THE CONDO BOOK PROJECT

341 Union Street Condominium

341 Union Street, Brooklyn, NY 11231

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Overview

Units
4 residential
Subway
2 min walk to Carroll St F GBergen St F G, 7 min
Average $/sf
$1,844Homes in Schedule A, as first offered
Common charges
$371–$515 a monthSponsor's first-year estimate in Schedule A, January 1, 2020 - December 31, 2020
Offering price
$8.5 million total $6.45 million when first offered

The sponsor of record is 341 Union LLC, represented by Tsyngauz & Associates, P.C.. The offering plan runs 286 pages. The sponsor has filed 2 amendments, the latest in March 2020. The nearest other condo plan on file is 339 Union Street Condominium, next door.

Plan CD190052 · New · accepted Jun 26, 2019 · AG record ↗

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FigureThis building1Homage On 3rd Street24 units · 1.1 miaccepted 2020301 Degraw34 units · 0.1 miaccepted 2021
Common ChargesPer Square Foot / Month$0.38Lowest$0.93$0.48
Average Offering PricePer Apartment$2.13MIn line$2.22M$1.97M
Average PricePer Square Foot$1,844Above peers$1,669$1,694
Property TaxesPer Square Foot / Month$0.30Below peers$0.86$0.35
Average Unit SizeSquare Feet1,153 SFSmaller1,329 SF1,165 SF

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Unit mix, closings, budgets, finishes and the team, against Homage On 3rd Street and 301 Degraw, 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: $8,169,683 at closing against $8,500,000 in Schedule A (p. 37)−3.9%
Average closing price4 homes, on their Schedule A square feet$1,772 / SF
Closingsfirst and latest recordedMar 10, 2020 – Jun 5, 2020

Sales recorded with the Department of Finance (ACRIS) through Aug 31, 2021: 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
2Mar 10, 2020$1,781,938$1,800,000 p. 37−1%
3Mar 16, 2020$1,985,588$2,000,000 p. 37−0.7%
1Mar 27, 2020$2,352,158$2,500,000 p. 37−5.9%
4Jun 5, 2020$2,050,000$2,200,000 p. 37−6.8%

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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
341 Union LLC
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Emerald Creek Capital$3.7 million loan stated in the plan

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

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