THE CONDO BOOK PROJECT

88 Herbert Street Condominium

88 Herbert Street, Brooklyn, NY 11222

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Overview

Units
7 residential
Subway
10 min walk to Graham Av LGrand St L, 13 min
Principals
Guy Mor
Average $/sf
$1,308Homes in Schedule A, as first offered
Common charges
$342–$944 a monthSponsor's first-year estimate in Schedule A, July 1, 2023- June 30, 2024
Offering price
$6.42 million total

The sponsor of record is 88 Herbert Capital LLC, represented by The Law Office Of Jay Lichtman, P.C.. The offering plan runs 363 pages. The sponsor has filed 2 amendments, the latest in December 2022. The nearest other condo plan on file is 90 Herbert Street Condominium, next door.

Plan CD210338 · New · accepted May 20, 2022 · AG record ↗

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FigureThis building1250 Manhattan27 units · 0.6 miaccepted 2022156 Devoe38 units · 0.5 miaccepted 2022
Common ChargesPer Square Foot / Month$0.71Above peers$0.65$0.64
Average Offering PricePer Apartment$917,429In line$744,261$1.05M
Average PricePer Square Foot$1,308In line$1,200$1,516
Property TaxesPer Square Foot / Month$0.90In line$1.08$0.50
Average Unit SizeSquare Feet701 SFLarger620 SF696 SF

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Unit mix, closings, budgets, finishes and the team, against 250 Manhattan and 156 Devoe, 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 A7 of 7
Closing prices vs. Schedule A7 homes: $6,812,000 at closing against $6,422,000 in Schedule A (p. 35)+6.1%
Average closing price7 homes, on their Schedule A square feet$1,387 / SF
Closingsfirst and latest recordedMar 15, 2023 – Sep 18, 2023

Sales recorded with the Department of Finance (ACRIS) through May 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 7 closings
HomeRecordedClosing priceSchedule ADifference
2FMar 15, 2023$725,000$650,000 p. 35+11.5%
3FMar 28, 2023$740,000$699,000 p. 35+5.9%
4FApr 14, 2023$702,000$699,000 p. 35+0.4%
3RMay 12, 2023$740,000$699,000 p. 35+5.9%
2RMay 30, 2023$740,000$675,000 p. 35+9.6%
PHJun 20, 2023$1,190,000$1,300,000 p. 35−8.5%
THSep 18, 2023$1,975,000$1,700,000 p. 35+16.2%

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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
88 Herbert Capital LLC
Principals
Guy Mor
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
1st Constitution Bank$2.5 million recorded

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

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