THE CONDO BOOK PROJECT

Belvedere Xc Condominium

91 Clay Street, Brooklyn, NY 11222

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Overview

Units
8 residential
Subway
7 min walk to Greenpoint Av GVernon Blvd-Jackson Av 7, 11 min
Principals
Krzysztof Rostek, Moshe Pasman
Average $/sf
$1,212Homes in Schedule A, as first offered
Common charges
$241–$564 a monthSponsor's first-year estimate in Schedule A, July 1, 2020 - June 30, 2021
Offering price
$8.55 million total

The sponsor of record is 91 Clay Properties LLC, represented by Maria Christine Bielesz Attorney At Law. The offering plan runs 398 pages. The sponsor has filed 3 amendments, the latest in September 2021. The nearest other condo plan on file is 60 Box Street Condominiumm, next door.

Plan CD190230 · New · accepted Apr 23, 2020 · AG record ↗

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FigureThis building1Grand Nassau27 units · 1.1 miaccepted 2019108 Jackson36 units · 1.5 miaccepted 2020
Common ChargesPer Square Foot / Month$0.38Above peers$0.31$0.37
Average Offering PricePer Apartment$1.07MBelow peers$1.26M$1.25M
Average PricePer Square Foot$1,212In line$1,199$1,298
Property TaxesPer Square Foot / Month$0.51Below peers$0.60$0.58
Average Unit SizeSquare Feet882 SFSmaller1,048 SF963 SF

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Unit mix, closings, budgets, finishes and the team, against Grand Nassau and 108 Jackson, 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: $7,862,375 at closing against $8,552,000 in Schedule A (p. 43)−8.1%
Average closing price8 homes, on their Schedule A square feet$1,114 / SF
Closingsfirst and latest recordedNov 17, 2020 – May 17, 2022

Sales recorded with the Department of Finance (ACRIS) through Jun 30, 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 8 closings
HomeRecordedClosing priceSchedule ADifference
5ANov 17, 2020$1,528,375$1,799,000 p. 43−15%
1BNov 23, 2020$1,525,000$1,549,000 p. 43−1.5%
4AFeb 4, 2021$742,000$789,000 p. 43−6%
3BJun 21, 2021$890,000$969,000 p. 43−8.2%
4BSep 3, 2021$860,000$969,000 p. 43−11.2%
3AFeb 24, 2022$742,000$789,000 p. 43−6%
2BMar 25, 2022$835,000$919,000 p. 43−9.1%
2AMay 17, 2022$740,000$769,000 p. 43−3.8%

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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
91 Clay Properties LLC
Principals
Krzysztof Rostek, Moshe Pasman
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection

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

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