THE CONDO BOOK PROJECT

395 Atlantic Avenue Condominium

395 Atlantic Avenue, Brooklyn, NY 11217

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Overview

Units
2 residential · 1 commercial
Subway
3 min walk to Hoyt-Schermerhorn Sts A C GHoyt St 2 3, 6 min
Principals
Rachel Surizon
Common charges
$733–$1,189 a monthSponsor's first-year estimate in Schedule A, July 1, 2021- June 30, 2022
Offering price
$8.65 million total

The sponsor of record is 395 Atlantic Holdings LLC, represented by The Law Office Of Jay Lichtman, P.C.. The offering plan runs 334 pages. The sponsor has filed 1 amendment, the latest in November 2021. The nearest other condo plan on file is 362 State Street Condominium, next door.

Plan CD200299 · Rehab · accepted Jun 7, 2021 · AG record ↗

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FigureThis building1404 Degraw22 units · 0.5 miaccepted 2021577 5th32 units · 1.4 miaccepted 2020
Average Offering PricePer Apartment$3.35MAbove peers$3.25M$3M

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Unit mix, closings, budgets, finishes and the team, against 404 Degraw and 577 5th, 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: $7,008,000 at closing against $6,700,000 in Schedule A (p. 33)+4.6%
Closingsfirst and latest recordedMay 20, 2022 – May 23, 2022

Sales recorded with the Department of Finance (ACRIS) through Aug 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 2 closings
HomeRecordedClosing priceSchedule ADifference
3May 20, 2022$4,308,000$3,950,000 p. 33+9.1%
2May 23, 2022$2,700,000$2,750,000 p. 33−1.8%

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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
395 Atlantic Holdings LLC
Principals
Rachel Surizon
Tax estimate
RE Tax Service, LLCPrepared the first-year real estate tax projection
Construction lender
Country Bank

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

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