THE CONDO BOOK PROJECT

Novo Condo/353 Fourth

353 Fourth Avenue, Brooklyn, NY 11215

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Overview

Units
115 residential · 2 commercial
Subway
4 min walk to 4 Av-9 St F G RUnion St R, 7 min
Developers
Africa Israel Investments, ltd., Boylmelgreen Developers, LLC, Katan Group, Tona Development and Construction
Principals
Domenick Tonacchio, Itzhak Katan, Jeshayahu Boymelgreen
Offering price
$71.4 million total

The sponsor of record is 343, LLC, represented by Kurzman Eisenberg Corbin & Lever, LLP. The offering plan runs 518 pages. The sponsor has filed 9 amendments, the latest in June 2009. The nearest other condo plan on file is 300 5th Street Condominium, next door.

Plan CD060551 · New · accepted Dec 13, 2006 · AG record ↗

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FigureThis building1125 North 10th286 units · 3.6 miaccepted 2007Mccaren Park Mews3120 units · 3.6 miaccepted 2007
Average Offering PricePer Apartment$620,991Lowest$819,812$1.01M

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Unit mix, closings, budgets, finishes and the team, against 125 North 10th and Mccaren Park Mews, 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.

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
343, LLC
Developers
Africa Israel Investments, ltd., Boylmelgreen Developers, LLC, Katan Group, Tona Development and Construction
Principals
Domenick Tonacchio, Itzhak Katan, Jeshayahu Boymelgreen
Tax estimate
Jacob MosesonPrepared the first-year real estate tax projection

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

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