THE CONDO BOOK PROJECT

1421 Hancock Street Condominium

1421 Hancock Street, Brooklyn, NY 11237

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Overview

Units
6 residential
Subway
4 min walk to Halsey St LMyrtle-Wyckoff Avs L M, 8 min
Principals
Nouri Chaya, Sharon Cohen
Average $/sf
$918Homes in Schedule A, as first offered
Common charges
$240–$486 a monthSponsor's first-year estimate in Schedule A, July 1, 2021 - June 30, 2022
Offering price
$4.16 million total $3.58 million when first offered

The sponsor of record is 1421 Hancock Equities LLC, represented by Tsyngauz & Associates, P.C.. The offering plan runs 264 pages. The sponsor has filed 2 amendments, the latest in November 2021. The nearest other condo plan on file is 1405 Hancock Street Condominium, next door.

Plan CD200086 · New · accepted Aug 24, 2020 · AG record ↗

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FigureThis building126 Goodwin Place27 units · 0.9 miaccepted 202054 Himrod36 units · 0.9 miaccepted 2020
Common ChargesPer Square Foot / Month$0.50In line$0.50$0.33
Average Offering PricePer Apartment$595,833In line$594,714$616,500
Average PricePer Square Foot$918In line$946$915
Property TaxesPer Square Foot / Month$0.20Lowest$0.97$0.87
Average Unit SizeSquare Feet649 SFIn line629 SF804 SF

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Unit mix, closings, budgets, finishes and the team, against 26 Goodwin Place and 54 Himrod, 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 A6 of 6
Closing prices vs. Schedule A2 homes: $2,080,000 at closing against $1,695,000 in Schedule A (p. 37)+22.7%
Average closing price2 homes, on their Schedule A square feet$1,067 / SF
Closingsfirst and latest recordedMay 12, 2022 – Oct 27, 2023

Sales recorded with the Department of Finance (ACRIS) through Feb 29, 2024: 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 6 closings
HomeRecordedClosing priceSchedule ADifference
2May 12, 2022$930,000$795,000 p. 37+17%
4RMay 13, 2022$575,000——
3RJun 17, 2022$535,000——
3FJul 6, 2022$501,930——
4FMar 21, 2023$550,000——
1Oct 27, 2023$1,150,000$900,000 p. 37+27.8%

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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
1421 Hancock Equities LLC
Principals
Nouri Chaya, Sharon Cohen
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection

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

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