THE CONDO BOOK PROJECT

900 Willoughby Condominium

900 Willoughby Avenue, Brooklyn, NY 11221

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Overview

Units
7 residential
Subway
4 min walk to Myrtle Av J M ZCentral Av M, 7 min
Principals
Yecheskel Milstein
Average $/sf
$1,145Homes in Schedule A, as first offered
Common charges
$367–$640 a monthSponsor's first-year estimate in Schedule A, July 1, 2020 - June 30, 2021
Offering price
$4.57 million total

The sponsor of record is 900 Willoughby Mm LLC, represented by Law Offices Of Hershy Itzkowitz, P.C.. The offering plan runs 324 pages. The sponsor has filed 2 amendments, the latest in November 2021. The nearest other condo plan on file is 894 Willoughby Avenue Condominium, next door.

Plan CD180357 · New · accepted Jun 11, 2020 · AG record ↗

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FigureThis building112 Lawton27 units · 0.1 miaccepted 2020269 Malcolm X Boulevard38 units · 0.9 miaccepted 2020
Common ChargesPer Square Foot / Month$0.78In line$1.24$0.61
Average Offering PricePer Apartment$652,200Above peers$610,714$621,538
Average PricePer Square Foot$1,145Above peers$1,095$1,083
Property TaxesPer Square Foot / Month$0.24Lowest$1.08$1.19
Average Unit SizeSquare Feet570 SFIn line558 SF574 SF

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Unit mix, closings, budgets, finishes and the team, against 12 Lawton and 269 Malcolm X Boulevard, 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: $4,098,000 at closing against $4,565,400 in Schedule A (p. 35)−10.2%
Average closing price7 homes, on their Schedule A square feet$1,028 / SF
Closingsfirst and latest recordedApr 1, 2021 – Apr 11, 2022

Sales recorded with the Department of Finance (ACRIS) through May 31, 2022: 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
6Apr 1, 2021$515,000$583,200 p. 35−11.7%
7Apr 8, 2021$844,000$920,400 p. 35−8.3%
4Apr 13, 2021$505,000$583,200 p. 35−13.4%
3Apr 16, 2021$530,000$565,200 p. 35−6.2%
1Jun 11, 2021$479,000$805,800 p. 35−40.6%
5Jun 29, 2021$535,000$565,200 p. 35−5.3%
2Apr 11, 2022$690,000$542,400 p. 35+27.2%

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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
900 Willoughby Mm LLC
Principals
Yecheskel Milstein
Tax estimate
Empire Consulting Service, IncPrepared the first-year real estate tax projection
Construction lender
Sharestates Investments$1.92 million recorded

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

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