Skip Navigation
StreetEasy Logo

tracking sold units in new developments

Started by mschlee
about 6 years ago
Posts: 61
Member since: Jan 2008
Discussion about
probably a noob question, but are new condo development sales recorded in public records like any other sale? for example, i saw the giant 1 clinton st building going up in brooklyn heights. out of curiosity i looked at the nyc rolling 12 month sales data and saw no sales listed for that address. seems odd given they started listing in February? what am i missing?
Response by 30yrs_RE_20_in_REO
about 6 years ago
Posts: 9880
Member since: Mar 2009

They are only "recorded" (i.e. with NYC) once the building actually starts closings and transferring title to units.

Ignored comment. Unhide
Response by mschlee
about 6 years ago
Posts: 61
Member since: Jan 2008

so they could go into contract but not close until till closer to move-in meaning actual prices paid are not available until completion?

Ignored comment. Unhide
Response by 30yrs_RE_20_in_REO
about 6 years ago
Posts: 9880
Member since: Mar 2009

Yes. You can't start closings until individual tax lots are apportioned because before that all you have is the whole building as one tax lot so that's the only thing you could sell.

Ignored comment. Unhide
Response by mschlee
about 6 years ago
Posts: 61
Member since: Jan 2008

great - thanks for clarification

Ignored comment. Unhide

Add Your Comment

Most popular

  1. Bought in 2012, selling now at 100+mm dollar loss
    25 Comments
  2. What is the deal with Brooklyn
    24 Comments
  3. Bigger Manhattan price chops
    40 Comments
  4. Dentist and gold crowns
    23 Comments
  5. How much is this apartment worth today?
    25 Comments