THE CONDO BOOK PROJECT

500 Waverly Condominium

500 Waverly Avenue, Brooklyn, NY 11238

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Overview

Units
48 residential · 31 storage
Subway
1 min walk to Clinton-Washington Avs CClinton-Washington Avs G, 8 min
Principals
Andrew Bradfield
Average $/sf
$1,030Homes in Schedule A, as first offered
Common charges
$192–$1,893 a monthSponsor's first-year estimate in Schedule A, 1/1/17-12/31/17
Offering price
$64 million total

The sponsor of record is 500 Waverly Property Owner, L.L.C., represented by Seiden & Schein, P.C.. The offering plan runs 553 pages. The sponsor has filed 17 amendments, the latest in November 2017. The nearest other condo plan on file is 508 Waverly Avenue Condominium, next door.

Plan CD140317 · New · accepted Apr 18, 2016 · AG record ↗

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FigureThis building1Six Ten Warren231 units · 0.8 miaccepted 2016554 4th340 units · 1.8 miaccepted 2017
Common ChargesPer Square Foot / Month$0.92Highest$0.62$0.64
Average Offering PricePer Apartment$943,192In line$1.51M$742,079
Average PricePer Square Foot$1,030In line$1,300$883
Property TaxesPer Square Foot / Month$0.07Lowest$0.10$0.56
Average Unit SizeSquare Feet916 SFIn line1,162 SF839 SF

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Unit mix, closings, budgets, finishes and the team, against Six Ten Warren and 554 4th, 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 A48 of 48
Closing prices vs. Schedule A48 homes: $47,885,962 at closing against $45,273,198 in Schedule A (p. 52)+5.8%
Average closing price48 homes, on their Schedule A square feet$1,089 / SF
Closingsfirst and latest recordedMar 24, 2017 – Apr 27, 2018

Sales recorded with the Department of Finance (ACRIS) through Sep 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 50 closings
HomeRecordedClosing priceSchedule ADifference
2BMar 24, 2017$1,279,940$1,185,000 p. 52+8%
2CMar 24, 2017$1,519,738$1,465,000 p. 52+3.7%
3EMar 27, 2017$804,418$785,000 p. 52+2.5%
4CMar 28, 2017$1,547,740$1,485,000 p. 52+4.2%
5AMar 29, 2017$1,675,021$1,625,000 p. 52+3.1%
5EMar 30, 2017$824,783$805,000 p. 52+2.5%
2HMar 31, 2017$1,303,360$1,205,000 p. 52+8.2%
3CMar 31, 2017$1,512,101$1,475,000 p. 52+2.5%
3GMar 31, 2017$623,169$590,000 p. 52+5.6%
4EApr 11, 2017$804,418$790,000 p. 52+1.8%
5GApr 18, 2017$610,950$595,000 p. 52+2.7%
4DApr 24, 2017$809,509$790,000 p. 52+2.5%
5DApr 26, 2017$819,691$805,000 p. 52+1.8%
3DMay 1, 2017$804,418$785,000 p. 52+2.5%
4AMay 1, 2017$1,664,839$1,615,000 p. 52+3.1%
PUMay 2, 2017$1,514,468——
3AMay 4, 2017$1,675,021$1,605,000 p. 52+4.4%
3FJun 1, 2017$829,619$800,000 p. 52+3.7%
6FJun 9, 2017$855,330$825,000 p. 52+3.7%
2DJun 14, 2017$799,326$780,000 p. 52+2.5%
5FJun 15, 2017$840,056$820,000 p. 52+2.4%
6JJun 16, 2017$858,894$790,000 p. 52+8.7%
CUJun 19, 2017$7,500,000——
6AJun 23, 2017$2,036,500$1,975,000 p. 52+3.1%
6EJun 23, 2017$855,330$810,000 p. 52+5.6%
6GJun 26, 2017$626,224$600,000 p. 52+4.4%
PH4Jun 28, 2017$1,456,098$1,380,000 p. 52+5.5%
6CJun 30, 2017$1,573,196$1,505,000 p. 52+4.5%
PH3Jun 30, 2017$2,209,093$1,855,000 p. 52+19.1%
PH5Jul 6, 2017$1,405,185$1,265,000 p. 52+11.1%
4JJul 10, 2017$804,418$785,000 p. 52+2.5%
5BJul 12, 2017$1,318,634$1,245,000 p. 52+5.9%
6DJul 24, 2017$845,148$810,000 p. 52+4.3%
4FAug 18, 2017$824,783$805,000 p. 52+2.5%
5HAug 23, 2017$179,042$183,909 p. 52−2.6%
6HAug 23, 2017$196,514$184,106 p. 52+6.7%
2EAug 28, 2017$170,293$174,605 p. 52−2.5%
2GSep 7, 2017$677,136$635,000 p. 52+6.6%
3HSep 27, 2017$179,042$183,909 p. 52−2.6%
4HSep 29, 2017$179,683$184,402 p. 52−2.6%
5JSep 29, 2017$267,823$255,958 p. 52+4.6%
2FOct 11, 2017$165,276$171,845 p. 52−3.8%
PH2Oct 13, 2017$2,618,679$2,280,000 p. 52+14.9%
3JOct 17, 2017$169,701$172,917 p. 52−1.9%
4BOct 19, 2017$163,567$169,714 p. 52−3.6%
5CDec 8, 2017$1,603,744$1,495,000 p. 52+7.3%
PH1Feb 6, 2018$2,540,534$2,335,000 p. 52+8.8%
2AMar 14, 2018$2,031,409$1,865,000 p. 52+8.9%
4GMar 22, 2018$163,004$157,119 p. 52+3.7%
3BApr 27, 2018$163,567$169,714 p. 52−3.6%

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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
500 Waverly Property Owner, L.L.C.
Principals
Andrew Bradfield
Tax estimate
Tuchman, Korngold, Weiss, Liebman & Gelles, LLPPrepared the first-year real estate tax projection
Construction lender
East West Bank$31 million loan stated in the plan

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

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