THE CONDO BOOK PROJECT

2276 Homecrest Avenue Condominium

2276 Homecrest Avenue, Brooklyn, NY 11229

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Overview

Units
16 residential
Subway
4 min walk to Neck Rd QAvenue U Q, 9 min
Developer
Philips International
Principals
Phillip Pilevsky, Seth Pilevsky
Average $/sf
$592Homes in Schedule A, as first offered
Common charges
$377–$541 a monthSponsor's first-year estimate in Schedule A, Operating December 1, 2017 To November 30, 2018
Offering price
$3.45 million total $4.39 million when first offered

The sponsor of record is 2276 Homecrest Owner LLC, represented by Certilman Balin Adler & Hyman, LLP. The offering plan runs 433 pages. The sponsor has filed 9 amendments, the latest in February 2019. The nearest other condo plan on file is 1095 Sheepshead Bay Road Condominium, next door.

Plan CD160210 · Conversion · accepted May 15, 2017 · AG record ↗

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FigureThis building1Presidio220 units · 3.9 miaccepted 201782 East 5th38 units · 4 miaccepted 2017
Common ChargesPer Square Foot / Month$0.84Above peers$0.82$0.38
Average Offering PricePer Apartment$324,375Lowest$675,600$850,125
Average PricePer Square Foot$592Lowest$956$775
Property TaxesPer Square Foot / Month$0.32In line$0.34$0.03
Average Unit SizeSquare Feet548 SFSmallest707 SF1,096 SF

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Unit mix, closings, budgets, finishes and the team, against Presidio and 82 East 5th, 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 A16 of 16
Closing prices vs. Schedule A16 homes: $3,437,460 at closing against $5,190,000 in Schedule A (p. 34)−33.8%
Average closing price16 homes, on their Schedule A square feet$392 / SF
Closingsfirst and latest recordedMay 2, 2018 – Apr 24, 2019

Sales recorded with the Department of Finance (ACRIS) through Feb 28, 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 16 closings
HomeRecordedClosing priceSchedule ADifference
3CMay 2, 2018$192,660$320,000 p. 34−39.8%
4DMay 9, 2018$263,640$350,000 p. 34−24.7%
1A*May 15, 2018$192,660$325,000 p. 34−40.7%
1BMay 15, 2018$192,660$285,000 p. 34−32.4%
2DMay 15, 2018$263,640$360,000 p. 34−26.8%
4AMay 16, 2018$263,640$350,000 p. 34−24.7%
3BMay 18, 2018$192,660$280,000 p. 34−31.2%
1CMay 24, 2018$192,660$325,000 p. 34−40.7%
1DMay 24, 2018$192,660$325,000 p. 34−40.7%
2C*May 24, 2018$192,660$325,000 p. 34−40.7%
4BMay 24, 2018$192,660$275,000 p. 34−29.9%
3DMay 31, 2018$263,640$355,000 p. 34−25.7%
2AJun 7, 2018$263,640$360,000 p. 34−26.8%
2BJun 7, 2018$192,660$285,000 p. 34−32.4%
4CJul 5, 2018$192,660$315,000 p. 34−38.8%
3A*Apr 24, 2019$192,660$355,000 p. 34−45.7%

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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
2276 Homecrest Owner LLC
Developer
Philips International
Principals
Phillip Pilevsky, Seth Pilevsky

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

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