THE CONDO BOOK PROJECT

2074 57th Street Condominium

2074 57th Street, Brooklyn, NY 11204

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Overview

Units
3 residential
Subway
6 min walk to Bay Pkwy FAvenue I F, 9 min
Principals
Joseph Inzlicht, Meyer Meisels
Average $/sf
$638Homes in Schedule A, as first offered
Common charges
$282–$400 a monthSponsor's first-year estimate in Schedule A, 7/1/2020 - 6/30/2021
Offering price
$2.75 million total $2.85 million when first offered

The sponsor of record is 2074 57 Development LLC, represented by Law Offices Of Hershy Itzkowitz, P.C.. The offering plan runs 298 pages. The sponsor has filed 1 amendment, the latest in February 2021. The nearest other condo plan on file is 2070 57th Street Condominium, next door.

Plan CD170248 · New · accepted Aug 5, 2020 · AG record ↗

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FigureThis building11447 61st23 units · 1 miaccepted 20211451 61st33 units · 0.9 miaccepted 2021
Common ChargesPer Square Foot / Month$0.23Lowest$0.33$0.36
Average Offering PricePer Apartment$916,667In line$935,000$870,000
Average PricePer Square Foot$638Below peers$654$660
Property TaxesPer Square Foot / Month$0.47Highest$0.15$0.16
Average Unit SizeSquare Feet1,437 SFLarger1,429 SF1,319 SF

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Unit mix, closings, budgets, finishes and the team, against 1447 61st and 1451 61st, 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 A3 of 3
Closing prices vs. Schedule A3 homes: $2,818,379 at closing against $2,750,000 in Schedule A (p. 28)+2.5%
Average closing price3 homes, on their Schedule A square feet$654 / SF
Closingsfirst and latest recordedJun 3, 2021 – Jun 23, 2021

Sales recorded with the Department of Finance (ACRIS) through Jul 31, 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 3 closings
HomeRecordedClosing priceSchedule ADifference
3Jun 3, 2021$956,000$875,000 p. 28+9.3%
2Jun 15, 2021$865,513$875,000 p. 28−1.1%
1Jun 23, 2021$996,867$1,000,000 p. 28−0.3%

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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
2074 57 Development LLC
Principals
Joseph Inzlicht, Meyer Meisels
Tax estimate
Hershy Itzkowitz, Esq.Prepared the first-year real estate tax projection

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

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