THE CONDO BOOK PROJECT

49 East 4th Street Condominium

49 East 4th Street, Brooklyn, NY 11218

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Overview

Units
6 residential · 4 parking · 4 storage
Subway
5 min walk to Fort Hamilton Pkwy F GChurch Av F G, 11 min
Principals
Elizabeth McDonald, Jason Blauvelt, Rocco Basile
Average $/sf
$1,179Homes in Schedule A, as first offered
Common charges
$378–$432 a monthSponsor's first-year estimate in Schedule A, For the Period July 1, 2021 through June 30, 2022
Offering price
$8.91 million total $7.52 million when first offered

The sponsor of record is 49 East 4th Street LLC, represented by Rosen Law LLC. The offering plan runs 408 pages. The sponsor has filed 5 amendments, the latest in November 2022. The nearest other condo plan on file is 35 East 4th Street Condo, next door.

Plan CD200301 · New · accepted Mar 24, 2021 · AG record ↗

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FigureThis building1201 23rd26 units · 1.2 miaccepted 2021182 Minna36 units · 0.7 miaccepted 2022
Common ChargesPer Square Foot / Month$0.33Below peers$0.39$0.34
Average Offering PricePer Apartment$1.42MBelow peers$1.8M$1.43M
Average PricePer Square Foot$1,179In line$1,359$1,178
Property TaxesPer Square Foot / Month$0.55In line$0.67$0.33
Average Unit SizeSquare Feet1,207 SFSmaller1,323 SF1,210 SF

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Unit mix, closings, budgets, finishes and the team, against 201 23rd and 182 Minna, 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 closed83% of the homes in Schedule A5 of 6
Closing prices vs. Schedule A5 homes: $7,650,112 at closing against $7,187,000 in Schedule A (p. 51)+6.4%
Average closing price5 homes, on their Schedule A square feet$1,274 / SF
Closingsfirst and latest recordedFeb 28, 2022 – May 25, 2023

Sales recorded with the Department of Finance (ACRIS) through Jun 30, 2026: 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 5 closings
HomeRecordedClosing priceSchedule ADifference
1AFeb 28, 2022$1,526,357$1,499,000 p. 51+1.8%
1BMar 3, 2022$1,653,638$1,549,000 p. 51+6.8%
2BMar 3, 2022$1,522,284$1,395,000 p. 51+9.1%
3BMar 22, 2022$1,420,459$1,395,000 p. 51+1.8%
3AMay 25, 2023$1,527,375$1,349,000 p. 51+13.2%

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Closings are for subscribers

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
49 East 4th Street LLC
Principals
Elizabeth McDonald, Jason Blauvelt, Rocco Basile
Tax estimate
Rosen Law, LLCPrepared the first-year real estate tax projection
Construction lender
Midfirst Bank$3.4 million recorded

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

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