THE CONDO BOOK PROJECT

328 Atlantic Avenue Condominium

328 Atlantic Avenue, Brooklyn, NY 11201

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Overview

Units
4 residential · 1 storage · 1 commercial
Subway
4 min walk to Hoyt-Schermerhorn Sts A C GBergen St F G, 5 min
Developers
East Group Capital, GZB Realty
Principals
Itay Gamlieli
Average $/sf
$1,321Homes in Schedule A, as first offered
Offering price
$13.4 million total $11.6 million when first offered

The sponsor of record is 328 Atlantic LLC, represented by Jeffrey Zwick & Associates, P.C.. The offering plan runs 375 pages. The sponsor has filed 2 amendments, the latest in February 2023. The nearest other condo plan on file is Pacific Street Townhouses, next door.

Plan CD200319 · Rehab · accepted Dec 15, 2021 · AG record ↗

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FigureThis building116 2nd Place24 units · 0.9 miaccepted 2021309 Prospect Place34 units · 1.3 miaccepted 2021
Common ChargesPer Square Foot / Month$0.34In line$0.27$0.52
Average Offering PricePer Apartment$2.45MIn line$2.74M$1.57M
Average PricePer Square Foot$1,321In line$1,589$1,232
Average Unit SizeSquare Feet1,852 SFLarger1,723 SF1,272 SF

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Unit mix, closings, budgets, finishes and the team, against 16 2nd Place and 309 Prospect Place, 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: $10,772,500 at closing against $9,785,000 in Schedule A (p. 35)+10.1%
Average closing price4 homes, on their Schedule A square feet$1,454 / SF
Closingsfirst and latest recordedSep 21, 2023 – Feb 7, 2024

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
201Sep 21, 2023$2,600,000$2,340,000 p. 35+11.1%
501Sep 22, 2023$3,350,000$2,960,000 p. 35+13.2%
401Sep 26, 2023$2,465,000$2,223,000 p. 35+10.9%
301Feb 7, 2024$2,357,500$2,262,000 p. 35+4.2%

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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
328 Atlantic LLC
Developers
East Group Capital, GZB Realty
Principals
Itay Gamlieli
Tax estimate
MGNY ConsultingPrepared the first-year real estate tax projection
Construction lender
Bayport FundingLender on the mortgage and building loan agreement recorded July 2020 in ACRIS; $14.4 million recorded

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

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