THE CONDO BOOK PROJECT

1230 Bedford Avenue Condominium

1230 Bedford Avenue, Brooklyn, NY 11216

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Overview

Units
8 residential · 1 commercial
Subway
2 min walk to Nostrand Av A CFranklin Av C S, 3 min
Principals
Arie Bar Chaim
Average $/sf
$1,129Homes in Schedule A, as first offered
Offering price
$11.9 million total $10.9 million when first offered

The sponsor of record is 1230 Bed LLC, represented by The Law Office Of Jay Lichtman, P.C.. The offering plan runs 401 pages. The sponsor has filed 1 amendment, the latest in March 2022. The nearest other condo plan on file is Bedford Place Condominium, next door.

Plan CD210097 · Rehab · accepted Sep 15, 2021 · AG record ↗

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FigureThis building1186 Clinton28 units · 1.1 miaccepted 20211015a President38 units · 0.9 miaccepted 2021
Common ChargesPer Square Foot / Month$0.43Below peers$0.50$0.60
Average Offering PricePer Apartment$1.05MIn line$1.15M$818,750
Average PricePer Square Foot$1,129Below peers$1,291$1,169
Average Unit SizeSquare Feet929 SFLarger887 SF701 SF

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Unit mix, closings, budgets, finishes and the team, against 186 Clinton and 1015a President, 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 A8 of 8
Closing prices vs. Schedule A8 homes: $9,468,360 at closing against $8,385,000 in Schedule A (p. 36)+12.9%
Average closing price8 homes, on their Schedule A square feet$1,275 / SF
Closingsfirst and latest recordedAug 5, 2022 – Sep 14, 2022

Sales recorded with the Department of Finance (ACRIS) through Jul 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 8 closings
HomeRecordedClosing priceSchedule ADifference
3RAug 5, 2022$1,065,000$945,000 p. 36+12.7%
4FAug 10, 2022$1,074,718$955,000 p. 36+12.5%
5FAug 11, 2022$1,508,642$1,385,000 p. 36+8.9%
4RAug 12, 2022$1,125,000$955,000 p. 36+17.8%
2RAug 22, 2022$995,000$935,000 p. 36+6.4%
3FAug 25, 2022$1,080,000$940,000 p. 36+14.9%
2FSep 1, 2022$995,000$925,000 p. 36+7.6%
5RSep 14, 2022$1,625,000$1,345,000 p. 36+20.8%

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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
1230 Bed LLC
Principals
Arie Bar Chaim
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Quanta Finance$5 million recorded

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

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