THE CONDO BOOK PROJECT

365-367 Union Avenue Condominium

365-367 Union Avenue, Brooklyn, NY 11211

Overview

Units
14 residential · 4 parking
Subway
1 min walk to Metropolitan Av/Lorimer St G LHewes St J M, 7 min
Principals
Tomer Erlich
Average $/sf
$711Homes in Schedule A, as first offered
Common charges
$262–$370 a monthSponsor's first-year estimate in Schedule A, July 1, 2007 - June 30, 2008
Offering price
$7.54 million total

The sponsor of record is 363 Union, LLC, represented by Turek Roth Mester LLP. The offering plan runs 226 pages. The sponsor has filed 1 amendment, the latest in December 2009. The nearest other condo plan on file is One Powers Street Condominium, next door.

Plan CD070030 · New · accepted Dec 21, 2007 · AG record ↗

Compare

FigureThis building1151-153 Manhattan215 units · 0.4 miaccepted 2006Verdi On Adelphi314 units · 1.6 miaccepted 2006
Common ChargesPer Square Foot / Month$0.40In line$0.19$0.56
Average Offering PricePer Apartment$528,786In line$621,000$465,429
Average PricePer Square Foot$711Above peers$659$682
Property TaxesPer Square Foot / Month$0.06Highest$0.01$0.02
Average Unit SizeSquare Feet743 SFIn line943 SF682 SF

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Unit mix, closings, budgets, finishes and the team, against 151-153 Manhattan and Verdi On Adelphi, 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
363 Union, LLC
Principals
Tomer Erlich
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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