THE CONDO BOOK PROJECT

1489 Sterling Place Condominium

1489 Sterling Place, Brooklyn, NY 11213

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Overview

Units
8 residential
Subway
6 min walk to Crown Hts-Utica Av 3 4Sutter Av-Rutland Rd 3, 14 min
Principals
Eduard Katanov, Michael Davydov, Mykhaylo I. Pelekhach
Average $/sf
$903Homes in Schedule A, as first offered
Common charges
$148–$491 a monthSponsor's first-year estimate in Schedule A, January 1, 2023 To December 31, 2023
Offering price
$4.58 million total

The sponsor of record is Bh Sterling Realty Group LLC, represented by Eial Girtz, PC. The offering plan runs 264 pages. The sponsor has filed 2 amendments, the latest in August 2023. The nearest other condo plan on file is 1479 Sterling Place Condominium, next door.

Plan CD220096 · New · accepted Sep 16, 2022 · AG record ↗

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FigureThis building11526 Lincoln Place28 units · 0.2 miaccepted 2023849 Madison Court37 units · 1.2 miaccepted 2022
Common ChargesPer Square Foot / Month$0.41Lowest$0.51$0.53
Average Offering PricePer Apartment$572,250Below peers$673,000$609,600
Average PricePer Square Foot$903Below peers$976$1,008
Property TaxesPer Square Foot / Month$0.31Lowest$0.62$0.54
Average Unit SizeSquare Feet634 SFSmaller690 SF664 SF

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Unit mix, closings, budgets, finishes and the team, against 1526 Lincoln Place and 849 Madison Court, 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 A8 of 8
Closing prices vs. Schedule A8 homes: $4,259,532 at closing against $4,578,000 in Schedule A (p. 37)−7%
Average closing price8 homes, on their Schedule A square feet$840 / SF
Closingsfirst and latest recordedJul 14, 2023 – Feb 28, 2024

Sales recorded with the Department of Finance (ACRIS) through Feb 28, 2025: 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 8 closings
HomeRecordedClosing priceSchedule ADifference
3AJul 14, 2023$519,000$539,000 p. 37−3.7%
2AJul 19, 2023$489,000$549,000 p. 37−10.9%
3BJul 19, 2023$509,000$519,000 p. 37−1.9%
2BJul 27, 2023$530,000$565,000 p. 37−6.2%
4BSep 18, 2023$710,000$799,000 p. 37−11.1%
1ASep 22, 2023$388,542$399,000 p. 37−2.6%
4AFeb 27, 2024$503,990$509,000 p. 37−1%
1BFeb 28, 2024$610,000$699,000 p. 37−12.7%

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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
Bh Sterling Realty Group LLC
Principals
Eduard Katanov, Michael Davydov, Mykhaylo I. Pelekhach
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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