THE CONDO BOOK PROJECT

Crystal Garden Condominium

1927 78th Street, Brooklyn, NY 11214

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Overview

Units
9 residential · 9 parking · 9 storage
Subway
8 min walk to 79 St D20 Av D, 10 min
Principals
Jacob Agai
Average $/sf
$572Homes in Schedule A, as first offered
Common charges
$169–$320 a monthSponsor's first-year estimate in Schedule A, April 15, 2006 through April 14, 2007
Offering price
$8.76 million total

The sponsor of record is Summerfield Developers, Inc., represented by Gaines & Fishler, LLP. The offering plan runs 299 pages. The sponsor has filed 4 amendments, the latest in March 2011. The nearest other condo plan on file is 1922-26 78th Street Condominium, next door.

Plan CD050452 · New · accepted Apr 21, 2006 · AG record ↗

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FigureThis building11835 East 14th27 units · 1.9 miaccepted 20071829 & 1833 East 13th312 units · 1.9 miaccepted 2004
Common ChargesPer Square Foot / Month$0.14In line$0.19$0.08
Average Offering PricePer Apartment$972,778Highest$680,000$715,250
Average PricePer Square Foot$572Above peers$551$448
Property TaxesPer Square Foot / Month$0.04In line$0.03$0.20
Average Unit SizeSquare Feet1,700 SFLarger1,235 SF1,597 SF

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Unit mix, closings, budgets, finishes and the team, against 1835 East 14th and 1829 & 1833 East 13th, 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 A9 of 9
Closing prices vs. Schedule A9 homes: $6,284,434 at closing against $8,755,000 in Schedule A (p. 23)−28.2%
Average closing price9 homes, on their Schedule A square feet$411 / SF
Closingsfirst and latest recordedJan 13, 2010 – Apr 30, 2012

Sales recorded with the Department of Finance (ACRIS) through Sep 30, 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 9 closings
HomeRecordedClosing priceSchedule ADifference
1AJan 13, 2010$625,000$825,000 p. 23−24.2%
2CFeb 4, 2010$560,038$795,000 p. 23−29.6%
3BFeb 10, 2010$666,954$925,000 p. 23−27.9%
2AMar 12, 2010$682,228$945,000 p. 23−27.8%
2BMar 22, 2010$672,045$895,000 p. 23−24.9%
3AApr 30, 2010$773,870$975,000 p. 23−20.6%
1BMar 30, 2011$639,461$895,000 p. 23−28.6%
PH-ASep 15, 2011$840,056$1,250,000 p. 23−32.8%
PH-BApr 30, 2012$824,783$1,250,000 p. 23−34%

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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
Summerfield Developers, Inc.
Principals
Jacob Agai
Tax estimate
Moseson & AssociatesPrepared the first-year real estate tax projection

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

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