THE CONDO BOOK PROJECT

1572 Pacific Street Condominium

1572 Pacific Street, Brooklyn, NY 11213

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Overview

Units
8 residential
Subway
8 min walk to Kingston-Throop Avs CUtica Av A C, 9 min
Principals
Guy Mor
Average $/sf
$788Homes in Schedule A, as first offered
Common charges
$332–$571 a monthSponsor's first-year estimate in Schedule A, October 1, 2020- September 30, 2021
Offering price
$4.42 million total

The sponsor of record is 1572 Pacific Capital LLC, represented by The Law Office Of Jay Lichtman, P.C.. The offering plan runs 354 pages. The sponsor has filed 1 amendment, the latest in March 2021. The nearest other condo plan on file is 1607 Pacific Street Condominium, next door.

Plan CD190355 · New · accepted Sep 2, 2020 · AG record ↗

Compare

FigureThis building1897 Herkimer27 units · 0.7 miaccepted 2021Maple Sweet310 units · 1.1 miaccepted 2020
Common ChargesPer Square Foot / Month$0.61Highest$0.48$0.49
Average Offering PricePer Apartment$553,125In line$531,857$735,000
Average PricePer Square Foot$788In line$774$789
Property TaxesPer Square Foot / Month$0.77In line$0.68$0.79
Average Unit SizeSquare Feet702 SFIn line687 SF932 SF

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Unit mix, closings, budgets, finishes and the team, against 897 Herkimer and Maple Sweet, 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: $5,093,510 at closing against $4,425,000 in Schedule A (p. 31)+15.1%
Average closing price8 homes, on their Schedule A square feet$908 / SF
Closingsfirst and latest recordedAug 12, 2021 – Aug 12, 2022

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 8 closings
HomeRecordedClosing priceSchedule ADifference
3RAug 12, 2021$635,000$500,000 p. 31+27%
1RAug 17, 2021$742,304$650,000 p. 31+14.2%
4FAug 24, 2021$735,000$700,000 p. 31+5%
1FAug 30, 2021$539,673$500,000 p. 31+7.9%
4RSep 20, 2021$768,500$700,000 p. 31+9.8%
2FOct 25, 2021$551,505$450,000 p. 31+22.6%
3FMar 10, 2022$565,500$475,000 p. 31+19.1%
2RAug 12, 2022$556,028$450,000 p. 31+23.6%

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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
1572 Pacific Capital LLC
Principals
Guy Mor
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Cross River Bank$1.95 million recorded

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

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