Ocean Palace Condominium
2533 Ocean Avenue, Brooklyn, NY 11229
Overview
- Units
- 23 residential · 8 parking · 3 commercial
- Subway
- 6 min walk to Avenue U QNeck Rd Q, 10 min
- Principals
- Cun Long Chen, Guo Rong Lin, Hui Xin Chen, Jian Lin, Jian Ping Zheng, Jin Zhui Chen, Mei E. Chen, Shu Ming Lin, Xiu Min Lin, Ying Hua Lin
- Average $/sf
- $586Homes in Schedule A, as first offered
- Common charges
- $155–$255 a monthSponsor's first-year estimate in Schedule A, November 1, 2017 to October 31, 2018
- Offering price
- $12.8 million total $10.7 million when first offered
- Floor plans
- Page 185 of the plan
The sponsor of record is Ocean Garden House LLC, represented by James J. Matusiak, Attorney At Law. The offering plan runs 336 pages. The sponsor has filed 5 amendments, the latest in October 2020. The nearest other condo plan on file is Greenwich Condominium, next door.
Plan CD170006 · New · accepted Jul 19, 2017 · AG record ↗
Compare
| Figure | This building1 | 1287 East 19th219 units · 1.4 miaccepted 2016 | 3016 Brighton 5th316 units · 1.6 miaccepted 2018 |
|---|---|---|---|
| Common ChargesPer Square Foot / Month | $0.29Below peers | $0.33 | $0.39 |
| Average Offering PricePer Apartment | $415,652Below peers | $500,265 | $484,000 |
| Average PricePer Square Foot | $586In line | $550 | $665 |
| Property TaxesPer Square Foot / Month | $0.03Lowest | $0.04 | $0.05 |
| Average Unit SizeSquare Feet | 709 SFSmaller | 909 SF | 728 SF |
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Unit mix, closings, budgets, finishes and the team, against 1287 East 19th and 3016 Brighton 5th, cited to the offering plans. No credit card required.
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- 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.
Units & Prices
Closings Pro
| Homes closed100% of the homes in Schedule A | 23 of 23 |
| Closing prices vs. Schedule A23 homes: $9,997,097 at closing against $9,560,000 in Schedule A (p. 40, p. 41, p. 42, p. 43) | +4.6% |
| Average closing price23 homes, on their Schedule A square feet | $613 / SF |
| Closingsfirst and latest recorded | Feb 23, 2018 – Dec 28, 2021 |
Sales recorded with the Department of Finance (ACRIS) through Apr 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 23 closings
| Home | Recorded | Closing price | Schedule A | Difference |
|---|---|---|---|---|
| 4C | Feb 23, 2018 | $342,732 | $349,500 p. 41 | −1.9% |
| 6C | Mar 1, 2018 | $317,382 | $359,000 p. 42 | −11.6% |
| 5C | Mar 12, 2018 | $380,250 | $355,000 p. 42 | +7.1% |
| 3A | Mar 19, 2018 | $329,550 | $325,000 p. 40 | +1.4% |
| 3C | Apr 19, 2018 | $294,060 | $349,500 p. 41 | −15.9% |
| 5A | Jun 1, 2018 | $342,732 | $329,500 p. 41 | +4% |
| 6D | Jun 26, 2018 | $600,768 | $479,000 p. 42 | +25.4% |
| 7A | Nov 2, 2018 | $324,480 | $435,000 p. 42 | −25.4% |
| 2A | Aug 20, 2019 | $370,110 | $325,000 p. 40 | +13.9% |
| 7C | Oct 23, 2019 | $610,950 | $632,500 p. 43 | −3.4% |
| 4A | Nov 5, 2019 | $370,110 | $325,000 p. 41 | +13.9% |
| 7B | Jan 16, 2020 | $385,320 | $315,000 p. 43 | +22.3% |
| 4D | Feb 7, 2020 | $549,855 | $495,000 p. 41 | +11.1% |
| 2C | Mar 4, 2020 | $352,872 | $329,500 p. 40 | +7.1% |
| 6B | Jun 24, 2020 | $571,238 | $485,000 p. 42 | +17.8% |
| 6A | Sep 11, 2020 | $304,200 | $345,000 p. 42 | −11.8% |
| 5B | Mar 2, 2021 | $491,790 | $469,500 p. 42 | +4.7% |
| 5D | Apr 5, 2021 | $519,308 | $499,500 p. 42 | +4% |
| 4B | Oct 25, 2021 | $507,000 | $462,500 p. 41 | +9.6% |
| 2B | Dec 14, 2021 | $488,748 | $462,500 p. 40 | +5.7% |
| 3D | Dec 14, 2021 | $529,490 | $495,000 p. 41 | +7% |
| 2D | Dec 16, 2021 | $522,362 | $475,000 p. 40 | +10% |
| 3B | Dec 28, 2021 | $491,790 | $462,500 p. 41 | +6.3% |
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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.
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
- Ocean Garden House LLC
- Principals
- Cun Long Chen, Guo Rong Lin, Hui Xin Chen, Jian Lin, Jian Ping Zheng, Jin Zhui Chen, Mei E. Chen, Shu Ming Lin, Xiu Min Lin, Ying Hua Lin
- Tax estimate
- SJP Tax Consultants Inc.Prepared the first-year real estate tax projection
- Construction lender
- Amerasia Bank$3.5 million loan stated in the plan
From our research: Do NYC Developers Rehire the Same Firms?
Nearby
- Greenwich Condominiumnext door · 15 units · 2005
- Casa Bianco Condominiumnext door · 25 units · 28 parking · 2005
- 2518 Ocean Avenue Condominiumnext door · 30 units · 8 parking · 2026
- Begonia Garden Condominiumnext door · 29 units · 15 parking · 2019
- 2493 Ocean Avenue Condominiumnext door · 6 units · 5 parking · 2016
- Aster Garden Condominiumnext door · 10 units · 3 parking · 2021