THE CONDO BOOK PROJECT

499 Van Buren Street Condominium

499 Van Buren Street, Brooklyn, NY 11221

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Overview

Units
5 residential
Subway
3 min walk to Kosciuszko St JGates Av J Z, 7 min
Principals
Daniel Amar
Average $/sf
$969Homes in Schedule A, as first offered
Common charges
$215–$505 a monthSponsor's first-year estimate in Schedule A, July 1, 2023- June 30, 2024
Offering price
$4.66 million total

The sponsor of record is Hashem 499 Van Buren Development LLC, represented by The Law Office Of Jay Lichtman, P.C.. The offering plan runs 342 pages. The sponsor has filed 1 amendment, the latest in November 2023. The nearest other condo plan on file is 490 Van Buren Street Condominium, next door.

Plan CD220213 · New · accepted May 23, 2023 · AG record ↗

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FigureThis building1702 Green24 units · 0.6 miaccepted 20221346 Pacific37 units · 1.4 miaccepted 2023
Common ChargesPer Square Foot / Month$0.41Below peers$0.45$0.57
Average Offering PricePer Apartment$931,000Above peers$900,000$763,429
Average PricePer Square Foot$969In line$924$994
Property TaxesPer Square Foot / Month$0.73In line$0.29$0.97
Average Unit SizeSquare Feet961 SFIn line974 SF768 SF

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Unit mix, closings, budgets, finishes and the team, against 702 Green and 1346 Pacific, 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 A5 of 5
Closing prices vs. Schedule A5 homes: $4,597,000 at closing against $4,655,000 in Schedule A (p. 33)−1.2%
Average closing price5 homes, on their Schedule A square feet$957 / SF
Closingsfirst and latest recordedDec 13, 2023 – Apr 11, 2024

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 5 closings
HomeRecordedClosing priceSchedule ADifference
3ADec 13, 2023$550,000$545,000 p. 33+0.9%
4Jan 12, 2024$1,180,000$1,245,000 p. 33−5.2%
1Mar 15, 2024$1,185,000$1,195,000 p. 33−0.8%
2Mar 27, 2024$1,100,000$1,095,000 p. 33+0.5%
3BApr 11, 2024$582,000$575,000 p. 33+1.2%

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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
Hashem 499 Van Buren Development LLC
Principals
Daniel Amar
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Conventus$2.39 million recorded

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

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