THE CONDO BOOK PROJECT

383 Manhattan Avenue Condominium

383 Manhattan Avenue, Brooklyn, NY 11211

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Overview

Units
6 residential
Subway
6 min walk to Graham Av LMetropolitan Av/Lorimer St G L, 7 min
Developer
Winchester Equities
Principals
Alberto (Avi) Benamu, Jack Hazan
Average $/sf
$1,334Homes in Schedule A, as first offered
Common charges
$281–$616 a monthSponsor's first-year estimate in Schedule A, July 1, 2021 - June 30, 2022
Offering price
$56.6 million total $5.65 million when first offered

The sponsor of record is 383 Manhattan LLC, represented by The Law Office Of Claudia V. Murdoch, P.C.. The offering plan runs 256 pages. The sponsor has filed 1 amendment, the latest in October 2021. The nearest other condo plan on file is 390 Manhattan Avenue Condominium, next door.

Plan CD200006 · New · accepted Mar 8, 2021 · AG record ↗

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FigureThis building179 Powers27 units · 0.4 miaccepted 202181 Powers37 units · 0.4 miaccepted 2021
Common ChargesPer Square Foot / Month$0.46In line$0.46$0.39
Average Offering PricePer Apartment$1.13MHighest$970,714$977,857
Average PricePer Square Foot$1,334Below peers$1,376$1,386
Property TaxesPer Square Foot / Month$1.39Highest$0.86$0.90
Average Unit SizeSquare Feet824 SFLargest705 SF705 SF

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Unit mix, closings, budgets, finishes and the team, against 79 Powers and 81 Powers, 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 A3 homes: $2,281,524 at closing against $2,606,903 in Schedule A (p. 33)−12.5%
Average closing price4 homes, on their Schedule A square feet$979 / SF
Closingsfirst and latest recordedJul 8, 2022 – Jun 27, 2024

Sales recorded with the Department of Finance (ACRIS) through Jan 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 6 closings
HomeRecordedClosing priceSchedule ADifference
2AJul 8, 2022$721,524$812,370 p. 33−11.2%
1AJul 21, 2022$1,429,000——
3AJul 27, 2022$735,000$789,711 p. 33−6.9%
4ANov 4, 2022$1,185,000——
3BDec 7, 2022$825,000$1,004,822 p. 33−17.9%
2BJun 27, 2024$325,000——

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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
383 Manhattan LLC
Developer
Winchester Equities
Principals
Alberto (Avi) Benamu, Jack Hazan
Tax estimate
MGNY ConsultingPrepared the first-year real estate tax projection
Construction lender
S3 CapitalLender on the mortgage and building loan agreement recorded June 2019 in ACRIS; $2.55 million recorded

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

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