THE CONDO BOOK PROJECT

350 Bergen Street Condominium

350 Bergen Street, Brooklyn, NY 11217

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Overview

Units
7 residential
Subway
3 min walk to Atlantic Av-Barclays Ctr 2 3 4 5 B D N Q RBergen St 2 3, 6 min
Principals
Sharif Khwaja
Average $/sf
$1,355Homes in Schedule A, as first offered
Common charges
$438–$1,280 a monthSponsor's first-year estimate in Schedule A, July 1, 2022- June 30, 2023
Offering price
$9.44 million total

The sponsor of record is 350 Bergen Street Of New York LLC, represented by Marans Newman Tsolis & Nazinitsky LLC. The offering plan runs 322 pages. The sponsor has filed 2 amendments, the latest in December 2022. The nearest other condo plan on file is 47 St. Mark'S Place Condominium, next door.

Plan CD210114 · New · accepted Jan 4, 2022 · AG record ↗

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FigureThis building1508 Waverly26 units · 0.8 miaccepted 2022373 Prospect Place36 units · 0.9 miaccepted 2022
Common ChargesPer Square Foot / Month$0.75Above peers$0.69$0.33
Average Offering PricePer Apartment$1.35MIn line$1.08M$1.87M
Average PricePer Square Foot$1,355Above peers$1,164$1,308
Property TaxesPer Square Foot / Month$1.33Highest$0.66$1.01
Average Unit SizeSquare Feet996 SFIn line930 SF1,432 SF

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Unit mix, closings, budgets, finishes and the team, against 508 Waverly and 373 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 closed86% of the homes in Schedule A6 of 7
Closing prices vs. Schedule A6 homes: $8,718,725 at closing against $8,569,999 in Schedule A (p. 45)+1.7%
Average closing price6 homes, on their Schedule A square feet$1,384 / SF
Closingsfirst and latest recordedApr 28, 2022 – Jun 1, 2022

Sales recorded with the Department of Finance (ACRIS) through Feb 29, 2024: 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
301Apr 28, 2022$890,969$850,000 p. 45+4.8%
502Apr 28, 2022$927,000$899,999 p. 45+3%
601Apr 28, 2022$2,395,000$2,395,000 p. 450%
101May 5, 2022$941,881$925,000 p. 45+1.8%
401May 24, 2022$1,781,938$1,750,000 p. 45+1.8%
201Jun 1, 2022$1,781,938$1,750,000 p. 45+1.8%

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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
350 Bergen Street Of New York LLC
Principals
Sharif Khwaja
Tax estimate
MGNY ConsultingPrepared the first-year real estate tax projection

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

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