THE CONDO BOOK PROJECT

R & Y Cornelia Condominium

215 Cornelia Street, Brooklyn, NY 11221

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Overview

Units
10 residential
Subway
11 min walk to Wilson Av LHalsey St L, 12 min
Principals
Yaniv Nasimi
Average $/sf
$909Homes in Schedule A, as first offered
Common charges
$295–$677 a monthSponsor's first-year estimate in Schedule A, October 1, 2021 To September 30, 2022
Offering price
$7.46 million total $7.04 million when first offered

The sponsor of record is R&Y Cornelia Development LLC, represented by Mavrides Moyal Packman & Sadkin, LLP. The offering plan runs 437 pages. The sponsor has filed 5 amendments, the latest in May 2023. The nearest other condo plan on file is 1257 Jefferson Avenue Condominium, next door.

Plan CD210057 · New · accepted Oct 20, 2021 · AG record ↗

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FigureThis building1952 Bushwick210 units · 0.5 miaccepted 202168 Eldert310 units · 0.4 miaccepted 2022
Common ChargesPer Square Foot / Month$0.50In line$0.52$0.50
Average Offering PricePer Apartment$704,500Lowest$900,500$873,500
Average PricePer Square Foot$909Below peers$933$1,021
Property TaxesPer Square Foot / Month$0.67In line$0.59$0.97
Average Unit SizeSquare Feet775 SFSmaller966 SF856 SF

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Unit mix, closings, budgets, finishes and the team, against 952 Bushwick and 68 Eldert, 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 A10 of 10
Closing prices vs. Schedule A10 homes: $6,882,355 at closing against $7,045,000 in Schedule A (p. 52)−2.3%
Average closing price10 homes, on their Schedule A square feet$888 / SF
Closingsfirst and latest recordedJul 20, 2022 – Oct 10, 2024

Sales recorded with the Department of Finance (ACRIS) through Feb 28, 2025: 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 10 closings
HomeRecordedClosing priceSchedule ADifference
3CJul 20, 2022$570,000$575,000 p. 52−0.9%
5AJul 22, 2022$730,000$675,000 p. 52+8.1%
5BJul 29, 2022$860,000$800,000 p. 52+7.5%
4BAug 1, 2022$600,000$595,000 p. 52+0.8%
3BAug 10, 2022$570,000$555,000 p. 52+2.7%
2ASep 8, 2022$827,500$900,000 p. 52−8.1%
2BSep 28, 2022$565,000$625,000 p. 52−9.6%
3ANov 14, 2022$750,000$800,000 p. 52−6.2%
4AJul 7, 2023$549,855$585,000 p. 52−6%
1AOct 10, 2024$860,000$935,000 p. 52−8%

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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
R&Y Cornelia Development LLC
Principals
Yaniv Nasimi
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Quanta Finance$4 million recorded

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

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