THE CONDO BOOK PROJECT

2370 Condominium

2370 West 11th Street, Brooklyn, NY 11223

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Overview

Units
4 residential · 3 parking
Subway
5 min walk to Bay 50 St D86 St N, 9 min
Principals
Xia Ying Li
Average $/sf
$397Homes in Schedule A, as first offered
Common charges
$372–$636 a monthSponsor's first-year estimate in Schedule A, October 1, 2020- September 30, 2021
Offering price
$1.94 million total

The sponsor of record is Fumay LLC, represented by Lawrence Lixin Yang, P.C.. The offering plan runs 282 pages. The sponsor has filed 3 amendments, the latest in April 2022. The nearest other condo plan on file is 2350 W. 11th Street Condominum, next door.

Plan CD190143 · New · accepted Jul 21, 2020 · AG record ↗

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FigureThis building1168 Bay 49th28 units · 0.4 miaccepted 20212769a East 15th36 units · 1.5 miaccepted 2020
Common ChargesPer Square Foot / Month$0.48In line$0.32$0.86
Average Offering PricePer Apartment$447,500Below peers$590,250$475,000
Average PricePer Square Foot$397Lowest$657$774
Property TaxesPer Square Foot / Month$0.49Highest$0.06$0.01
Average Unit SizeSquare Feet1,129 SFLargest898 SF614 SF

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Unit mix, closings, budgets, finishes and the team, against 168 Bay 49th and 2769a East 15th, 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 A4 of 4
Closing prices vs. Schedule A4 homes: $1,613,000 at closing against $1,790,000 in Schedule A (p. 38)−9.9%
Average closing price4 homes, on their Schedule A square feet$357 / SF
Closingsfirst and latest recordedMar 11, 2022 – Oct 17, 2022

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 4 closings
HomeRecordedClosing priceSchedule ADifference
1AMar 11, 2022$408,000$433,000 p. 38−5.8%
2ASep 15, 2022$465,000$525,000 p. 38−11.4%
3ASep 22, 2022$465,000$525,000 p. 38−11.4%
4AOct 17, 2022$275,000$307,000 p. 38−10.4%

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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
Fumay LLC
Principals
Xia Ying Li

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

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