THE CONDO BOOK PROJECT

1683 West 7th Street Condominium

1683 West 7th Street, Brooklyn, NY 11223

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Overview

Units
11 residential
Subway
2 min walk to Kings Hwy NBay Pkwy N, 7 min
Principals
Qiu Ying Lin, Qiu-Lian Liu, Ren Yu Zheng
Average $/sf
$750Homes in Schedule A, as first offered
Common charges
$352–$482 a monthSponsor's first-year estimate in Schedule A, For the Period from January 1, 2022 to December 31, 2022
Offering price
$5.28 million total

The sponsor of record is Nhn Realty Group, LLC **, represented by Thomas E. Berinato Attorney At Law. The offering plan runs 293 pages. The sponsor has filed 2 amendments, the latest in May 2023. The nearest other condo plan on file is 1663 West 6th Street Condominium, next door.

Plan CD190110 · New · accepted Mar 9, 2022 · AG record ↗

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FigureThis building1Aster Garden210 units · 1.5 miaccepted 20211654 84th312 units · 1.3 miaccepted 2022
Common ChargesPer Square Foot / Month$0.59Above peers$0.54$0.36
Average Offering PricePer Apartment$480,030Below peers$520,500$590,917
Average PricePer Square Foot$750Below peers$801$791
Property TaxesPer Square Foot / Month$0.90In line$1.04$0.67
Average Unit SizeSquare Feet640 SFSmaller650 SF747 SF

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Unit mix, closings, budgets, finishes and the team, against Aster Garden and 1654 84th, 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 closed27% of the homes in Schedule A3 of 11
Closing prices vs. Schedule A3 homes: $1,429,154 at closing against $1,514,168 in Schedule A (p. 31)−5.6%
Average closing price3 homes, on their Schedule A square feet$708 / SF
Closingsfirst and latest recordedAug 14, 2023 – Apr 16, 2024

Sales recorded with the Department of Finance (ACRIS) through Aug 31, 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 3 closings
HomeRecordedClosing priceSchedule ADifference
5AAug 14, 2023$529,490$450,000 p. 31+17.7%
6AJan 22, 2024$544,764$614,168 p. 31−11.3%
3AApr 16, 2024$354,900$450,000 p. 31−21.1%

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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
Nhn Realty Group, LLC **
Principals
Qiu Ying Lin, Qiu-Lian Liu, Ren Yu Zheng
Tax estimate
Thomas E. BerinatoPrepared the first-year real estate tax projection
Construction lender
CrowdFunz$1.8 million recorded

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

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