THE CONDO BOOK PROJECT

373 Prospect Place Condominium

373 Prospect Place, Brooklyn, NY 11238

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Overview

Units
6 residential
Subway
8 min walk to Park Pl SEastern Pkwy-Brooklyn Museum 2 3, 10 min
Principals
Royi Hazan
Average $/sf
$1,308Homes in Schedule A, as first offered
Common charges
$352–$554 a monthSponsor's first-year estimate in Schedule A, July 1, 2022 - June 30, 2023
Offering price
$11.7 million total $11.2 million when first offered

The sponsor of record is 373 Prospect Pl Condo LLC, represented by Jeffrey Zwick & Associates, P.C.. The offering plan runs 341 pages. The sponsor has filed 3 amendments, the latest in April 2023. The nearest other condo plan on file is Three Seventy Five Condominiums, next door.

Plan CD210242 · New · accepted Mar 10, 2022 · AG record ↗

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FigureThis building1350 Bergen27 units · 0.9 miaccepted 2022508 Waverly36 units · 0.4 miaccepted 2022
Common ChargesPer Square Foot / Month$0.33Lowest$0.75$0.69
Average Offering PricePer Apartment$1.87MHighest$1.35M$1.08M
Average PricePer Square Foot$1,308In line$1,355$1,164
Property TaxesPer Square Foot / Month$1.01In line$1.33$0.66
Average Unit SizeSquare Feet1,432 SFLargest996 SF930 SF

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Unit mix, closings, budgets, finishes and the team, against 350 Bergen and 508 Waverly, 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: $11,479,074 at closing against $11,239,000 in Schedule A (p. 31)+2.1%
Average closing price6 homes, on their Schedule A square feet$1,336 / SF
Closingsfirst and latest recordedMay 31, 2023 – Aug 25, 2023

Sales recorded with the Department of Finance (ACRIS) through Jun 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
2RMay 31, 2023$1,686,033$1,525,000 p. 31+10.6%
4RJun 9, 2023$2,075,000$1,999,000 p. 31+3.8%
3FJun 26, 2023$2,548,041$1,990,000 p. 31+28%
1RJul 13, 2023$1,875,000$2,400,000 p. 31−21.9%
1FJul 31, 2023$1,670,000$1,750,000 p. 31−4.6%
3RAug 25, 2023$1,625,000$1,575,000 p. 31+3.2%

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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
373 Prospect Pl Condo LLC
Principals
Royi Hazan
Tax estimate
RE Tax ServicePrepared the first-year real estate tax projection
Construction lender
Bayport Funding$4.84 million recorded

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

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