THE CONDO BOOK PROJECT

Orson

402 Union Avenue, Brooklyn, NY 11211

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Overview

Units
6 residential
Subway
1 min walk to Metropolitan Av/Lorimer St G LGraham Av L, 9 min
Principals
Joseph Banda
Average $/sf
$1,827Homes in Schedule A, as first offered
Common charges
$592–$711 a monthSponsor's first-year estimate in Schedule A, January 1, 2026 - December 31, 2026
Offering price
$14.6 million total $13.6 million when first offered

The sponsor of record is 402 Union Associates LLC, represented by Law Office Of Hershy Itzkowitz, P.C.. The offering plan runs 310 pages. The sponsor has filed 1 amendment, the latest in September 2025. The nearest other condo plan on file is 95 Ainslie Street Condominium, next door.

Plan CD250083 · New · accepted Aug 21, 2025 · AG record ↗

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FigureThis building119 North Henry25 units · 0.7 miaccepted 2025109 Devoe39 units · 0.3 miaccepted 2025
Common ChargesPer Square Foot / Month$0.51In line$0.66$0.48
Average Offering PricePer Apartment$2.27MHighest$1.77M$1.88M
Average PricePer Square Foot$1,827Above peers$1,788$1,729
Property TaxesPer Square Foot / Month$1.26In line$1.23$1.46
Average Unit SizeSquare Feet1,241 SFLarger989 SF1,089 SF

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Unit mix, closings, budgets, finishes and the team, against 19 North Henry and 109 Devoe, 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 A6 of 6
Closing prices vs. Schedule A6 homes: $13,462,000 at closing against $13,602,000 in Schedule A (p. 37)−1%
Average closing price6 homes, on their Schedule A square feet$1,809 / SF
Closingsfirst and latest recordedDec 22, 2025 – Jul 10, 2026

Sales recorded with the Department of Finance (ACRIS) through Jul 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 6 closings
HomeRecordedClosing priceSchedule ADifference
4Dec 22, 2025$2,030,000$1,999,000 p. 37+1.6%
3Jan 7, 2026$1,995,000$1,985,000 p. 37+0.5%
PH2Feb 13, 2026$2,750,000$2,850,000 p. 37−3.5%
1Feb 17, 2026$1,817,000$1,799,000 p. 37+1%
2Mar 30, 2026$1,970,000$1,970,000 p. 370%
PH1Jul 10, 2026$2,900,000$2,999,000 p. 37−3.3%

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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
402 Union Associates LLC
Principals
Joseph Banda
Tax estimate
Re Tax ServicePrepared the first-year real estate tax projection
Construction lender
S3 Capital$3.8 million loan stated in the plan

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

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