THE CONDO BOOK PROJECT

Astral Condominium

11 Conselyea Street, Brooklyn, NY 11211

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Overview

Units
6 residential
Subway
2 min walk to Metropolitan Av/Lorimer St G LGraham Av L, 8 min
Principals
Semyon Vays, Mark Zeldin
Average $/sf
$1,464Homes in Schedule A, as first offered
Common charges
$227–$355 a monthSponsor's first-year estimate in Schedule A, September 1, 2020 - August 31, 2021
Offering price
$6.87 million total

The sponsor of record is Conselyea Development LLC, represented by Tsyngauz & Associates, P.C.. The offering plan runs 284 pages. The sponsor has filed 2 amendments, the latest in February 2021. The nearest other condo plan on file is 476 Union Avenue, next door.

Plan CD190213 · New · accepted Jan 23, 2020 · AG record ↗

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FigureThis building1Ainslie Street Condominiums27 units · 0.3 miaccepted 2020191 Withers36 units · 0.4 miaccepted 2019
Common ChargesPer Square Foot / Month$0.37Lowest$0.61$0.70
Average Offering PricePer Apartment$1.15MHighest$950,714$925,000
Average PricePer Square Foot$1,464In line$1,480$1,331
Property TaxesPer Square Foot / Month$1.59Highest$0.80$0.10
Average Unit SizeSquare Feet782 SFLarger642 SF695 SF

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Unit mix, closings, budgets, finishes and the team, against Ainslie Street Condominiums and 191 Withers, 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: $6,276,000 at closing against $6,870,000 in Schedule A (p. 37)−8.6%
Average closing price6 homes, on their Schedule A square feet$1,337 / SF
Closingsfirst and latest recordedJan 11, 2021 – Jun 9, 2021

Sales recorded with the Department of Finance (ACRIS) through Aug 31, 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 6 closings
HomeRecordedClosing priceSchedule ADifference
3AJan 11, 2021$1,300,000$1,395,000 p. 37−6.8%
1AApr 5, 2021$795,000$895,000 p. 37−11.2%
2AApr 20, 2021$842,000$895,000 p. 37−5.9%
2BApr 21, 2021$815,000$895,000 p. 37−8.9%
1BApr 30, 2021$1,299,000$1,395,000 p. 37−6.9%
3BJun 9, 2021$1,225,000$1,395,000 p. 37−12.2%

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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
Conselyea Development LLC
Principals
Semyon Vays, Mark Zeldin
Tax estimate
MGNY Consulting Corp.Prepared the first-year real estate tax projection
Construction lender
Yeva GurevichLender on the mortgage and building loan agreement recorded July 2018 in ACRIS; $2.49 million recorded

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

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