,013,710 p. 37−16.2%
4AAug 5, 2022$910,000$1,175,000 p. 37−22.6%

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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
850 Putnam Avenue Development LLC
Principals
Carmen Jia Wen Yu
Tax estimate
Highpoint Incentives, Inc.Prepared the first-year real estate tax projection

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

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