THE CONDO BOOK PROJECT

450 Hart Street Condominium

450 Hart Street, Brooklyn, NY 11221

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Overview

Units
6 residential
Subway
5 min walk to Myrtle Av J M ZKosciuszko St J, 6 min
Principals
Hai Feng Mai
Average $/sf
$1,533Homes in Schedule A, as first offered
Offering price
$5.68 million total

The sponsor of record is 450 Hart Street LLC, represented by Law Offices Of Hershy Itzkowitz, P.C.. The offering plan runs 328 pages. The sponsor has filed 3 amendments, the latest in December 2020. The nearest other condo plan on file is 417-419 Hart Street Condominium, next door.

Plan CD190190 · Rehab · accepted Dec 12, 2019 · AG record ↗

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FigureThis building1228 Quincy26 units · 1.2 miaccepted 2020844 Quincy37 units · 0.5 miaccepted 2019
Common ChargesPer Square Foot / Month$0.39Lowest$0.54$0.65
Average Offering PricePer Apartment$946,667Highest$690,833$750,364
Average PricePer Square Foot$1,533Highest$1,234$1,171
Average Unit SizeSquare Feet618 SFIn line560 SF641 SF

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Unit mix, closings, budgets, finishes and the team, against 228 Quincy and 844 Quincy, 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: $4,396,800 at closing against $5,680,000 in Schedule A (p. 35)−22.6%
Average closing price6 homes, on their Schedule A square feet$1,187 / SF
Closingsfirst and latest recordedMar 3, 2021 – Jul 15, 2021

Sales recorded with the Department of Finance (ACRIS) through May 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 6 closings
HomeRecordedClosing priceSchedule ADifference
3AMar 3, 2021$439,000$499,000 p. 35−12%
3BMar 12, 2021$780,000$945,000 p. 35−17.5%
2BMar 26, 2021$899,000$1,149,000 p. 35−21.8%
1AApr 1, 2021$559,000$769,000 p. 35−27.3%
2AMay 28, 2021$780,000$969,000 p. 35−19.5%
1BJul 15, 2021$939,800$1,349,000 p. 35−30.3%

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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
450 Hart Street LLC
Principals
Hai Feng Mai
Tax estimate
Metropolitan Realty Exemptions, IncPrepared the first-year real estate tax projection

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

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