THE CONDO BOOK PROJECT

567 Ocean Condominium

222 East 21st Street A/K/A 563-571 Ocean Ave, Brooklyn, NY 11226

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Overview

Units
108 residential · 54 parking · 1 commercial
Subway
6 min walk to Church Av B QParkside Av Q, 10 min
Principals
Bentley Zhao
Average $/sf
$928Homes in Schedule A, as first offered
Common charges
$228–$1,193 a monthSponsor's first-year estimate in Schedule A, July 1, 2020 through June 30, 2021
Offering price
$77.5 million total $77.9 million when first offered

The sponsor of record is North Ocean Management LLC, represented by Marcus Attorneys. The offering plan runs 418 pages. The sponsor has filed 8 amendments, the latest in May 2022. The nearest other condo plan on file is 608 Ocean Avenue Condominium, next door.

Plan CD190105 · New · accepted Nov 15, 2019 · AG record ↗

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FigureThis building1Delta Towers265 units · 1.8 miaccepted 20202100 Bedford371 units · 0.3 miaccepted 2017
Common ChargesPer Square Foot / Month$0.64Above peers$0.43$0.57
Average Offering PricePer Apartment$677,778In line$643,077$683,310
Average PricePer Square Foot$928In line$1,021$861
Property TaxesPer Square Foot / Month$1.01Highest$0.02$0.01
Average Unit SizeSquare Feet730 SFIn line630 SF794 SF

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Unit mix, closings, budgets, finishes and the team, against Delta Towers and 2100 Bedford, 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 A108 of 108
Closing prices vs. Schedule A108 homes: $73,909,257 at closing against $73,200,000 in Schedule A (p. 43, p. 44, p. 45)+1%
Average closing price108 homes, on their Schedule A square feet$937 / SF
Closingsfirst and latest recordedAug 2, 2021 – Mar 17, 2023

Sales recorded with the Department of Finance (ACRIS) through Aug 31, 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 108 closings
HomeRecordedClosing priceSchedule ADifference
A102Aug 2, 2021$750,000$790,000 p. 43−5.1%
A206Aug 5, 2021$480,000$480,000 p. 430%
A308Aug 6, 2021$785,000$800,000 p. 43−1.9%
A410Aug 10, 2021$427,125$430,000 p. 44−0.7%
A609Aug 12, 2021$640,000$640,000 p. 440%
A701Aug 12, 2021$875,000$860,000 p. 44+1.7%
A408Aug 13, 2021$800,000$810,000 p. 43−1.2%
A806Aug 13, 2021$730,000$700,000 p. 44+4.3%
A309Aug 16, 2021$615,566$610,000 p. 43+0.9%
A506Aug 17, 2021$510,000$510,000 p. 440%
A508Aug 17, 2021$815,000$820,000 p. 44−0.6%
A101Aug 18, 2021$499,902$550,000 p. 43−9.1%
A211Aug 19, 2021$550,000$570,000 p. 43−3.5%
A801Aug 19, 2021$700,000$650,000 p. 44+7.7%
B204Aug 19, 2021$780,000$780,000 p. 440%
A602Aug 20, 2021$900,000$860,000 p. 44+4.7%
A501Aug 24, 2021$650,000$600,000 p. 44+8.3%
B201Aug 24, 2021$525,000$550,000 p. 44−4.5%
A301Aug 25, 2021$570,000$580,000 p. 43−1.7%
A310Aug 25, 2021$455,000$420,000 p. 43+8.3%
A406Aug 25, 2021$500,000$500,000 p. 430%
A802Aug 25, 2021$1,400,888$1,275,000 p. 44+9.9%
B403Aug 27, 2021$870,000$870,000 p. 450%
B404Aug 27, 2021$824,783$800,000 p. 45+3.1%
A306Aug 30, 2021$490,000$490,000 p. 430%
A507Aug 31, 2021$430,000$430,000 p. 440%
A605Sep 1, 2021$520,000$520,000 p. 440%
A202Sep 9, 2021$810,000$820,000 p. 43−1.2%
A606Sep 10, 2021$503,499$520,000 p. 44−3.2%
A805Sep 10, 2021$1,333,750$1,375,000 p. 44−3%
B503Sep 13, 2021$896,060$880,000 p. 45+1.8%
B304Sep 15, 2021$810,000$790,000 p. 45+2.5%
A401Sep 17, 2021$590,000$590,000 p. 430%
A103Sep 21, 2021$540,000$550,000 p. 43−1.8%
A505Sep 21, 2021$510,000$510,000 p. 440%
A201Sep 22, 2021$565,000$570,000 p. 43−0.9%
B702Sep 22, 2021$1,032,000$970,000 p. 45+6.4%
A608Sep 23, 2021$830,000$830,000 p. 440%
B504Sep 23, 2021$827,500$810,000 p. 45+2.2%
A702Sep 28, 2021$1,130,000$1,200,000 p. 44−5.8%
A302Oct 1, 2021$840,000$830,000 p. 43+1.2%
A307Oct 1, 2021$410,000$410,000 p. 430%
B703Oct 5, 2021$950,000$950,000 p. 450%
B104Oct 6, 2021$646,800$600,000 p. 44+7.8%
B303Oct 7, 2021$820,000$860,000 p. 45−4.7%
A705Oct 8, 2021$1,200,000$1,300,000 p. 44−7.7%
A305Oct 12, 2021$530,000$490,000 p. 43+8.2%
A510Oct 12, 2021$440,000$440,000 p. 440%
B301Oct 12, 2021$561,750$560,000 p. 44+0.3%
A511Oct 13, 2021$624,187$600,000 p. 44+4%
A402Oct 14, 2021$840,000$840,000 p. 430%
B102Oct 15, 2021$829,500$790,000 p. 44+5%
A203Oct 18, 2021$450,000$450,000 p. 430%
A204Oct 18, 2021$408,642$400,000 p. 43+2.2%
A311Oct 21, 2021$630,000$580,000 p. 43+8.6%
A405Oct 21, 2021$500,000$500,000 p. 430%
A604Oct 21, 2021$430,000$440,000 p. 44−2.3%
B802Oct 21, 2021$999,034$970,000 p. 45+3%
A601Oct 22, 2021$610,000$610,000 p. 440%
B103Oct 22, 2021$790,000$770,000 p. 44+2.6%
A205Oct 25, 2021$486,720$480,000 p. 43+1.4%
A411Oct 27, 2021$600,000$590,000 p. 44+1.7%
A610Oct 28, 2021$459,000$450,000 p. 44+2%
B203Nov 12, 2021$815,000$850,000 p. 44−4.1%
A210Dec 3, 2021$400,000$410,000 p. 43−2.4%
B604Dec 3, 2021$885,000$820,000 p. 45+7.9%
A509Dec 6, 2021$640,000$630,000 p. 44+1.6%
B801Dec 6, 2021$540,000$480,000 p. 45+12.5%
A409Dec 10, 2021$615,000$620,000 p. 43−0.8%
A502Dec 13, 2021$850,000$850,000 p. 440%
A304Jan 7, 2022$405,000$410,000 p. 43−1.2%
B602Jan 20, 2022$835,000$820,000 p. 45+1.8%
B603Jan 20, 2022$925,000$890,000 p. 45+3.9%
A803Jan 27, 2022$995,000$970,000 p. 44+2.6%
A104Jan 28, 2022$399,000$400,000 p. 43−0.2%
A208Feb 2, 2022$780,000$790,000 p. 43−1.3%
A209Feb 11, 2022$656,771$600,000 p. 43+9.5%
B202Feb 11, 2022$780,000$480,000 p. 44+62.5%
B401Feb 11, 2022$557,675$570,000 p. 45−2.2%
A704Mar 9, 2022$925,000$890,000 p. 44+3.9%
A106Mar 14, 2022$999,999$1,050,000 p. 43−4.8%
A804Mar 15, 2022$985,000$950,000 p. 44+3.7%
B502Mar 23, 2022$830,000$810,000 p. 45+2.5%
A706Mar 24, 2022$816,000$750,000 p. 44+8.8%
A611Mar 30, 2022$646,000$610,000 p. 44+5.9%
TH03Mar 31, 2022$763,688$800,000 p. 43−4.5%
A607Apr 4, 2022$432,500$440,000 p. 44−1.7%
B302Apr 18, 2022$800,000$790,000 p. 44+1.3%
B402Apr 18, 2022$840,000$800,000 p. 45+5%
A703Apr 29, 2022$900,000$890,000 p. 44+1.1%
A207May 2, 2022$388,000$400,000 p. 43−3%
B803May 17, 2022$977,750$950,000 p. 45+2.9%
B101Jun 1, 2022$644,500$595,000 p. 44+8.3%
A107Jun 10, 2022$479,500$475,000 p. 43+0.9%
B601Jun 14, 2022$590,000$590,000 p. 450%
TH01Jul 6, 2022$930,000$975,000 p. 43−4.6%
A303Jul 15, 2022$459,000$460,000 p. 43−0.2%
A407Jul 29, 2022$395,460$420,000 p. 43−5.8%
A404Aug 22, 2022$415,000$420,000 p. 43−1.2%
TH02Aug 31, 2022$800,000$850,000 p. 43−5.9%
B501Sep 9, 2022$565,000$580,000 p. 45−2.6%
A105Sep 23, 2022$580,403$580,000 p. 43+0.1%
A403Oct 7, 2022$465,000$470,000 p. 43−1.1%
A504Oct 7, 2022$404,586$430,000 p. 44−5.9%
B701Oct 19, 2022$475,000$470,000 p. 45+1.1%
A503Nov 4, 2022$486,720$480,000 p. 44+1.4%
A603Nov 7, 2022$470,000$490,000 p. 44−4.1%
TH04Mar 17, 2023$840,000$975,000 p. 43−13.8%

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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
North Ocean Management LLC
Principals
Bentley Zhao
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection

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

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