399 Gates Avenue Condominium
399-401 Gates Avenue, Brooklyn, NY 11216
Overview
- Units
- 16 residential · 8 parking
- Subway
- 6 min walk to Bedford-Nostrand Avs GNostrand Av A C, 8 min
- Principals
- Nadav Hamo
- Average $/sf
- $850Homes in Schedule A, as first offered
- Common charges
- $338–$721 a monthSponsor's first-year estimate in Schedule A, Year Projected to Begin: January 1, 2018
- Offering price
- $12 million total $9.9 million when first offered
- Floor plans
- Pages 169–171 of the plan
The sponsor of record is 401 Gates Avenue LLC, represented by The Law Office Of Jay Lichtman, P.C.. The offering plan runs 332 pages. The sponsor has filed 8 amendments, the latest in September 2022. The nearest other condo plan on file is 246 Quincy Street Condominium, next door.
Plan CD170088 · New · accepted Aug 4, 2017 · AG record ↗
Compare
| Figure | This building1 | Clinton House222 units · 0.8 miaccepted 2017 | 129 Stockholm38 units · 1.7 miaccepted 2017 |
|---|---|---|---|
| Common ChargesPer Square Foot / Month | $0.59In line | $0.61 | $0.44 |
| Average Offering PricePer Apartment | $578,478In line | $700,682 | $481,250 |
| Average PricePer Square Foot | $850In line | $1,061 | $707 |
| Property TaxesPer Square Foot / Month | $0.30In line | $0.11 | $0.34 |
| Average Unit SizeSquare Feet | 681 SFIn line | 660 SF | 681 SF |
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Unit mix, closings, budgets, finishes and the team, against Clinton House and 129 Stockholm, cited to the offering plans. No credit card required.
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- 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.
Units & Prices
Closings Pro
| Homes closed100% of the homes in Schedule A | 16 of 16 |
| Closing prices vs. Schedule A16 homes: $10,107,971 at closing against $9,255,650 in Schedule A (p. 28) | +9.2% |
| Average closing price16 homes, on their Schedule A square feet | $928 / SF |
| Closingsfirst and latest recorded | Jan 16, 2020 – Aug 10, 2023 |
Sales recorded with the Department of Finance (ACRIS) through Sep 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 16 closings
| Home | Recorded | Closing price | Schedule A | Difference |
|---|---|---|---|---|
| 3B | Jan 16, 2020 | $565,000 | $502,350 p. 28 | +12.5% |
| 2C | Jan 29, 2020 | $524,399 | $521,900 p. 28 | +0.5% |
| 3D | May 21, 2020 | $554,946 | $527,000 p. 28 | +5.3% |
| 2A | Jun 1, 2020 | $565,129 | $493,000 p. 28 | +14.6% |
| 6A | Jun 24, 2020 | $641,498 | $535,500 p. 28 | +19.8% |
| 3A | Jul 9, 2020 | $515,000 | $493,000 p. 28 | +4.5% |
| 6B | Oct 1, 2020 | $625,000 | $531,250 p. 28 | +17.6% |
| 2B | Oct 21, 2020 | $517,000 | $502,350 p. 28 | +2.9% |
| 4A | Feb 3, 2021 | $530,000 | $493,000 p. 28 | +7.5% |
| 4B | Apr 22, 2021 | $565,000 | $502,350 p. 28 | +12.5% |
| 3C | Dec 5, 2022 | $580,000 | $521,900 p. 28 | +11.1% |
| 5B | Jan 5, 2023 | $1,070,000 | $1,033,600 p. 28 | +3.5% |
| 4C | Feb 2, 2023 | $570,000 | $521,900 p. 28 | +9.2% |
| 4D | Mar 23, 2023 | $610,000 | $527,000 p. 28 | +15.7% |
| 5A | Jun 8, 2023 | $1,095,000 | $1,022,550 p. 28 | +7.1% |
| 2D | Aug 10, 2023 | $580,000 | $527,000 p. 28 | +10.1% |
Pro
Closings are for subscribers
Every home's recorded closing price against its Schedule A price, with the ACRIS document and the plan page.
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
- 401 Gates Avenue LLC
- Principals
- Nadav Hamo
- Tax estimate
- Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
- Construction lender
- Terra Solid Capital$5.85 million recorded
From our research: Do NYC Developers Rehire the Same Firms?
Nearby
- 246 Quincy Street Condominiumnext door · 3 units · 2013
- Nostrand Avenue Condominiumnext door · 20 units · 2019
- 370 Gates Avenue Condominiumnext door · 4 units · 2016
- 368 Gates Avenue Condominiumnext door · 4 units · 2016
- 366 Gates Avenue Condominiumnext door · 8 units · 2018
- 228 Quincy Street Condominiumnext door · 6 units · 2020