THE CONDO BOOK PROJECT

490 Lorimer Street Condominium

490 Lorimer Street, Brooklyn, NY 11211

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Overview

Units
9 residential · 1 parking
Subway
3 min walk to Metropolitan Av/Lorimer St G LGraham Av L, 9 min
Developer
HESY, LLC
Principals
Junghe Kim, Junie Jung, Han Soon Yom
Average $/sf
$1,602Homes in Schedule A, as first offered
Common charges
$319–$795 a monthSponsor's first-year estimate in Schedule A, July 1, 2023 to June 30, 2024
Offering price
$11.7 million total

The sponsor of record is Hesy Diamond, LLC, represented by Moritt Hock & Hamroff, LLP. The offering plan runs 328 pages. The sponsor has filed 2 amendments, the latest in June 2024. The nearest other condo plan on file is Lorimer Street Condominium, next door.

Plan CD210036 · New · accepted Jul 6, 2023 · AG record ↗

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FigureThis building1The Lorimer Collective27 units · 0.2 miaccepted 2023392 Graham38 units · 0.4 miaccepted 2024
Common ChargesPer Square Foot / Month$0.57Highest$0.48$0.47
Average Offering PricePer Apartment$1.39MAbove peers$1.27M$1.32M
Average PricePer Square Foot$1,602In line$1,689$1,521
Property TaxesPer Square Foot / Month$0.95Highest$0.66$0.77
Average Unit SizeSquare Feet869 SFIn line752 SF869 SF

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Unit mix, closings, budgets, finishes and the team, against The Lorimer Collective and 392 Graham, 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 A8 homes: $10,020,712 at closing against $10,023,000 in Schedule A (p. 43)−0%
Average closing price8 homes, on their Schedule A square feet$1,560 / SF
Closingsfirst and latest recordedDec 1, 2023 – Sep 11, 2024

Sales recorded with the Department of Finance (ACRIS) through Oct 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 10 closings
HomeRecordedClosing priceSchedule ADifference
4BDec 1, 2023$1,009,024$999,000 p. 43+1%
2ADec 4, 2023$1,551,813$1,499,000 p. 43+3.5%
3ADec 6, 2023$1,608,835$1,525,000 p. 43+5.5%
4ADec 6, 2023$1,629,200$1,550,000 p. 43+5.1%
2BJan 3, 2024$978,851$970,000 p. 43+0.9%
3BJan 18, 2024$993,988$985,000 p. 43+0.9%
5AAug 7, 2024$2,475,000——
PARKIAug 7, 2024$2,475,000——
1BSep 6, 2024$850,000$995,000 p. 43−14.6%
1ASep 11, 2024$1,399,000$1,500,000 p. 43−6.7%

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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
Hesy Diamond, LLC
Developer
HESY, LLC
Principals
Junghe Kim, Junie Jung, Han Soon Yom
Tax estimate
Highpoint Incentive Inc.Prepared the first-year real estate tax projection
Construction lender
Alpine Capital BankLender on the mortgage and building loan agreement recorded February 2018 in ACRIS; $3.92 million recorded

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

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