THE CONDO BOOK PROJECT

Clinton Lofts Condo / F/K/A Retro Condo

91 Grand Avenue, Brooklyn, NY 11205

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Overview

Units
16 residential · 1 commercial
Subway
11 min walk to Clinton-Washington Avs GClasson Av G, 12 min
Average $/sf
$589Homes in Schedule A, as first offered
Common charges
$544–$1,260 a monthSponsor's first-year estimate in Schedule A, May 1, 2007
Offering price
$17.2 million total $10.3 million when first offered

The sponsor of record is Grand Avenue Building Ii, LLC, represented by Berger & Sklaw LLP. The offering plan runs 194 pages. The sponsor has filed 11 amendments, the latest in January 2020. The nearest other condo plan on file is 105 Grand Avenue Condominium, next door.

Plan CD070051 · New · accepted Jun 27, 2007 · AG record ↗

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FigureThis building1Lot 58 Lofts231 units · 0.6 miaccepted 2007151-153 Manhattan315 units · 1.4 miaccepted 2006
Common ChargesPer Square Foot / Month$0.78Highest$0.38$0.19
Average Offering PricePer Apartment$548,125Below peers$761,938$621,000
Average PricePer Square Foot$589In line$589$659
Property TaxesPer Square Foot / Month$0.17In line$0.19$0.01
Average Unit SizeSquare Feet931 SFSmaller1,294 SF943 SF

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Unit mix, closings, budgets, finishes and the team, against Lot 58 Lofts and 151-153 Manhattan, 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 closed88% of the homes in Schedule A14 of 16
Closing prices vs. Schedule A14 homes: $8,596,123 at closing against $7,660,000 in Schedule A (p. 24)+12.2%
Average closing price14 homes, on their Schedule A square feet$664 / SF
Closingsfirst and latest recordedJul 11, 2014 – Nov 23, 2020

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 14 closings
HomeRecordedClosing priceSchedule ADifference
2DJul 11, 2014$1,028,433$870,000 p. 24+18.2%
2BJul 16, 2014$471,510$410,000 p. 24+15%
3CJul 21, 2014$559,019$600,000 p. 24−6.8%
2FJul 22, 2014$501,930$440,000 p. 24+14.1%
3EJul 24, 2014$496,860$480,000 p. 24+3.5%
2GJul 25, 2014$455,000$460,000 p. 24−1.1%
3GAug 29, 2014$501,930$480,000 p. 24+4.6%
2ESep 11, 2014$498,465$440,000 p. 24+13.3%
3AOct 1, 2014$590,338$590,000 p. 24+0.1%
3FOct 14, 2014$501,930$490,000 p. 24+2.4%
2CNov 12, 2014$534,836$480,000 p. 24+11.4%
3DMay 27, 2015$1,210,950$950,000 p. 24+27.5%
2AJul 16, 2015$654,922$480,000 p. 24+36.4%
3BNov 23, 2020$590,000$490,000 p. 24+20.4%

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Closings are for subscribers

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
Grand Avenue Building Ii, LLC
Tax estimate
Empire Consulting Service, Inc.Prepared the first-year real estate tax projection
Construction lender
Chinatrust Bank

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

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