THE CONDO BOOK PROJECT

Delta Towers Condominium

4001 New Utrecht Avenue, Brooklyn, NY 11229

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Overview

Units
65 residential · 1 parking · 2 commercial
Subway
4 min walk to 9 Av DFort Hamilton Pkwy D, 4 min
Principals
Xiaohong Chen
Average $/sf
$1,021Homes in Schedule A, as first offered
Common charges
$210–$400 a monthSponsor's first-year estimate in Schedule A, From October 1, 2020 To September 30, 2021
Offering price
$59.4 million total

The sponsor of record is Delta Towers Enterprises LLC, represented by Marcus Attorneys Pllc. The offering plan runs 384 pages. The sponsor has filed 2 amendments, the latest in October 2020. The nearest other condo plan on file is 959 41st Street Condomnium, next door.

Plan CD190404 · New · accepted Sep 2, 2020 · AG record ↗

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FigureThis building1567 Ocean2108 units · 1.8 miaccepted 2019H7338 units · 1.6 miaccepted 2022
Common ChargesPer Square Foot / Month$0.43Lowest$0.64$0.59
Average Offering PricePer Apartment$643,077In line$677,778$597,526
Average PricePer Square Foot$1,021Above peers$928$978
Property TaxesPer Square Foot / Month$0.02Lowest$1.01$0.76
Average Unit SizeSquare Feet630 SFIn line730 SF611 SF

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Unit mix, closings, budgets, finishes and the team, against 567 Ocean 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 closed17% of the homes in Schedule A11 of 65
Closing prices vs. Schedule A11 homes: $6,373,731 at closing against $7,791,000 in Schedule A (p. 34, p. 35)−18.2%
Average closing price11 homes, on their Schedule A square feet$822 / SF
Closingsfirst and latest recordedSep 29, 2021 – Dec 20, 2023

Sales recorded with the Department of Finance (ACRIS) through Dec 31, 2025: 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 11 closings
HomeRecordedClosing priceSchedule ADifference
6ISep 29, 2021$560,090$576,000 p. 35−2.8%
5NNov 23, 2021$667,526$726,000 p. 35−8.1%
6HNov 23, 2021$585,494$575,000 p. 35+1.8%
6GJan 7, 2022$548,837$575,000 p. 35−4.6%
5LJan 25, 2022$580,403$572,000 p. 35+1.5%
3MFeb 10, 2022$680,000$978,000 p. 34−30.5%
4MFeb 10, 2022$680,000$980,000 p. 34−30.6%
5MFeb 10, 2022$700,570$982,000 p. 35−28.7%
3LFeb 16, 2022$458,213$568,000 p. 34−19.3%
5KApr 1, 2022$456,300$572,000 p. 35−20.2%
5ADec 20, 2023$456,300$687,000 p. 34−33.6%

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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
Delta Towers Enterprises LLC
Principals
Xiaohong Chen
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Cathay BankLender on the mortgage and building loan agreement recorded February 2018 in ACRIS; $25 million recorded

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

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