THE CONDO BOOK PROJECT

382 Keap Street Condominum

382 Keap Street, Brooklyn, NY 11211

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Overview

Units
2 residential
Subway
4 min walk to Metropolitan Av/Lorimer St G LHewes St J M, 6 min
Principals
Abraham Schiff
Average $/sf
$1,088Homes in Schedule A, as first offered
Common charges
$383–$385 a monthSponsor's first-year estimate in Schedule A, 7/1/2021 - 6/30/2022
Offering price
$5.5 million total $5 million when first offered

The sponsor of record is South 2nd Equities LLC, represented by Law Offices Of Hershy Itzkowitz, P.C.. The offering plan runs 311 pages. The sponsor has filed 2 amendments, the latest in November 2021. The nearest other condo plan on file is Grand Condominium, next door.

Plan CD200204 · New · accepted Feb 5, 2021 · AG record ↗

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FigureThis building1533 Throop22 units · 1.9 miaccepted 2021545 Lexington Townhouses32 units · 1.6 miaccepted 2021
Common ChargesPer Square Foot / Month$0.17Lowest$0.42$0.42
Average Offering PricePer Apartment$2.5MHighest$1.73M$1.52M
Average PricePer Square Foot$1,088Above peers$1,053$972
Property TaxesPer Square Foot / Month$0.67In line$0.93$0.20
Average Unit SizeSquare Feet2,297 SFLargest1,638 SF1,569 SF

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Unit mix, closings, budgets, finishes and the team, against 533 Throop and 545 Lexington Townhouses, 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 A2 of 2
Closing prices vs. Schedule A2 homes: $5,570,124 at closing against $5,000,000 in Schedule A (p. 31)+11.4%
Average closing price2 homes, on their Schedule A square feet$1,212 / SF
Closingsfirst and latest recordedSep 1, 2021 – Jan 31, 2022

Sales recorded with the Department of Finance (ACRIS) through Mar 31, 2025: 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 2 closings
HomeRecordedClosing priceSchedule ADifference
1Sep 1, 2021$2,571,124$2,500,000 p. 31+2.8%
2Jan 31, 2022$2,999,000$2,500,000 p. 31+20%

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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
South 2nd Equities LLC
Principals
Abraham Schiff
Tax estimate
Metropolitan Realty, IncPrepared the first-year real estate tax projection
Construction lender
ICE Lender Holdings$3.01 million loan stated in the plan

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

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