THE CONDO BOOK PROJECT

1007 Bergen Street Condominium

1007 Bergen Street, Brooklyn, NY 11216

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Overview

Units
4 residential
Subway
6 min walk to Park Pl SNostrand Av A C, 7 min
Principals
Steven Goldschmied
Average $/sf
$1,100Homes in Schedule A, as first offered
Common charges
$219–$434 a monthSponsor's first-year estimate in Schedule A, 1/1/2021 - 12/31/2021
Offering price
$5.68 million total $3.92 million when first offered

The sponsor of record is Bergen Street Residences 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 January 2023. The nearest other condo plan on file is 1006 Bergen Street Condominium, next door.

Plan CD200003 · Rehab · accepted Jul 7, 2020 · AG record ↗

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FigureThis building1917 St. Marks24 units · 0.7 miaccepted 2020659 Putnam34 units · 1.2 miaccepted 2020
Common ChargesPer Square Foot / Month$0.25Lowest$0.64$0.30
Average Offering PricePer Apartment$1.28MAbove peers$1.22M$900,000
Average PricePer Square Foot$1,100In line$1,002$1,120
Property TaxesPer Square Foot / Month$0.41In line$0.10$0.69
Average Unit SizeSquare Feet1,163 SFIn line1,219 SF803 SF

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Unit mix, closings, budgets, finishes and the team, against 917 St. Marks and 659 Putnam, 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 A4 of 4
Closing prices vs. Schedule A4 homes: $5,385,000 at closing against $5,117,200 in Schedule A (p. 33)+5.2%
Average closing price4 homes, on their Schedule A square feet$1,158 / SF
Closingsfirst and latest recordedFeb 17, 2023 – Oct 5, 2023

Sales recorded with the Department of Finance (ACRIS) through Oct 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 4 closings
HomeRecordedClosing priceSchedule ADifference
1Feb 17, 2023$1,395,000$1,827,100 p. 33−23.6%
3Mar 2, 2023$1,280,000$1,140,700 p. 33+12.2%
4Sep 15, 2023$1,325,000$1,063,700 p. 33+24.6%
2Oct 5, 2023$1,385,000$1,085,700 p. 33+27.6%

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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
Bergen Street Residences LLC
Principals
Steven Goldschmied
Tax estimate
Metropolitan Realty Exemptions, IncPrepared the first-year real estate tax projection

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

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