THE CONDO BOOK PROJECT

355 Condominium

355 53 Street, Brooklyn, NY 11220

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Overview

Units
8 residential
Subway
1 min walk to 53 St R59 St N R, 7 min
Principals
Ding Xing Chen, Kevin Ma, King Li
Average $/sf
$1,029Homes in Schedule A, as first offered
Common charges
$233–$478 a monthSponsor's first-year estimate in Schedule A, April 1, 2024 – March 31, 2025
Offering price
$5.22 million total $5.43 million when first offered

The sponsor of record is 355 Reig LLC, represented by Dylan Chan Law Firm, P.C.. The offering plan runs 258 pages. The sponsor has filed 2 amendments, the latest in January 2025. The nearest other condo plan on file is 342 53rd Street Condominium, next door.

Plan CD230282 · New · accepted Aug 15, 2024 · AG record ↗

Closings Pro

Homes closed75% of the homes in Schedule A6 of 8
Closing prices vs. Schedule A6 homes: $3,580,291 at closing against $3,831,434 in Schedule A (p. 37)−6.6%
Average closing price6 homes, on their Schedule A square feet$966 / SF
Closingsfirst and latest recordedApr 28, 2025 – Jul 21, 2026

Sales recorded with the Department of Finance (ACRIS) through Aug 31, 2026: 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
2BApr 28, 2025$568,560$634,294 p. 37−10.4%
3AMay 12, 2025$564,833$642,275 p. 37−12.1%
2AMay 16, 2025$510,000$600,294 p. 37−15%
1ASep 18, 2025$575,000$521,952 p. 37+10.2%
4BMar 3, 2026$585,528$640,275 p. 37−8.6%
1BJul 21, 2026$776,370$792,344 p. 37−2%

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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
355 Reig LLC
Principals
Ding Xing Chen, Kevin Ma, King Li
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
CrowdFunz$1.5 million loan stated in the plan

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

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