THE CONDO BOOK PROJECT

457 Prospect Place Condominium

457 Prospect Place, Brooklyn, NY 11238

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Overview

Units
8 residential · 8 storage
Subway
4 min walk to Park Pl SEastern Pkwy-Brooklyn Museum 2 3, 11 min
Principals
Isaac Broyn
Offering price
$6.64 million total

The sponsor of record is #1 Prospect Developers, LLC, represented by Stein & Farkas LLP. The offering plan runs 152 pages. The sponsor has filed 3 amendments, the latest in March 2008. The nearest other condo plan on file is Renaissance On Prospect Condominium, next door.

Plan CD060260 · New · accepted Mar 2, 2007 · AG record ↗

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FigureThis building1424 Lafayette27 units · 0.9 miaccepted 2007372 12th36 units · 1.4 miaccepted 2007
Average Offering PricePer Apartment$830,000Highest$612,575$625,500

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Unit mix, closings, budgets, finishes and the team, against 424 Lafayette and 372 12th, 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
#1 Prospect Developers, LLC
Principals
Isaac Broyn
Tax estimate
Moseson & Associates, PropertyPrepared the first-year real estate tax projection

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

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