THE CONDO BOOK PROJECT

Condominium Firenze

1740 West 4th Street, Brooklyn, NY 11223

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Overview

Units
37 residential · 22 parking · 1 commercial
Subway
3 min walk to Kings Hwy NKings Hwy F, 6 min
Principals
Raymond H. Guindi, Zeki Guendi
Offering price
$39.9 million total

The sponsor of record is Royal Choice Development, LLC, represented by S. Seth Yavne Attorney At Law. The offering plan runs 307 pages. The sponsor has filed 10 amendments, the latest in June 2016. The nearest other condo plan on file is 355 Kings Highway Condominium, next door.

Plan CD070582 · New · accepted Jan 24, 2008 · AG record ↗

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FigureThis building1Brighton Tower II238 units · 2 miaccepted 20082381 Ocean319 units · 1.4 miaccepted 2006
Average Offering PricePer Apartment$1.08MHighest$586,452$811,895

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Unit mix, closings, budgets, finishes and the team, against Brighton Tower II and 2381 Ocean, 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.

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
Royal Choice Development, LLC
Principals
Raymond H. Guindi, Zeki Guendi
Tax estimate
Moseson & AssociatesPrepared the first-year real estate tax projection
Construction lender
M&T Real Estate TrustLender on the mortgage and building loan agreement recorded March 2004 in ACRIS

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

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