THE CONDO BOOK PROJECT

340 6th Avenue Condominium

340 6th Avenue, Brooklyn, NY 11215

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Overview

Units
4 residential
Subway
8 min walk to 7 Av F G4 Av-9 St F G R, 10 min
Principals
Eli Scharf
Average $/sf
$1,818Homes in Schedule A, as first offered
Common charges
$327–$476 a monthSponsor's first-year estimate in Schedule A, July 1, 2022 - June 30, 2023
Offering price
$7.47 million total $7.45 million when first offered

The sponsor of record is Habitat On 6th LLC, represented by Jeffrey Zwick & Associates, P.C.. The offering plan runs 298 pages. The sponsor has filed 1 amendment, the latest in May 2023. The nearest other condo plan on file is 342 6th Avenue Condominium, next door.

Plan CD210344 · Rehab · accepted Mar 17, 2022 · AG record ↗

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FigureThis building1686 Carroll24 units · 0.3 miaccepted 202284 6th34 units · 0.7 miaccepted 2022
Common ChargesPer Square Foot / Month$0.37In line$0.34$0.71
Average Offering PricePer Apartment$1.86MBelow peers$1.98M$1.93M
Average PricePer Square Foot$1,818Below peers$1,871$1,927
Property TaxesPer Square Foot / Month$0.59Highest$0.36$0.49
Average Unit SizeSquare Feet1,024 SFIn line1,056 SF999 SF

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Unit mix, closings, budgets, finishes and the team, against 686 Carroll and 84 6th, 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: $7,373,021 at closing against $7,450,000 in Schedule A (p. 29)−1%
Average closing price4 homes, on their Schedule A square feet$1,800 / SF
Closingsfirst and latest recordedOct 7, 2022 – Nov 7, 2022

Sales recorded with the Department of Finance (ACRIS) through Nov 30, 2023: 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
1Oct 7, 2022$2,367,431$2,300,000 p. 29+2.9%
2Oct 14, 2022$1,624,109$1,650,000 p. 29−1.6%
4Oct 25, 2022$1,756,481$1,750,000 p. 29+0.4%
3Nov 7, 2022$1,625,000$1,750,000 p. 29−7.1%

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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
Habitat On 6th LLC
Principals
Eli Scharf
Tax estimate
Empire Consulting Services, Inc.Prepared the first-year real estate tax projection

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

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