THE CONDO BOOK PROJECT

Cunningham Park Condominium

1824 East 17th Street, Brooklyn, NY 11229

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Overview

Units
12 residential · 7 parking
Subway
5 min walk to Kings Hwy B QAvenue U Q, 10 min
Principals
Boris Revzin, Dmitriy Serebryany
Average $/sf
$550Homes in Schedule A, as first offered
Common charges
$140–$163 a monthSponsor's first-year estimate in Schedule A, November 1, 2007 – October 31, 2008
Offering price
$5.93 million total

The sponsor of record is Avenue R Condominium LLC, represented by Michael & Swerdloff, LLC. The offering plan runs 228 pages. The sponsor has filed 4 amendments, the latest in October 2012. The nearest other condo plan on file is 1775 E. 17th Street Condominium, next door.

Plan CD070163 · New · accepted Jun 21, 2007 · AG record ↗

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FigureThis building11765 East 19th211 units · 0.2 miaccepted 20071835 East 14th37 units · 0.1 miaccepted 2007
Common ChargesPer Square Foot / Month$0.18Below peers$0.31$0.19
Average Offering PricePer Apartment$476,306Below peers$483,000$680,000
Average PricePer Square Foot$550In line$455$551
Property TaxesPer Square Foot / Month$0.02In line$0.01$0.03
Average Unit SizeSquare Feet866 SFSmallest1,061 SF1,235 SF

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Unit mix, closings, budgets, finishes and the team, against 1765 East 19th and 1835 East 14th, 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 A12 of 12
Closingsfirst and latest recordedNov 23, 2012 – Apr 3, 2013

Sales recorded with the Department of Finance (ACRIS) through Mar 31, 2024: 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 19 closings
HomeRecordedClosing priceSchedule ADifference
3PNov 23, 2012$354,900——
6ANov 23, 2012$354,900——
6BNov 23, 2012$344,760——
7PNov 23, 2012$344,760——
3ADec 6, 2012$350,844——
4PDec 6, 2012$350,844——
2PDec 18, 2012$344,760——
5ADec 18, 2012$344,760——
1PDec 19, 2012$344,760——
2BDec 19, 2012$344,760——
3BDec 21, 2012$324,480——
4BJan 7, 2013$360,000——
5PJan 7, 2013$360,000——
7AJan 7, 2013$278,850——
5BJan 25, 2013$344,760——
6PJan 25, 2013$344,760——
4AFeb 22, 2013$329,550——
7BApr 1, 2013$278,850——
2AApr 3, 2013$316,368——

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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
Avenue R Condominium LLC
Principals
Boris Revzin, Dmitriy Serebryany
Tax estimate
Moseson & AssociatesPrepared the first-year real estate tax projection
Construction lender
Oscar Kitsis and Ada Kitsis$3.7 million recorded

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

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