THE CONDO BOOK PROJECT

Onyx Square Condominium

2128 Ocean Avenue, Brooklyn, NY 11229

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Overview

Units
56 residential · 28 parking · 1 commercial
Subway
6 min walk to Kings Hwy B QAvenue M Q, 16 min
Principals
Bentley Shang Zhao
Average $/sf
$726Homes in Schedule A, as first offered
Offering price
$45.7 million total $43 million when first offered

The sponsor of record is Cpcc Management LLC, represented by Marcus Attorneys, Pllc. The offering plan runs 292 pages. The sponsor has filed 8 amendments, the latest in February 2020. The nearest other condo plan on file is Kings Highway Condominium I, next door.

Plan CD170091 · New · accepted Aug 23, 2017 · AG record ↗

Compare

FigureThis building12100 Bedford271 units · 3 miaccepted 2017Bay Vista338 units · 2.2 miaccepted 2016
Common ChargesPer Square Foot / Month$0.37In line$0.57$0.33
Average Offering PricePer Apartment$650,446In line$683,310$558,711
Average PricePer Square Foot$726In line$861$715
Average Unit SizeSquare Feet896 SFLarger794 SF782 SF

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Unit mix, closings, budgets, finishes and the team, against 2100 Bedford and Bay Vista, 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 A56 of 56
Closing prices vs. Schedule A56 homes: $33,332,459 at closing against $36,425,000 in Schedule A (p. 26, p. 27)−8.5%
Average closing price56 homes, on their Schedule A square feet$664 / SF
Closingsfirst and latest recordedSep 13, 2018 – Feb 10, 2020

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 65 closings
HomeRecordedClosing priceSchedule ADifference
6ASep 13, 2018$495,792$468,565 p. 27+5.8%
5KSep 26, 2018$380,250——
5BSep 27, 2018$491,790$468,223 p. 26+5%
7ESep 28, 2018$741,795$658,516 p. 27+12.6%
3GOct 4, 2018$353,886$589,340 p. 26−40%
4HOct 4, 2018$661,863$899,193 p. 26−26.4%
4JOct 4, 2018$420,303——
2COct 5, 2018$692,919$620,080 p. 26+11.7%
5DOct 5, 2018$347,295$299,494 p. 26+16%
7BOct 5, 2018$507,000$515,934 p. 27−1.7%
5GOct 10, 2018$312,312$617,404 p. 26−49.4%
5HOct 10, 2018$712,775$946,604 p. 27−24.7%
7AOct 11, 2018$524,399$516,312 p. 27+1.6%
7DOct 11, 2018$375,308$330,012 p. 27+13.7%
2AOct 12, 2018$471,510$420,738 p. 26+12.1%
3KOct 12, 2018$322,452——
7HOct 12, 2018$1,046,252$1,043,063 p. 27+0.3%
4AOct 15, 2018$499,395$445,096 p. 26+12.2%
6FOct 15, 2018$1,052,361$946,437 p. 27+11.2%
4GOct 16, 2018$307,242$589,340 p. 26−47.9%
8EOct 16, 2018$511,162$515,897 p. 27−0.9%
3FOct 17, 2018$413,712$899,033 p. 26−54%
4FOct 17, 2018$441,851$899,033 p. 26−50.9%
3DOct 25, 2018$334,620$284,493 p. 26+17.6%
3JOct 25, 2018$413,205——
4KOct 29, 2018$326,001——
7GOct 29, 2018$753,505$649,958 p. 27+15.9%
4BOct 30, 2018$484,185$444,771 p. 26+8.9%
5FOct 30, 2018$447,479$946,437 p. 26−52.7%
6COct 30, 2018$682,228$583,029 p. 27+17%
5AOct 31, 2018$507,000$468,565 p. 26+8.2%
2BNov 1, 2018$658,935$534,822 p. 26+23.2%
3ENov 1, 2018$323,466$597,100 p. 26−45.8%
6BNov 2, 2018$552,401$468,223 p. 27+18%
8CNov 8, 2018$511,671$522,637 p. 27−2.1%
5JNov 19, 2018$427,401——
6GNov 19, 2018$722,958$617,404 p. 27+17.1%
4CNov 20, 2018$661,863$553,827 p. 26+19.5%
4DNov 20, 2018$354,900$284,493 p. 26+24.7%
6ENov 20, 2018$751,978$625,533 p. 27+20.2%
5ENov 27, 2018$333,606$625,533 p. 26−46.7%
7CNov 27, 2018$692,410$642,439 p. 27+7.8%
8ANov 27, 2018$906,243$923,439 p. 27−1.9%
3HNov 28, 2018$698,010$899,193 p. 26−22.4%
5CNov 29, 2018$672,045$583,029 p. 26+15.3%
6DDec 5, 2018$352,365$299,494 p. 27+17.7%
3CDec 6, 2018$595,676$553,827 p. 26+7.6%
1**Dec 10, 2018$590,585$521,031 p. 26+13.3%
4EDec 14, 2018$328,536$597,100 p. 26−45%
3ADec 21, 2018$491,790$445,096 p. 26+10.5%
7FJan 7, 2019$1,013,159$1,042,878 p. 27−2.8%
9CJan 16, 2019$539,673$545,372 p. 27−1%
8FFeb 19, 2019$825,000$1,020,594 p. 27−19.2%
8DFeb 20, 2019$840,056$1,024,089 p. 27−18%
8BFeb 28, 2019$738,231$860,650 p. 27−14.2%
3BMar 1, 2019$476,580$444,771 p. 26+7.2%
4IMar 18, 2019$898,500——
9BApr 15, 2019$748,414$813,655 p. 27−8%
9EAug 13, 2019$549,855$541,772 p. 27+1.5%
6HOct 4, 2019$915,407$946,604 p. 27−3.3%
9FOct 29, 2019$799,326$970,016 p. 27−17.6%
9DOct 31, 2019$763,688$975,279 p. 27−21.7%
5IDec 5, 2019$860,000——
9ADec 18, 2019$754,000$879,533 p. 27−14.3%
3IFeb 10, 2020$845,000——

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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
Cpcc Management LLC
Principals
Bentley Shang Zhao
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Popular Bank$18.5 million recorded

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

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