THE CONDO BOOK PROJECT

394 Vanderbilt Avenue Condominium

394 Vanderbilt Avenue, Brooklyn, NY 11238

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Overview

Units
5 residential
Subway
4 min walk to Clinton-Washington Avs CClinton-Washington Avs G, 4 min
Principals
William Caleo, Lyndsay Caleo, Zachary Stern
Average $/sf
$1,170Homes in Schedule A, as first offered
Common charges
$395–$511 a monthSponsor's first-year estimate in Schedule A, From June 1, 2020 To May 31, 2021
Offering price
$10.4 million total

The sponsor of record is 394-396 Vanderbilt Ave NY Corp., represented by Marcus Attorneys. The offering plan runs 338 pages. The sponsor has filed 1 amendment, the latest in June 2020. The nearest other condo plan on file is 415 Clermont Avenue Condominium, next door.

Plan CD190254 · Rehab · accepted Mar 31, 2020 · AG record ↗

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FigureThis building11007 Bergen24 units · 1 miaccepted 2020127 Putnam36 units · 0.6 miaccepted 2020
Common ChargesPer Square Foot / Month$0.26In line$0.25$0.33
Average Offering PricePer Apartment$2.08MHighest$1.28M$988,333
Average PricePer Square Foot$1,170In line$1,100$1,213
Property TaxesPer Square Foot / Month$0.33In line$0.41$0.18
Average Unit SizeSquare Feet1,780 SFLargest1,163 SF815 SF

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Unit mix, closings, budgets, finishes and the team, against 1007 Bergen and 127 Putnam, 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: $10,494,000 at closing against $10,410,000 in Schedule A (p. 33)+0.8%
Average closing price5 homes, on their Schedule A square feet$1,179 / SF
Closingsfirst and latest recordedOct 23, 2020 – Mar 26, 2021

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 5 closings
HomeRecordedClosing priceSchedule ADifference
2Oct 23, 2020$2,570,000$2,495,000 p. 33+3%
PHOct 23, 2020$2,175,000$1,950,000 p. 33+11.5%
3Feb 1, 2021$2,600,000$2,695,000 p. 33−3.5%
1NMar 9, 2021$1,699,000$1,795,000 p. 33−5.3%
1SMar 26, 2021$1,450,000$1,475,000 p. 33−1.7%

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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
394-396 Vanderbilt Ave NY Corp.
Principals
William Caleo, Lyndsay Caleo, Zachary Stern
Tax estimate
The Mazursky Group, Inc.Prepared the first-year real estate tax projection

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

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