THE CONDO BOOK PROJECT

1559 East 13th Street Condominium

1559 East 13th Street, Brooklyn, NY 11215

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Overview

Units
2 residential · 1 commercial
Subway
6 min walk to Kings Hwy B QAvenue M Q, 11 min
Principals
Marat Khordos
Common charges
$247 a monthSponsor's first-year estimate in Schedule A, April 1, 2011 - March 31, 2012
Offering price
$1.58 million total

The sponsor of record is 1559 Development, LLC, represented by Harold L. Gruber, P.C.. The offering plan runs 223 pages. The sponsor has filed 4 amendments, the latest in May 2011. The nearest other condo plan on file is 1552 14th Street Condominium, next door.

Plan CD080130 · New · accepted Jul 2, 2009 · AG record ↗

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FigureThis building11024 41st24 units · 2.8 miaccepted 20081348 44th33 units · 2.3 miaccepted 2008
Average Offering PricePer Apartment$495,000In line$493,750$637,500

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Unit mix, closings, budgets, finishes and the team, against 1024 41st and 1348 44th, 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 A2 of 2
Closing prices vs. Schedule A2 homes: $754,900 at closing against $990,000 in Schedule A (p. 11)−23.7%
Closingsfirst and latest recordedApr 28, 2010 – Oct 6, 2011

Sales recorded with the Department of Finance (ACRIS) through Jul 31, 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 2 closings
HomeRecordedClosing priceSchedule ADifference
1Apr 28, 2010$400,000$495,000 p. 11−19.2%
2Oct 6, 2011$354,900$495,000 p. 11−28.3%

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Closings are for subscribers

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
1559 Development, LLC
Principals
Marat Khordos
Tax estimate
Ben Rottenstein Associates, Inc.Prepared the first-year real estate tax projection

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

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