THE CONDO BOOK PROJECT

1370 Bushwick Avenue Condominium

1370 Bushwick Avenue, Brooklyn, NY 11207

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Overview

Units
10 residential
Subway
3 min walk to Chauncey St J ZHalsey St J, 7 min
Principals
Nadav Hamo
Average $/sf
$700Homes in Schedule A, as first offered
Common charges
$432–$617 a monthSponsor's first-year estimate in Schedule A, 8/1/2018 - 7/31/2019
Offering price
$7.13 million total $5.65 million when first offered

The sponsor of record is 1372 Bushwick LLC, represented by Jeffrey Zwick & Associates, P.C.. The offering plan runs 282 pages. The sponsor has filed 6 amendments, the latest in March 2019. The nearest other condo plan on file is 1008 Decatur Street Condominium, next door.

Plan CD170023 · New · accepted May 12, 2017 · AG record ↗

Compare

FigureThis building127 Kossuth Place210 units · 1 miaccepted 2018129 Stockholm38 units · 1.2 miaccepted 2017
Common ChargesPer Square Foot / Month$0.65Highest$0.35$0.44
Average Offering PricePer Apartment$564,830Above peers$500,000$481,250
Average PricePer Square Foot$700In line$680$707
Property TaxesPer Square Foot / Month$0.74Highest$0.46$0.34
Average Unit SizeSquare Feet807 SFLarger735 SF681 SF

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Unit mix, closings, budgets, finishes and the team, against 27 Kossuth Place and 129 Stockholm, 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 A10 of 10
Closing prices vs. Schedule A10 homes: $6,263,689 at closing against $5,648,300 in Schedule A (p. 24)+10.9%
Average closing price10 homes, on their Schedule A square feet$776 / SF
Closingsfirst and latest recordedMar 28, 2019 – Oct 23, 2019

Sales recorded with the Department of Finance (ACRIS) through Jun 30, 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 10 closings
HomeRecordedClosing priceSchedule ADifference
5AMar 28, 2019$657,790$582,400 p. 24+12.9%
6BApr 10, 2019$590,000$486,500 p. 24+21.3%
5BMay 24, 2019$570,220$581,000 p. 24−1.9%
3AJun 24, 2019$671,027$582,400 p. 24+15.2%
3BJul 10, 2019$599,749$581,000 p. 24+3.2%
4BJul 17, 2019$574,293$581,000 p. 24−1.2%
2AJul 31, 2019$646,589$582,400 p. 24+11%
4AAug 5, 2019$666,954$582,400 p. 24+14.5%
1BAug 12, 2019$697,501$508,200 p. 24+37.2%
2BOct 23, 2019$589,567$581,000 p. 24+1.5%

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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
1372 Bushwick LLC
Principals
Nadav Hamo
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Manhattan Bridge Capital

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

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