THE CONDO BOOK PROJECT

292 7th Street Condominium

292 7th Street, Brooklyn, NY 11215

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Overview

Units
4 residential
Subway
3 min walk to 4 Av-9 St F G R7 Av F G, 9 min
Developer
S and J Partners, LLC
Principals
Jong Yun Kim
Average $/sf
$759Homes in Schedule A, as first offered
Offering price
$2.21 million total

The sponsor of record is 292 Seventh Street, LLC, represented by Meister Seelig & Fein, LLP. The offering plan runs 237 pages. The sponsor has filed 3 amendments, the latest in December 2011. The nearest other condo plan on file is Seventh Street Stables Condominium, next door.

Plan CD090248 · New · accepted Apr 6, 2010 · AG record ↗

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FigureThis building1290 13th24 units · 0.3 miaccepted 2009392 Bergen33 units · 0.9 miaccepted 2011
Common ChargesPer Square Foot / Month$0.24Above peers$0.22$0.19
Average Offering PricePer Apartment$735,667Lowest$1.1M$1.03M
Average PricePer Square Foot$759In line$791$726
Average Unit SizeSquare Feet1,488 SFLarger1,391 SF1,423 SF

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Unit mix, closings, budgets, finishes and the team, against 290 13th and 392 Bergen, 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 A3 homes: $2,207,531 at closing against $2,207,000 in Schedule A (p. 27)+0%
Average closing price4 homes, on their Schedule A square feet$730 / SF
Closingsfirst and latest recordedApr 19, 2012 – Dec 5, 2012

Sales recorded with the Department of Finance (ACRIS) through Jul 31, 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 4 closings
HomeRecordedClosing priceSchedule ADifference
DApr 19, 2012$455,286$449,000 p. 27+1.4%
AMay 11, 2012$2,138,325——
BJun 13, 2012$945,954$929,000 p. 27+1.8%
CDec 5, 2012$806,291$829,000 p. 27−2.7%

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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
292 Seventh Street, LLC
Developer
S and J Partners, LLC
Principals
Jong Yun Kim
Tax estimate
Jerome MazurskyPrepared the first-year real estate tax projection
Construction lender
Oritani Savings Bank

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

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