THE CONDO BOOK PROJECT

35 East 4th Street Condo

35 East 4th Street, Brooklyn, NY 11218

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Overview

Units
6 residential · 5 parking
Subway
6 min walk to Fort Hamilton Pkwy F GChurch Av F G, 12 min
Principals
Clemente Valguarnera
Average $/sf
$515Homes in Schedule A, as first offered
Common charges
$197 a monthSponsor's first-year estimate in Schedule A, July 1, 2005 - June 30, 2006
Offering price
$2.67 million total

The sponsor of record is 35 East 4th Street Brooklyn Realty Corp., represented by Harold L. Gruber, P.C.. The offering plan runs 176 pages. The sponsor has filed 7 amendments, the latest in October 2008. The nearest other condo plan on file is 49 East 4th Street Condominium, next door.

Plan CD040436 · New · accepted Mar 22, 2005 · AG record ↗

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FigureThis building1Sterling Green28 units · 1.8 miaccepted 2008475 East 8th312 units · 1 miaccepted 2008
Common ChargesPer Square Foot / Month$0.25Lowest$0.34$0.33
Average Offering PricePer Apartment$411,667In line$431,500$391,500
Average PricePer Square Foot$515In line$585$493
Property TaxesPer Square Foot / Month$0.06Highest$0.02$0.02
Average Unit SizeSquare Feet800 SFLarger738 SF794 SF

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Unit mix, closings, budgets, finishes and the team, against Sterling Green and 475 East 8th, 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 A6 of 6
Closing prices vs. Schedule A6 homes: $2,374,788 at closing against $2,470,000 in Schedule A (p. 17)−3.9%
Average closing price6 homes, on their Schedule A square feet$495 / SF
Closingsfirst and latest recordedSep 6, 2007 – Jun 29, 2009

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 6 closings
HomeRecordedClosing priceSchedule ADifference
2Sep 6, 2007$369,096$410,000 p. 17−10%
3Sep 25, 2007$390,390$410,000 p. 17−4.8%
4Oct 1, 2007$405,600$410,000 p. 17−1.1%
5Oct 2, 2007$393,432$410,000 p. 17−4%
1Oct 30, 2007$385,320$400,000 p. 17−3.7%
6Jun 29, 2009$430,950$430,000 p. 17+0.2%

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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
35 East 4th Street Brooklyn Realty Corp.
Principals
Clemente Valguarnera
Tax estimate
Moseson & AssociatesPrepared the first-year real estate tax projection

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

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