THE CONDO BOOK PROJECT

1296 Park Place Condominium

1296 Park Place, Brooklyn, NY 11213

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Overview

Units
8 residential
Subway
6 min walk to Crown Hts-Utica Av 3 4Utica Av A C, 12 min
Principals
Reuven Rothstein, Zaur Laven
Average $/sf
$1,029Homes in Schedule A, as first offered
Common charges
$426–$796 a monthSponsor's first-year estimate in Schedule A, January 1, 2020- December 31, 2020
Offering price
$5.33 million total $5.58 million when first offered

The sponsor of record is 1296 Park Place Ph LLC, represented by Law Office Of Jay Lichtman, P.C.. The offering plan runs 342 pages. The sponsor has filed 3 amendments, the latest in January 2022. The nearest other condo plan on file is Sterling Palace Condominium, next door.

Plan CD190212 · Rehab · accepted Jan 10, 2020 · AG record ↗

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FigureThis building1573 Gates28 units · 1.1 miaccepted 20201490 Saint Johns Place38 units · 0.3 miaccepted 2020
Common ChargesPer Square Foot / Month$0.86Highest$0.63$0.48
Average Offering PricePer Apartment$697,490Above peers$615,250$689,375
Average PricePer Square Foot$1,029Above peers$1,016$1,003
Property TaxesPer Square Foot / Month$0.05Lowest$0.73$0.42
Average Unit SizeSquare Feet678 SFIn line606 SF687 SF

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Unit mix, closings, budgets, finishes and the team, against 573 Gates and 1490 Saint Johns Place, 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: $5,086,367 at closing against $5,579,916 in Schedule A (p. 34)−8.8%
Average closing price8 homes, on their Schedule A square feet$938 / SF
Closingsfirst and latest recordedAug 13, 2021 – Jan 13, 2023

Sales recorded with the Department of Finance (ACRIS) through Dec 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 8 closings
HomeRecordedClosing priceSchedule ADifference
1FAug 13, 2021$559,950$716,250 p. 34−21.8%
1RAug 18, 2021$762,000$825,600 p. 34−7.7%
2RSep 13, 2021$565,000$560,411 p. 34+0.8%
4RMay 9, 2022$489,000$555,925 p. 34−12%
3RMay 11, 2022$525,417$555,555 p. 34−5.4%
3FJun 29, 2022$645,000$722,610 p. 34−10.7%
4FAug 26, 2022$995,000$955,920 p. 34+4.1%
2FJan 13, 2023$545,000$687,645 p. 34−20.7%

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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
1296 Park Place Ph LLC
Principals
Reuven Rothstein, Zaur Laven
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Sharestates Investments$5.34 million recorded

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

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