THE CONDO BOOK PROJECT

179 4th Avenue Condominium

179 4th Avenue, Brooklyn, NY 11217

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Overview

Units
16 residential · 16 storage · 2 commercial
Subway
2 min walk to Union St RAtlantic Av-Barclays Ctr 2 3 4 5 B D N Q R, 9 min
Developer
Vanguard Real Estate Group
Principals
Farin Farvid, Sam Zima
Average $/sf
$1,603Homes in Schedule A, as first offered
Common charges
$317–$626 a monthSponsor's first-year estimate in Schedule A, September 1, 2021 - August 31, 2022
Offering price
$21.8 million total

The sponsor of record is 179 Partners, LLC, represented by Marans Newman Tsolis & Nazinitsky LLC. The offering plan runs 361 pages. The sponsor has filed 1 amendment, the latest in March 2023. The nearest other condo plan on file is Park Slope Terrace Condominium, next door.

Plan CD210056 · New · accepted Aug 16, 2021 · AG record ↗

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FigureThis building1450 Warren218 units · 0.4 miaccepted 2021906 Bergen318 units · 1.3 miaccepted 2021
Common ChargesPer Square Foot / Month$0.63Highest$0.44$0.30
Average Offering PricePer Apartment$1.18MIn line$2.19M$1.06M
Average PricePer Square Foot$1,603Above peers$1,453$1,311
Property TaxesPer Square Foot / Month$0.52Lowest$0.99$0.88
Average Unit SizeSquare Feet737 SFSmaller1,505 SF808 SF

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Unit mix, closings, budgets, finishes and the team, against 450 Warren and 906 Bergen, 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
179 Partners, LLC
Developer
Vanguard Real Estate Group
Principals
Farin Farvid, Sam Zima
Tax estimate
MGNY ConsultingPrepared the first-year real estate tax projection
Construction lender
The Louis Galpern Irrevocable Trust and M.S.F.R.E.$550,000 recorded

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

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