THE CONDO BOOK PROJECT

1348 44th Street Condominium

1348 44th Street, Brooklyn, NY 11219

Overview

Units
3 residential
Subway
9 min walk to Fort Hamilton Pkwy D50 St D, 10 min
Principals
Joseph Landau
Average $/sf
$434Homes in Schedule A, as first offered
Common charges
$210–$363 a monthSponsor's first-year estimate in Schedule A, March 1, 2008
Offering price
$1.27 million total

The sponsor of record is 1348 44th Street, LLC, represented by Jeffrey Zwick & Associates, P.C.. The offering plan runs 267 pages. The sponsor has filed 2 amendments, the latest in October 2009. The nearest other condo plan on file is Park Living 14, next door.

Plan CD070643 · New · accepted Apr 11, 2008 · AG record ↗

Compare

FigureThis building171 Lexington25 units · 3.8 miaccepted 20061845 83rd33 units · 2.1 miaccepted 2005
Common ChargesPer Square Foot / Month$0.17In line$0.33$0.16
Average Offering PricePer Apartment$637,500Highest$474,000$448,333
Average PricePer Square Foot$434Below peers$501$517
Property TaxesPer Square Foot / Month$0.31Highest—$0.15
Average Unit SizeSquare Feet1,730 SFLargest946 SF867 SF

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Unit mix, closings, budgets, finishes and the team, against 71 Lexington and 1845 83rd, 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 closed67% of the homes in Schedule A2 of 3
Closing prices vs. Schedule A2 homes: $1,062,159 at closing against $1,275,000 in Schedule A (p. 18)−16.7%
Average closing price2 homes, on their Schedule A square feet$362 / SF
Closingsfirst and latest recordedJun 24, 2010 – Jun 20, 2011

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 2 closings
HomeRecordedClosing priceSchedule ADifference
3Jun 24, 2010$605,859$775,000 p. 18−21.8%
2Jun 20, 2011$456,300$500,000 p. 18−8.7%

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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
1348 44th Street, LLC
Principals
Joseph Landau
Tax estimate
Carl Caller, Esq.Prepared the first-year real estate tax projection

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

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