THE CONDO BOOK PROJECT

168 Bay 49th Street Condominium

168 Bay 49th Street, Brooklyn, NY 11214

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Overview

Units
8 residential · 5 parking
Subway
6 min walk to Bay 50 St D86 St N, 17 min
Principals
Mengting Zhang
Average $/sf
$657Homes in Schedule A, as first offered
Common charges
$227–$319 a monthSponsor's first-year estimate in Schedule A, September 1, 2021 - August 31,2022
Offering price
$5.6 million total $4.92 million when first offered

The sponsor of record is 168 Bay 49th Street LLC**, represented by Hc Law & Associates, P.C.. The offering plan runs 349 pages. The sponsor has filed 2 amendments, the latest in April 2022. The nearest other condo plan on file is 177 Bay 49th Street Condo, next door.

Plan CD200298 · New · accepted Sep 3, 2021 · AG record ↗

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FigureThis building1Tower 85211 units · 1.3 miaccepted 20212350 W. 11th Street Condominum39 units · 0.4 miaccepted 2021
Common ChargesPer Square Foot / Month$0.32Lowest$0.56$0.53
Average Offering PricePer Apartment$590,250Below peers$714,333$650,100
Average PricePer Square Foot$657Below peers$730$900
Property TaxesPer Square Foot / Month$0.06Lowest$0.47$0.56
Average Unit SizeSquare Feet898 SFIn line979 SF722 SF

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Unit mix, closings, budgets, finishes and the team, against Tower 85 and 2350 W. 11th Street Condominum, 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: $4,945,543 at closing against $4,722,000 in Schedule A (p. 39)+4.7%
Average closing price8 homes, on their Schedule A square feet$688 / SF
Closingsfirst and latest recordedJun 21, 2022 – Dec 13, 2022

Sales recorded with the Department of Finance (ACRIS) through Oct 31, 2023: 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
3AJun 21, 2022$742,304$659,000 p. 39+12.6%
4AJul 1, 2022$520,000$469,000 p. 39+10.9%
1AJul 15, 2022$700,556$549,000 p. 39+27.6%
3BAug 3, 2022$763,688$659,000 p. 39+15.9%
4BAug 19, 2022$570,220$469,000 p. 39+21.6%
2ANov 15, 2022$712,775$659,000 p. 39+8.2%
2BDec 3, 2022$490,000$659,000 p. 39−25.6%
1BDec 13, 2022$446,000$599,000 p. 39−25.5%

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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
168 Bay 49th Street LLC**
Principals
Mengting Zhang
Tax estimate
Platform Real Estate Inc.Prepared the first-year real estate tax projection

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

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