THE CONDO BOOK PROJECT

873 Pacific Street Condominium

873 Pacific Street, Brooklyn, NY 11238

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Overview

Units
8 residential
Subway
5 min walk to Clinton-Washington Avs CClinton-Washington Avs G, 11 min
Principals
Jody Kriss, Joseph Cohen
Average $/sf
$1,134Homes in Schedule A, as first offered
Common charges
$439–$586 a monthSponsor's first-year estimate in Schedule A, Twelve Month Period Commencing January 1, 2019 and Ending December 31, 2019 ("First Year")
Offering price
$14.7 million total $14 million when first offered

The sponsor of record is 873 Pacific Homes LLC, represented by D'Agostino, Levine, Landesman & Lederman, LLP. The offering plan runs 421 pages. The sponsor has filed 15 amendments, the latest in January 2020. The nearest other condo plan on file is Prospect Heights Rising Condominium, next door.

Plan CD170131 · New · accepted Aug 4, 2017 · AG record ↗

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FigureThis building1359 7th24 units · 1.2 miaccepted 20178 Saint Marks313 units · 0.9 miaccepted 2016
Common ChargesPer Square Foot / Month$0.33In line$0.22$0.57
Average Offering PricePer Apartment$1.7MAbove peers$1.31M$1.51M
Average PricePer Square Foot$1,134Below peers$1,163$1,147
Property TaxesPer Square Foot / Month$0.82Lowest$1.02$1.09
Average Unit SizeSquare Feet1,494 SFLarger1,129 SF1,317 SF

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Unit mix, closings, budgets, finishes and the team, against 359 7th and 8 Saint Marks, 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: $14,029,482 at closing against $13,560,000 in Schedule A (p. 53)+3.5%
Average closing price8 homes, on their Schedule A square feet$1,174 / SF
Closingsfirst and latest recordedMar 4, 2019 – Mar 9, 2020

Sales recorded with the Department of Finance (ACRIS) through Jul 31, 2021: 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
3BMar 4, 2019$1,575,000$1,595,000 p. 53−1.3%
1BApr 24, 2019$1,925,000$1,795,000 p. 53+7.2%
4BApr 30, 2019$2,200,000$1,995,000 p. 53+10.3%
3AMay 6, 2019$1,561,232$1,595,000 p. 53−2.1%
4AMay 23, 2019$2,350,000$1,995,000 p. 53+17.8%
2AOct 2, 2019$1,515,000$1,495,000 p. 53+1.3%
2BOct 22, 2019$1,478,250$1,495,000 p. 53−1.1%
1AMar 9, 2020$1,425,000$1,595,000 p. 53−10.7%

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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
873 Pacific Homes LLC
Principals
Jody Kriss, Joseph Cohen
Tax estimate
Aaron Valuations, Inc.Prepared the first-year real estate tax projection
Construction lender
Crown Bank$5.72 million recorded

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

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