THE CONDO BOOK PROJECT

494 Seventh Street Condominium

494 Seventh Street, Brooklyn, NY 11215

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Overview

Units
3 residential
Subway
3 min walk to 7 Av F G4 Av-9 St F G R, 12 min
Principals
Rey Grabato
Average $/sf
$1,684Homes in Schedule A, as first offered
Common charges
$498–$664 a monthSponsor's first-year estimate in Schedule A, July 1, 2022 through June 30, 2023
Offering price
$5.75 million total

The sponsor of record is Seventh Street Capital 494 LLC**, represented by Gabor & Marotta LLC. The offering plan runs 232 pages. The sponsor has filed 1 amendment, the latest in May 2022. The nearest other condo plan on file is 482 Seventh Street Condominium, next door.

Plan CD200257 · Rehab · accepted Jan 6, 2022 · AG record ↗

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FigureThis building1708 Degraw23 units · 0.7 miaccepted 2022Townhouse 16 Saint Marks33 units · 1 miaccepted 2022
Common ChargesPer Square Foot / Month$0.49In line$0.42$0.61
Average Offering PricePer Apartment$1.92MIn line$2.1M$1.86M
Average PricePer Square Foot$1,684In line$1,771$1,597
Property TaxesPer Square Foot / Month$0.53Highest$0.16$0.26
Average Unit SizeSquare Feet1,138 SFSmaller1,186 SF1,167 SF

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Unit mix, closings, budgets, finishes and the team, against 708 Degraw and Townhouse 16 Saint Marks, 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 A3 of 3
Closing prices vs. Schedule A3 homes: $5,554,047 at closing against $5,750,000 in Schedule A (p. 27)−3.4%
Average closing price3 homes, on their Schedule A square feet$1,627 / SF
Closingsfirst and latest recordedAug 5, 2022 – Nov 17, 2023

Sales recorded with the Department of Finance (ACRIS) through Nov 30, 2023: 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 3 closings
HomeRecordedClosing priceSchedule ADifference
Unit 1Aug 5, 2022$2,371,506$2,350,000 p. 27+0.9%
Unit 2Sep 30, 2022$1,660,257$1,700,000 p. 27−2.3%
Unit 3Nov 17, 2023$1,522,284$1,700,000 p. 27−10.5%

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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
Seventh Street Capital 494 LLC**
Principals
Rey Grabato
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection

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

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