THE CONDO BOOK PROJECT

476 Union Avenue

476 Union Avenue, Brooklyn, NY 11211

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Overview

Units
9 residential
Subway
1 min walk to Metropolitan Av/Lorimer St G LBedford Av L, 8 min
Principals
Justin Meshberg, Mark DeSpirito
Average $/sf
$1,301Homes in Schedule A, as first offered
Common charges
$514–$1,817 a monthSponsor's first-year estimate in Schedule A, July 1, 2016 to June 30, 2017
Offering price
$2.53 million total $9.41 million when first offered

The sponsor of record is 476 Union Avenue, LLC & Jmmd 476 LLC, represented by D'Agostino, Levine, Landesman & Lederman, LLP. The offering plan runs 403 pages. The sponsor has filed 9 amendments, the latest in September 2024. The nearest other condo plan on file is Astral Condominium, next door.

Plan CD150167 · Rehab · accepted Oct 1, 2015 · AG record ↗

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FigureThis building141 Newel27 units · 0.7 miaccepted 2018Polhemus Residences317 units · 3 miaccepted 2016
Common ChargesPer Square Foot / Month$1.23In line$0.63$1.42
Average Offering PricePer Apartment$1.05MIn line$890,714$3.94M
Average PricePer Square Foot$1,301In line$1,127$1,684
Average Unit SizeSquare Feet804 SFIn line790 SF2,338 SF

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Unit mix, closings, budgets, finishes and the team, against 41 Newel and Polhemus Residences, 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 A9 of 9
Closing prices vs. Schedule A9 homes: $8,558,834 at closing against $9,415,000 in Schedule A (p. 45)−9.1%
Average closing price9 homes, on their Schedule A square feet$1,183 / SF
Closingsfirst and latest recordedSep 25, 2018 – Jan 10, 2025

Sales recorded with the Department of Finance (ACRIS) through Sep 30, 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 9 closings
HomeRecordedClosing priceSchedule ADifference
1ASep 25, 2018$499,000$550,000 p. 45−9.3%
3ASep 27, 2018$700,000$835,000 p. 45−16.2%
6ASep 28, 2018$1,200,000$1,425,000 p. 45−15.8%
1BOct 1, 2018$1,550,000$1,650,000 p. 45−6.1%
2AOct 1, 2018$698,000$825,000 p. 45−15.4%
4AOct 1, 2018$725,000$845,000 p. 45−14.2%
3BOct 12, 2018$771,834$875,000 p. 45−11.8%
5ADec 20, 2024$1,525,000$1,525,000 p. 450%
4BJan 10, 2025$890,000$885,000 p. 45+0.6%

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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
476 Union Avenue, LLC & Jmmd 476 LLC
Principals
Justin Meshberg, Mark DeSpirito
Tax estimate
Aaron Valuation Inc.Prepared the first-year real estate tax projection

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

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