THE CONDO BOOK PROJECT

389 Sumpter Street Condominium

389 Sumpter Street, Brooklyn, NY 11233

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Overview

Units
8 residential
Subway
5 min walk to Chauncey St J ZRockaway Av C, 6 min
Principals
Eliahu Nahman
Average $/sf
$927Homes in Schedule A, as first offered
Common charges
$268–$509 a monthSponsor's first-year estimate in Schedule A, July 1, 2021- June 30, 2021
Offering price
$4.27 million total $4.29 million when first offered

The sponsor of record is 389 Sumpter St LLC, represented by The Law Office Of Jay Lichtman, P.C.. The offering plan runs 343 pages. The sponsor has filed 3 amendments, the latest in March 2023. The nearest other condo plan on file is 483 Marion Street Condominium, next door.

Plan CD200229 · New · accepted Dec 31, 2020 · AG record ↗

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FigureThis building188 Marion28 units · 0.9 miaccepted 202126 Goodwin Place37 units · 1 miaccepted 2020
Common ChargesPer Square Foot / Month$0.53In line$0.57$0.50
Average Offering PricePer Apartment$536,250Below peers$650,250$594,714
Average PricePer Square Foot$927Below peers$950$946
Property TaxesPer Square Foot / Month$0.06Lowest$0.79$0.97
Average Unit SizeSquare Feet579 SFSmaller685 SF629 SF

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Unit mix, closings, budgets, finishes and the team, against 88 Marion and 26 Goodwin 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 closed0% of the homes in Schedule A0 of 8

Sales recorded with the Department of Finance (ACRIS) through Jun 30, 2023: 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.

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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
389 Sumpter St LLC
Principals
Eliahu Nahman
Tax estimate
RE Tax Service, LLCPrepared the first-year real estate tax projection
Construction lender
Community Federal Savings Bank$1.88 million recorded

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

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