THE CONDO BOOK PROJECT

Kings Place Condominium

398 Kings Highway, Brooklyn, NY 11223

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Overview

Units
51 residential · 26 parking · 1 commercial
Subway
3 min walk to Kings Hwy FKings Hwy N, 6 min
Principals
Aleksandr Zaltsman, Zinoviy Zaltsman
Average $/sf
$761Homes in Schedule A, as first offered
Common charges
$150–$332 a monthSponsor's first-year estimate in Schedule A, October 1, 2022 through September 30, 2023
Offering price
$35.8 million total

The sponsor of record is Kpz LLC, represented by Boris Saks, Esq. Pllc. The offering plan runs 275 pages. The sponsor has filed 5 amendments, the latest in December 2023. The nearest other condo plan on file is Galleria Condominium, next door.

Plan CD210092 · New · accepted Jun 27, 2022 · AG record ↗

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FigureThis building1168 Avenue P230 units · 0.4 miaccepted 2021H7338 units · 1.7 miaccepted 2022
Common ChargesPer Square Foot / Month$0.26Lowest$0.37$0.59
Average Offering PricePer Apartment$662,216In line$719,233$597,526
Average PricePer Square Foot$761Below peers$784$978
Property TaxesPer Square Foot / Month$0.72In line$0.72$0.76
Average Unit SizeSquare Feet870 SFIn line917 SF611 SF

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Unit mix, closings, budgets, finishes and the team, against 168 Avenue P and H7, 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 A51 of 51
Closing prices vs. Schedule A51 homes: $33,773,386 at closing against $33,773,000 in Schedule A (p. 30, p. 31)+0%
Average closing price51 homes, on their Schedule A square feet$761 / SF
Closingsfirst and latest recordedDec 8, 2022 – Mar 8, 2024

Sales recorded with the Department of Finance (ACRIS) through May 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 52 closings
HomeRecordedClosing priceSchedule ADifference
209Dec 8, 2022$677,136$671,000 p. 30+0.9%
503Dec 9, 2022$840,056$854,000 p. 31−1.6%
606Dec 14, 2022$727,745$676,000 p. 31+7.7%
407Dec 15, 2022$430,950$430,000 p. 31+0.2%
608Dec 15, 2022$712,775$670,000 p. 31+6.4%
309Dec 16, 2022$665,936$659,000 p. 30+1.1%
304Dec 19, 2022$666,954$663,000 p. 30+0.6%
401Dec 19, 2022$456,300$465,000 p. 30−1.9%
704Dec 20, 2022$560,038$502,000 p. 31+11.6%
307Dec 21, 2022$425,880$426,000 p. 30−0%
305Dec 22, 2022$427,908$422,000 p. 30+1.4%
406Dec 23, 2022$712,775$662,000 p. 30+7.7%
201Dec 27, 2022$476,580$473,500 p. 30+0.7%
204Dec 27, 2022$712,775$660,000 p. 30+8%
501Dec 28, 2022$464,412$468,000 p. 31−0.8%
502Dec 28, 2022$819,691$792,000 p. 31+3.5%
506Dec 29, 2022$672,045$665,000 p. 31+1.1%
607Dec 29, 2022$845,148$853,000 p. 31−0.9%
603Dec 30, 2022$875,695$866,000 p. 31+1.1%
702Jan 5, 2023$829,874$808,000 p. 31+2.7%
602Jan 6, 2023$824,783$804,000 p. 31+2.6%
207Jan 9, 2023$425,880$423,000 p. 30+0.7%
202Jan 10, 2023$870,604$799,000 p. 30+9%
302Jan 10, 2023$782,921$786,000 p. 30−0.4%
505Jan 25, 2023$430,950$428,000 p. 31+0.7%
504Jan 26, 2023$660,000$668,000 p. 31−1.2%
306Feb 9, 2023$660,844$659,000 p. 30+0.3%
301Feb 14, 2023$456,300$452,000 p. 30+1%
409Feb 14, 2023$728,049$662,000 p. 31+10%
509Feb 15, 2023$712,775$665,000 p. 31+7.2%
205Feb 16, 2023$424,866$419,000 p. 30+1.4%
402Feb 17, 2023$782,921$789,000 p. 30−0.8%
507Feb 21, 2023$439,062$433,000 p. 31+1.4%
705Feb 22, 2023$682,228$679,000 p. 31+0.5%
405Mar 2, 2023$427,908$425,000 p. 30+0.7%
605Mar 3, 2023$432,978$431,000 p. 31+0.5%
701Mar 8, 2023$476,580$480,000 p. 31−0.7%
706Mar 10, 2023$722,958$782,000 p. 31−7.6%
408Mar 14, 2023$880,000$939,000 p. 31−6.3%
CMMar 28, 2023$3,377,093——
601May 5, 2023$471,510$471,000 p. 31+0.1%
703May 8, 2023$781,978$870,000 p. 31−10.1%
303May 17, 2023$829,874$845,000 p. 30−1.8%
203Jun 5, 2023$814,600$843,500 p. 30−3.4%
208Jul 5, 2023$850,239$930,000 p. 30−8.6%
404Jul 19, 2023$677,136$665,000 p. 30+1.8%
508Aug 21, 2023$890,969$942,000 p. 31−5.4%
403Oct 10, 2023$829,874$850,000 p. 30−2.4%
604Oct 27, 2023$677,136$682,000 p. 31−0.7%
707Dec 26, 2023$630,297$674,000 p. 31−6.5%
308Feb 29, 2024$855,000$935,000 p. 30−8.6%
206Mar 8, 2024$641,498$657,000 p. 30−2.4%

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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
Kpz LLC
Principals
Aleksandr Zaltsman, Zinoviy Zaltsman
Construction lender
Investors BankLender on the mortgage and building loan agreement recorded December 2019 in ACRIS; $12 million recorded

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

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