THE CONDO BOOK PROJECT

179 Gates Avenue Condominium

179 Gates Avenue, Brooklyn, NY 11238

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Overview

Units
4 residential
Subway
6 min walk to Classon Av GClinton-Washington Avs C, 7 min
Average $/sf
$1,367Homes in Schedule A, as first offered
Common charges
$411–$555 a monthSponsor's first-year estimate in Schedule A, January 1, 2021 To December 31, 2021
Offering price
$4.77 million total

The sponsor of record is United Gates LLC, represented by Eial Girtz, PC. The offering plan runs 261 pages. The sponsor has filed 2 amendments, the latest in May 2021. The nearest other condo plan on file is 187 Gates Avenue Condominium, next door.

Plan CD190399 · New · accepted Jul 10, 2020 · AG record ↗

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FigureThis building193 South 9th24 units · 1.7 miaccepted 2020Phoenix Roze34 units · 1.6 miaccepted 2020
Common ChargesPer Square Foot / Month$0.51In line$0.41$0.69
Average Offering PricePer Apartment$1.19MBelow peers$1.74M$1.31M
Average PricePer Square Foot$1,367Above peers$1,361$1,200
Property TaxesPer Square Foot / Month$0.94Above peers$0.84$0.86
Average Unit SizeSquare Feet873 SFSmallest1,276 SF1,089 SF

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Unit mix, closings, budgets, finishes and the team, against 93 South 9th and Phoenix Roze, cited to the offering plans. No credit card required, and it also connects to ChatGPT and Claude, with limited access.

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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.

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Closings Pro

Homes closed100% of the homes in Schedule A4 of 4
Closing prices vs. Schedule A4 homes: $4,370,000 at closing against $4,771,253 in Schedule A (p. 36)−8.4%
Average closing price4 homes, on their Schedule A square feet$1,252 / SF
Closingsfirst and latest recordedApr 13, 2021 – May 20, 2021

Sales recorded with the Department of Finance (ACRIS) through Jun 30, 2021: 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 4 closings
HomeRecordedClosing priceSchedule ADifference
3Apr 13, 2021$1,050,000$1,141,400 p. 36−8%
1Apr 26, 2021$1,295,000$1,347,053 p. 36−3.9%
4May 7, 2021$990,000$1,141,400 p. 36−13.3%
2May 20, 2021$1,035,000$1,141,400 p. 36−9.3%

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Every home's recorded closing price against its Schedule A price, with the ACRIS document and the plan page, here and in ChatGPT or Claude.

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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
United Gates LLC
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Goldman Sachs BankLender on the mortgage and building loan agreement recorded November 2020 in ACRIS; $2.95 million recorded

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

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