THE CONDO BOOK PROJECT

88 Conselyea Street Condominium

88 Conselyea Street, Brooklyn, NY 11211

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Overview

Units
8 residential · 1 parking
Subway
3 min walk to Metropolitan Av/Lorimer St G LGraham Av L, 4 min
Principals
Abraham Rubin
Average $/sf
$632Homes in Schedule A, as first offered
Common charges
$144–$254 a monthSponsor's first-year estimate in Schedule A, First Year of Operation, July 1, 2006 - June 30, 2007
Offering price
$3.38 million total

The sponsor of record is Skillman Plaza 2, LLC, represented by Perry Balagur. The offering plan runs 220 pages. The sponsor has filed 6 amendments, the latest in February 2007. The nearest other condo plan on file is 306 Leonard Street Condominium, next door.

Plan CD040041 · New · accepted Aug 12, 2004 · AG record ↗

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FigureThis building1285 Driggs212 units · 0.5 miaccepted 2006227 Maujer38 units · 0.4 miaccepted 2005
Common ChargesPer Square Foot / Month$0.19Lowest$0.27$0.27
Average Offering PricePer Apartment$579,063Above peers$522,000$395,000
Average PricePer Square Foot$632Above peers$600$419
Property TaxesPer Square Foot / Month$0.02In line$0.87$0.02
Average Unit SizeSquare Feet916 SFIn line870 SF943 SF

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Unit mix, closings, budgets, finishes and the team, against 285 Driggs and 227 Maujer, 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: $4,516,327 at closing against $4,632,500 in Schedule A (p. 9)−2.5%
Average closing price8 homes, on their Schedule A square feet$616 / SF
Closingsfirst and latest recordedJul 27, 2006 – Sep 11, 2007

Sales recorded with the Department of Finance (ACRIS) through Jul 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
E2Jul 27, 2006$505,986$499,000 p. 9+1.4%
F2Aug 15, 2006$471,510$465,000 p. 9+1.4%
A2Aug 21, 2006$573,784$563,500 p. 9+1.8%
F3Aug 29, 2006$505,986$499,000 p. 9+1.4%
F1Oct 26, 2006$634,370$623,000 p. 9+1.8%
E3Dec 19, 2006$579,384$569,000 p. 9+1.8%
A3Jan 10, 2007$726,000$726,000 p. 90%
A1Sep 11, 2007$519,308$688,000 p. 9−24.5%

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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
Skillman Plaza 2, LLC
Principals
Abraham Rubin
Tax estimate
Moseson & AssociatesPrepared the first-year real estate tax projection

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

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