THE CONDO BOOK PROJECT

137 4th Avenue Condominium

137 4th Avenue, Brooklyn, NY 11217

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Overview

Units
7 residential · 2 commercial
Subway
4 min walk to Union St RAtlantic Av-Barclays Ctr 2 3 4 5 B D N Q R, 6 min
Average $/sf
$1,377Homes in Schedule A, as first offered
Common charges
$660–$861 a monthSponsor's first-year estimate in Schedule A, January 1, 2022 - December 31, 2022
Offering price
$18.3 million total $18.5 million when first offered

The sponsor of record is 137 4th Ave LLC, represented by Marcus Attorney Pllc. The offering plan runs 312 pages. The sponsor has filed 6 amendments, the latest in July 2023. The nearest other condo plan on file is 350 Butler Condominium, next door.

Plan CD190155 · New · accepted Jun 28, 2021 · AG record ↗

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FigureThis building1350 Bergen27 units · 0.2 miaccepted 2022201 23rd36 units · 1.5 miaccepted 2021
Common ChargesPer Square Foot / Month$0.41In line$0.75$0.39
Average Offering PricePer Apartment$2.47MHighest$1.35M$1.8M
Average PricePer Square Foot$1,377Above peers$1,355$1,359
Property TaxesPer Square Foot / Month$0.92In line$1.33$0.67
Average Unit SizeSquare Feet1,792 SFLargest996 SF1,323 SF

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Unit mix, closings, budgets, finishes and the team, against 350 Bergen and 201 23rd, 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 A6 homes: $14,082,888 at closing against $14,925,000 in Schedule A (p. 30)−5.6%
Average closing price6 homes, on their Schedule A square feet$1,307 / SF
Closingsfirst and latest recordedSep 15, 2022 – Apr 14, 2023

Sales recorded with the Department of Finance (ACRIS) through Nov 30, 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 7 closings
HomeRecordedClosing priceSchedule ADifference
6Sep 15, 2022$2,472,356$2,500,000 p. 30−1.1%
7Sep 27, 2022$2,450,000——
PHSep 28, 2022$2,685,000$2,850,000 p. 30−5.8%
3Sep 29, 2022$2,270,531$2,375,000 p. 30−4.4%
4Nov 4, 2022$2,270,000$2,400,000 p. 30−5.4%
2Jan 13, 2023$2,150,000$2,350,000 p. 30−8.5%
5Apr 14, 2023$2,235,000$2,450,000 p. 30−8.8%

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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
137 4th Ave LLC
Tax estimate
The Mazursky Group, Inc.Prepared the first-year real estate tax projection
Construction lender
Grande PrezzoLender on the mortgage and building loan agreement recorded May 2017 in ACRIS; $7.99 million recorded

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

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