THE CONDO BOOK PROJECT

1346 Pacific Street Condominium

1346 Pacific Street, Brooklyn, NY 11216

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Overview

Units
7 residential
Subway
8 min walk to Nostrand Av A CKingston-Throop Avs C, 8 min
Developer
Prime Equity
Principals
David Zoarets, Yaron Shemesh
Average $/sf
$994Homes in Schedule A, as first offered
Common charges
$318–$960 a monthSponsor's first-year estimate in Schedule A, June 1, 2023 To May 31, 2024
Offering price
$5.34 million total

The sponsor of record is 1346 Pacific St LLC, represented by Mavrides Moyal Packman Sadkin. The offering plan runs 425 pages. The sponsor has filed 2 amendments, the latest in August 2024. The nearest other condo plan on file is Pacific Townhouse Condominium, next door.

Plan CD220268 · New · accepted Jun 9, 2023 · AG record ↗

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FigureThis building11526 Lincoln Place28 units · 1.2 miaccepted 2023122 Palmetto38 units · 1.8 miaccepted 2023
Common ChargesPer Square Foot / Month$0.57Above peers$0.51$0.34
Average Offering PricePer Apartment$763,429In line$673,000$842,888
Average PricePer Square Foot$994In line$976$1,079
Property TaxesPer Square Foot / Month$0.97In line$0.62$1.47
Average Unit SizeSquare Feet768 SFIn line690 SF781 SF

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Unit mix, closings, budgets, finishes and the team, against 1526 Lincoln Place and 122 Palmetto, 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 A7 of 7
Closing prices vs. Schedule A7 homes: $5,168,999 at closing against $5,344,000 in Schedule A (p. 52)−3.3%
Average closing price7 homes, on their Schedule A square feet$962 / SF
Closingsfirst and latest recordedDec 13, 2023 – Dec 10, 2024

Sales recorded with the Department of Finance (ACRIS) through Mar 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 7 closings
HomeRecordedClosing priceSchedule ADifference
3ADec 13, 2023$605,859$599,000 p. 52+1.1%
3BDec 15, 2023$620,000$599,000 p. 52+3.5%
2ADec 19, 2023$610,521$599,000 p. 52+1.9%
2BJan 11, 2024$580,000$599,000 p. 52−3.2%
4BJan 24, 2024$590,000$599,000 p. 52−1.5%
1Nov 21, 2024$1,320,000$1,450,000 p. 52−9%
4ADec 10, 2024$842,619$899,000 p. 52−6.3%

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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
1346 Pacific St LLC
Developer
Prime EquityReported by web.archive.org
Principals
David Zoarets, Yaron Shemesh
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
S3 Capital$2.45 million recorded

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

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