THE CONDO BOOK PROJECT

479 Monroe Street Condominium

479 Monroe Street, Brooklyn, NY 11221

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Overview

Units
7 residential
Subway
13 min walk to Kingston-Throop Avs CUtica Av A C, 15 min
Developer
G.S.N. Equities, Inc.
Principals
Victor Nissim
Average $/sf
$939Homes in Schedule A, as first offered
Common charges
$267–$609 a monthSponsor's first-year estimate in Schedule A, January 1, 2021 - December 31, 2021
Offering price
$4.28 million total $3.79 million when first offered

The sponsor of record is Gsn-Lng LLC, represented by Tsyngauz & Associates, P.C.. The offering plan runs 284 pages. The sponsor has filed 3 amendments, the latest in November 2022. The nearest other condo plan on file is 481 Monroe Street Condominium, next door.

Plan CD180469 · New · accepted Jun 17, 2020 · AG record ↗

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FigureThis building126 Goodwin Place27 units · 0.8 miaccepted 2020778 Marcy36 units · 0.5 miaccepted 2020
Common ChargesPer Square Foot / Month$0.56Above peers$0.50$0.52
Average Offering PricePer Apartment$591,714Below peers$594,714$666,667
Average PricePer Square Foot$939Below peers$946$993
Property TaxesPer Square Foot / Month$1.24Highest$0.97$0.47
Average Unit SizeSquare Feet630 SFIn line629 SF671 SF

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Unit mix, closings, budgets, finishes and the team, against 26 Goodwin Place and 778 Marcy, 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 A7 of 7
Closing prices vs. Schedule A7 homes: $4,029,930 at closing against $4,142,000 in Schedule A (p. 35)−2.7%
Average closing price7 homes, on their Schedule A square feet$913 / SF
Closingsfirst and latest recordedDec 19, 2022 – Jun 1, 2023

Sales recorded with the Department of Finance (ACRIS) through May 31, 2024: 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 7 closings
HomeRecordedClosing priceSchedule ADifference
3RDec 19, 2022$455,000$520,000 p. 35−12.5%
4RDec 20, 2022$649,000$629,000 p. 35+3.2%
2RDec 23, 2022$465,000$489,000 p. 35−4.9%
2FDec 28, 2022$480,000$449,000 p. 35+6.9%
4FDec 30, 2022$501,930$515,000 p. 35−2.5%
3FFeb 15, 2023$490,000$515,000 p. 35−4.9%
1Jun 1, 2023$989,000$1,025,000 p. 35−3.5%

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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
Gsn-Lng LLC
Developer
G.S.N. Equities, Inc.
Principals
Victor Nissim
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Bayport Funding$1.65 million loan stated in the plan

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

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