THE CONDO BOOK PROJECT

372 12th Street Condominium

372 12th Street, Brooklyn, NY 11215

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Overview

Units
6 residential
Subway
4 min walk to 7 Av F G4 Av-9 St F G R, 10 min
Principals
Semyon Vays, Mark Zeldin, Irina Vays
Common charges
$186–$266 a monthSponsor's first-year estimate in Schedule A, April 1, 2009 - March 31, 2010
Offering price
$3.69 million total

The sponsor of record is Ps 67 Development, LLC, represented by Harold L. Gruber, P.C.. The offering plan runs 230 pages. The sponsor has filed 7 amendments, the latest in November 2010. The nearest other condo plan on file is 370 12th Street Condominium, next door.

Plan CD070131 · New · accepted Jul 26, 2007 · AG record ↗

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FigureThis building1Tiffany D Condominiums26 units · 1.6 miaccepted 2007Moderne-Art Condos37 units · 0.2 miaccepted 2008
Average Offering PricePer Apartment$625,500In line$774,167$505,286

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Unit mix, closings, budgets, finishes and the team, against Tiffany D Condominiums and Moderne-Art Condos, 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 A6 of 6
Closing prices vs. Schedule A6 homes: $3,175,570 at closing against $3,753,000 in Schedule A (p. 4)−15.4%
Closingsfirst and latest recordedApr 28, 2009 – Mar 30, 2011

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 6 closings
HomeRecordedClosing priceSchedule ADifference
1Apr 28, 2009$390,390$495,000 p. 4−21.1%
2May 28, 2009$580,000$695,000 p. 4−16.5%
3Oct 27, 2009$675,000$795,000 p. 4−15.1%
4Jan 22, 2010$630,000$770,000 p. 4−18.2%
5Jun 11, 2010$375,180$399,000 p. 4−6%
6Mar 30, 2011$525,000$599,000 p. 4−12.4%

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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
Ps 67 Development, LLC
Principals
Semyon Vays, Mark Zeldin, Irina Vays
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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