THE CONDO BOOK PROJECT

359 7th Street Condominium

359 7th Street, Brooklyn, NY 11215

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Overview

Units
4 residential
Subway
6 min walk to 4 Av-9 St F G R7 Av F G, 7 min
Principals
Robert Saffayeh, George Saffayeh, Hyun K. Shin, Jack Shin, Brian Shin, Therese McInerney
Average $/sf
$1,163Homes in Schedule A, as first offered
Common charges
$196–$295 a monthSponsor's first-year estimate in Schedule A, September 1, 2017 - August 31, 2018
Offering price
$5.52 million total $5.25 million when first offered

The sponsor of record is Rggs Properties, LLC, represented by The Law Office Of Claudia V. Murdoch, P.C.. The offering plan runs 201 pages. The sponsor has filed 3 amendments, the latest in May 2018. The nearest other condo plan on file is 6th Street Townhouse Condominium, next door.

Plan CD160403 · New · accepted Jun 1, 2017 · AG record ↗

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FigureThis building1132 Cambridge Place24 units · 1.4 miaccepted 2017873 Pacific38 units · 1.2 miaccepted 2017
Common ChargesPer Square Foot / Month$0.22Lowest$0.36$0.33
Average Offering PricePer Apartment$1.31MLowest$1.62M$1.7M
Average PricePer Square Foot$1,163In line$1,370$1,134
Property TaxesPer Square Foot / Month$1.02Highest$0.59$0.82
Average Unit SizeSquare Feet1,129 SFSmaller1,179 SF1,494 SF

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Unit mix, closings, budgets, finishes and the team, against 132 Cambridge Place and 873 Pacific, 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: $5,410,000 at closing against $5,250,000 in Schedule A (p. 22)+3%
Average closing price4 homes, on their Schedule A square feet$1,198 / SF
Closingsfirst and latest recordedApr 26, 2018 – Jul 16, 2018

Sales recorded with the Department of Finance (ACRIS) through Sep 30, 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 4 closings
HomeRecordedClosing priceSchedule ADifference
2Apr 26, 2018$1,225,000$1,150,000 p. 22+6.5%
3Apr 26, 2018$1,265,000$1,150,000 p. 22+10%
4May 16, 2018$1,295,000$1,300,000 p. 22−0.4%
1Jul 16, 2018$1,625,000$1,650,000 p. 22−1.5%

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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
Rggs Properties, LLC
Principals
Robert Saffayeh, George Saffayeh, Hyun K. Shin, Jack Shin, Brian Shin, Therese McInerney
Tax estimate
The Mazursky Group, Inc.Prepared the first-year real estate tax projection
Construction lender
Ponce BankLender on the mortgage and building loan agreement recorded September 2016 in ACRIS; $4.8 million recorded

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

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