THE CONDO BOOK PROJECT

368 Gates Avenue Condominium

368 Gates Avenue, Brooklyn, NY 11216

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Overview

Units
4 residential
Subway
6 min walk to Bedford-Nostrand Avs GNostrand Av A C, 9 min
Principals
Rafael Reihanian
Average $/sf
$991Homes in Schedule A, as first offered
Common charges
$372–$544 a monthSponsor's first-year estimate in Schedule A, April 1, 2017
Offering price
$4.76 million total $4.67 million when first offered

The sponsor of record is 368 Gates Ave, LLC, represented by The Law Office Of Jay Lichtman, P.C.. The offering plan runs 324 pages. The sponsor has filed 1 amendment, the latest in March 2017. The nearest other condo plan on file is 366 Gates Avenue Condominium, next door.

Plan CD160316 · New · accepted Dec 30, 2016 · AG record ↗

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FigureThis building1675 Lafayette24 units · 0.4 miaccepted 2017578 Sterling Place34 units · 0.9 miaccepted 2017
Common ChargesPer Square Foot / Month$0.39In line$0.40$0.36
Average Offering PricePer Apartment$1.17MIn line$872,000$1.18M
Average PricePer Square Foot$991In line$1,013$827
Property TaxesPer Square Foot / Month$0.50In line$0.31$0.85
Average Unit SizeSquare Feet1,179 SFIn line861 SF1,428 SF

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Unit mix, closings, budgets, finishes and the team, against 675 Lafayette and 578 Sterling 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 closed100% of the homes in Schedule A4 of 4
Closing prices vs. Schedule A4 homes: $4,850,943 at closing against $4,673,000 in Schedule A (p. 31)+3.8%
Average closing price4 homes, on their Schedule A square feet$1,029 / SF
Closingsfirst and latest recordedJul 21, 2017 – Aug 3, 2017

Sales recorded with the Department of Finance (ACRIS) through Jul 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 4 closings
HomeRecordedClosing priceSchedule ADifference
1Jul 21, 2017$1,313,543$1,275,000 p. 31+3%
4Jul 27, 2017$1,322,707$1,299,000 p. 31+1.8%
2Aug 2, 2017$1,094,619$999,000 p. 31+9.6%
3Aug 3, 2017$1,120,075$1,100,000 p. 31+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
368 Gates Ave, LLC
Principals
Rafael Reihanian
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection

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

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