THE CONDO BOOK PROJECT

702 44th St./One Sunset Park Condo

4401 Seventh Avenue A/K/A 702 44th Street, Brooklyn, NY 11220

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Overview

Units
54 residential
Subway
10 min walk to 45 St RFort Hamilton Pkwy D, 11 min
Developers
Sierra Realty Corp., Six Sons LLC
Principals
James R. Wacht, Paul J. Klausner, Peter Braus
Offering price
$21.4 million total

The sponsor of record is 4401 Sunset Holdings, LLC, represented by Goldstick, Weinberger, Feldman, Etal P.C.. The offering plan runs 314 pages. The sponsor has filed 15 amendments, the latest in April 2018. The nearest other condo plan on file is Pln Condominium, next door.

Plan CD070593 · Conversion · accepted Sep 4, 2008 · AG record ↗

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FigureThis building1Hang Seng Tower226 units · 0.7 miaccepted 2008Forum325 units · 0.8 miaccepted 2008
Average Offering PricePer Apartment$397,093Lowest$663,439$690,600

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Unit mix, closings, budgets, finishes and the team, against Hang Seng Tower and Forum, 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.

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
4401 Sunset Holdings, LLC
Developers
Sierra Realty Corp., Six Sons LLC
Principals
James R. Wacht, Paul J. Klausner, Peter Braus
Tax estimate
Podell, Schwartz, Schecter & Banfield, LLPPrepared the first-year real estate tax projection
Construction lender
North Fork BankLender on the mortgage and building loan agreement recorded December 2006 in ACRIS; $6.79 million recorded

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

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