THE CONDO BOOK PROJECT

854 Putnam Avenue Condominium

854 Putnam Avenue, Brooklyn, NY 11221

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Overview

Units
8 residential
Subway
10 min walk to Gates Av J ZKosciuszko St J, 10 min
Principals
Tomer Erlich
Average $/sf
$1,051Homes in Schedule A, as first offered
Common charges
$254–$331 a monthSponsor's first-year estimate in Schedule A, January 1, 2018 To December 31, 2018
Offering price
$8.03 million total $8 million when first offered

The sponsor of record is Lior 854 Putnam Property LLC, represented by Eial Girtz, PC. The offering plan runs 227 pages. The sponsor has filed 4 amendments, the latest in April 2019. The nearest other condo plan on file is 850 Putnam Condominium, next door.

Plan CD160410 · New · accepted Jul 21, 2017 · AG record ↗

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FigureThis building1311 Hart210 units · 0.8 miaccepted 2018675 Lafayette34 units · 1.1 miaccepted 2017
Common ChargesPer Square Foot / Month$0.29Lowest$0.37$0.40
Average Offering PricePer Apartment$1MAbove peers$821,000$872,000
Average PricePer Square Foot$1,051In line$1,069$1,013
Property TaxesPer Square Foot / Month$0.66Highest$0.56$0.31
Average Unit SizeSquare Feet952 SFLarger768 SF861 SF

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Unit mix, closings, budgets, finishes and the team, against 311 Hart and 675 Lafayette, 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: $7,377,764 at closing against $8,000,000 in Schedule A (p. 31)−7.8%
Average closing price8 homes, on their Schedule A square feet$969 / SF
Closingsfirst and latest recordedMay 21, 2018 – Nov 16, 2018

Sales recorded with the Department of Finance (ACRIS) through May 31, 2025: 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
4BMay 21, 2018$1,059,000$1,185,000 p. 31−10.6%
1BMay 22, 2018$1,049,000$1,225,000 p. 31−14.4%
3BMay 22, 2018$819,691$815,000 p. 31+0.6%
2BMay 25, 2018$808,491$775,000 p. 31+4.3%
2AJun 4, 2018$770,000$785,000 p. 31−1.9%
3AJun 6, 2018$813,582$825,000 p. 31−1.4%
4AJun 7, 2018$1,059,000$1,195,000 p. 31−11.4%
1ANov 16, 2018$999,000$1,195,000 p. 31−16.4%

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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
Lior 854 Putnam Property LLC
Principals
Tomer Erlich
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
AFP New York Investments$2.56 million loan stated in the plan

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

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