THE CONDO BOOK PROJECT

Element 88 Condominium

88 Withers Street, Brooklyn, NY 11211

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Overview

Units
33 residential · 25 parking · 33 storage · 2 commercial
Subway
5 min walk to Metropolitan Av/Lorimer St G LGraham Av L, 8 min
Principals
Semyon Vays, Leonid Vays, Sergey Rybak, Jason Reznik
Average $/sf
$1,368Homes in Schedule A, as first offered
Common charges
$297–$837 a monthSponsor's first-year estimate in Schedule A, June 1, 2019 -May 31, 2020
Offering price
$48.4 million total $48 million when first offered

The sponsor of record is 88 Corner Development LLC, represented by Tsyngauz & Associates, P.C.. The offering plan runs 348 pages. The sponsor has filed 7 amendments, the latest in February 2021. The nearest other condo plan on file is 357 Leonard Street Condominium, next door.

Plan CD170250 · New · accepted Nov 22, 2017 · AG record ↗

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FigureThis building1Clinton House222 units · 1.8 miaccepted 2017Willart320 units · 1.6 miaccepted 2020
Common ChargesPer Square Foot / Month$0.51Lowest$0.61$0.61
Average Offering PricePer Apartment$1.22MHighest$700,682$795,500
Average PricePer Square Foot$1,368Highest$1,061$1,003
Property TaxesPer Square Foot / Month$1.07Above peers$0.11$0.99
Average Unit SizeSquare Feet894 SFLarger660 SF793 SF

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Unit mix, closings, budgets, finishes and the team, against Clinton House and Willart, 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 A33 of 33
Closing prices vs. Schedule A33 homes: $37,949,537 at closing against $40,376,235 in Schedule A (p. 38, p. 39, p. 40)−6%
Average closing price33 homes, on their Schedule A square feet$1,286 / SF
Closingsfirst and latest recordedApr 18, 2019 – Jul 14, 2020

Sales recorded with the Department of Finance (ACRIS) through Jun 30, 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 37 closings
HomeRecordedClosing priceSchedule ADifference
5EApr 18, 2019$1,813,148$1,780,650 p. 39+1.8%
5CApr 19, 2019$1,298,269$1,379,400 p. 39−5.9%
4EApr 26, 2019$775,000$838,400 p. 39−7.6%
3AApr 29, 2019$1,255,502$1,196,250 p. 38+5%
3DMay 7, 2019$845,010$845,010 p. 380%
3FMay 7, 2019$795,025$795,025 p. 380%
4BMay 7, 2019$777,000$823,200 p. 38−5.6%
3EMay 8, 2019$805,000$866,880 p. 38−7.1%
4AMay 8, 2019$971,833$899,415 p. 38+8.1%
ST32May 8, 2019$805,000——
6EMay 9, 2019$1,850,000$1,833,740 p. 39+0.9%
4FMay 10, 2019$1,145,939$1,100,400 p. 39+4.1%
5AMay 13, 2019$1,250,000$1,374,555 p. 39−9.1%
6BMay 21, 2019$1,265,000$1,284,800 p. 39−1.5%
7EMay 21, 2019$1,817,323$1,699,110 p. 39+7%
4GMay 24, 2019$1,425,528$1,374,140 p. 39+3.7%
ST33May 24, 2019$1,425,528——
6AMay 29, 2019$840,000$877,590 p. 39−4.3%
PH2May 31, 2019$1,590,469$1,494,950 p. 40+6.4%
5DJun 6, 2019$1,218,480$1,196,640 p. 39+1.8%
3GJun 13, 2019$1,085,000$1,198,750 p. 38−9.5%
3CJun 20, 2019$1,075,000$1,195,830 p. 38−10.1%
3BJun 21, 2019$785,000$797,500 p. 38−1.6%
ST30Jun 21, 2019$785,000——
PH3Jun 26, 2019$1,537,558$1,493,500 p. 40+2.9%
7BJul 9, 2019$965,000$940,470 p. 39+2.6%
7CJul 31, 2019$1,119,160$1,049,100 p. 39+6.7%
6DAug 14, 2019$229,397$1,197,990 p. 39−80.9%
4DAug 20, 2019$1,075,000$1,215,025 p. 38−11.5%
4CSep 6, 2019$750,000$841,080 p. 38−10.8%
6CSep 16, 2019$1,199,000$1,283,895 p. 39−6.6%
7DSep 23, 2019$920,000$941,050 p. 39−2.2%
5BOct 23, 2019$799,500$884,250 p. 39−9.6%
7AFeb 4, 2020$1,145,531$1,424,440 p. 39−19.6%
PH4Feb 14, 2020$1,649,565$2,021,200 p. 40−18.4%
PH1Mar 13, 2020$1,876,300$2,232,000 p. 39−15.9%
ST31Jul 14, 2020$50,700——

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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 Corner Development LLC
Principals
Semyon Vays, Leonid Vays, Sergey Rybak, Jason Reznik
Tax estimate
MGNY Consulting Corp.Prepared the first-year real estate tax projection
Construction lender
The Bank of Princeton$19 million loan stated in the plan

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

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