THE CONDO BOOK PROJECT

93 Quincy Street Condominium

93 Quincy Street, Brooklyn, NY 11238

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Overview

Units
6 residential
Subway
6 min walk to Classon Av GBedford-Nostrand Avs G, 7 min
Principals
Omri Bar-Mashiah
Average $/sf
$1,162Homes in Schedule A, as first offered
Common charges
$274–$600 a monthSponsor's first-year estimate in Schedule A, April 1, 2021 - March 31, 2022
Offering price
$4.38 million total $3.39 million when first offered

The sponsor of record is 93 Quincy LLC, represented by Tsyngauz & Associates, P.C.. The offering plan runs 290 pages. The sponsor has filed 2 amendments, the latest in January 2021. The nearest other condo plan on file is 95 Quincy Street Condominium, next door.

Plan CD190358 · New · accepted Aug 28, 2020 · AG record ↗

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FigureThis building187 Herkimer26 units · 0.6 miaccepted 202085 Herkimer36 units · 0.6 miaccepted 2020
Common ChargesPer Square Foot / Month$0.61Lowest$0.73$0.73
Average Offering PricePer Apartment$716,667Lowest$914,167$914,167
Average PricePer Square Foot$1,162Below peers$1,195$1,197
Property TaxesPer Square Foot / Month$0.46Lowest$1.08$1.08
Average Unit SizeSquare Feet617 SFSmallest765 SF764 SF

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Unit mix, closings, budgets, finishes and the team, against 87 Herkimer and 85 Herkimer, 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 A6 of 6
Closing prices vs. Schedule A6 homes: $4,282,856 at closing against $4,300,000 in Schedule A (p. 36)−0.4%
Average closing price6 homes, on their Schedule A square feet$1,157 / SF
Closingsfirst and latest recordedJul 20, 2021 – Aug 5, 2021

Sales recorded with the Department of Finance (ACRIS) through May 31, 2023: 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 6 closings
HomeRecordedClosing priceSchedule ADifference
1Jul 20, 2021$1,140,440$1,150,000 p. 36−0.8%
3RJul 21, 2021$524,399$550,000 p. 36−4.7%
4FJul 28, 2021$549,855$525,000 p. 36+4.7%
2Jul 29, 2021$999,000$1,000,000 p. 36−0.1%
4RJul 29, 2021$519,308$550,000 p. 36−5.6%
3FAug 5, 2021$549,855$525,000 p. 36+4.7%

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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
93 Quincy LLC
Principals
Omri Bar-Mashiah
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Bayport FundingLender on the mortgage and building loan agreement recorded September 2020 in ACRIS; $3.82 million recorded

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

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