THE CONDO BOOK PROJECT

394 Kosciuszko Street Condominium

394 Kosciuszko Street, Brooklyn, NY 11221

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Overview

Units
8 residential
Subway
11 min walk to Myrtle Av J M ZKosciuszko St J, 11 min
Principals
Hai Feng Mai
Average $/sf
$1,150Homes in Schedule A, as first offered
Common charges
$210–$401 a monthSponsor's first-year estimate in Schedule A, January 1, 2022 - December 31, 2022
Offering price
$5.47 million total

The sponsor of record is 394 Kosciuszko Developments LLC**, represented by Law Offices Of Hershy Itzkowitz, P.C.. The offering plan runs 303 pages. The sponsor has filed 1 amendment, the latest in April 2022. The nearest other condo plan on file is The Brick Loft, next door.

Plan CD200312 · New · accepted Jul 2, 2021 · AG record ↗

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FigureThis building1689 Quincy28 units · 0.4 miaccepted 202125 Quincy310 units · 1.2 miaccepted 2021
Common ChargesPer Square Foot / Month$0.27Lowest$0.52$0.35
Average Offering PricePer Apartment$1.09MAbove peers$756,000$993,500
Average PricePer Square Foot$1,150In line$1,011$1,168
Property TaxesPer Square Foot / Month$0.34In line$0.65$0.34
Average Unit SizeSquare Feet945 SFLarger748 SF851 SF

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Unit mix, closings, budgets, finishes and the team, against 689 Quincy and 25 Quincy, 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 A5 of 5
Closing prices vs. Schedule A5 homes: $4,621,293 at closing against $5,436,270 in Schedule A (p. 33)−15%
Average closing price5 homes, on their Schedule A square feet$978 / SF
Closingsfirst and latest recordedJul 26, 2022 – Aug 9, 2022

Sales recorded with the Department of Finance (ACRIS) through Aug 31, 2022: 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 5 closings
HomeRecordedClosing priceSchedule ADifference
1Jul 26, 2022$1,125,000$1,305,590 p. 33−13.8%
2Jul 27, 2022$865,000$1,047,650 p. 33−17.4%
3Jul 28, 2022$910,735$1,047,650 p. 33−13.1%
4BJul 28, 2022$867,848$1,017,690 p. 33−14.7%
4AAug 9, 2022$852,711$1,017,690 p. 33−16.2%

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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
394 Kosciuszko Developments LLC**
Principals
Hai Feng Mai
Tax estimate
RE . Tax Service, IncPrepared the first-year real estate tax projection

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

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