THE CONDO BOOK PROJECT

Myrtle Avenue Condominium

501 Myrtle Avenue, Brooklyn, NY 11205

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Overview

Units
10 residential · 2 commercial
Subway
9 min walk to Clinton-Washington Avs GClasson Av G, 12 min
Principals
Lee Fong Fung, Phybe Ren
Average $/sf
$1,244Homes in Schedule A, as first offered
Common charges
$379–$899 a monthSponsor's first-year estimate in Schedule A, From January 1, 2024 to December 31, 2024
Offering price
$9.04 million total $8.76 million when first offered

The sponsor of record is 501 Myrtle Avenue LLC, represented by Thomas E. Berinato, Attorney At Law. The offering plan runs 273 pages. The sponsor has filed 2 amendments, the latest in February 2024. The nearest other condo plan on file is 105 Grand Avenue Condominium, next door.

Plan CD220134 · New · accepted Sep 28, 2023 · AG record ↗

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FigureThis building1637 Madison28 units · 1.8 miaccepted 2024Park Lee Fulton311 units · 1 miaccepted 2024
Common ChargesPer Square Foot / Month$0.86Highest$0.51$0.71
Average Offering PricePer Apartment$720,500In line$720,000$785,455
Average PricePer Square Foot$1,244Above peers$1,225$1,169
Property TaxesPer Square Foot / Month$0.22Lowest$0.88$1.00
Average Unit SizeSquare Feet579 SFSmaller588 SF672 SF

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Unit mix, closings, budgets, finishes and the team, against 637 Madison and Park Lee Fulton, 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 A10 of 10
Closing prices vs. Schedule A10 homes: $6,962,303 at closing against $7,204,999 in Schedule A (p. 27)−3.4%
Average closing price10 homes, on their Schedule A square feet$1,202 / SF
Closingsfirst and latest recordedMay 7, 2024 – Oct 30, 2024

Sales recorded with the Department of Finance (ACRIS) through Jan 31, 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 10 closings
HomeRecordedClosing priceSchedule ADifference
3AMay 7, 2024$600,000$610,000 p. 27−1.6%
5AMay 13, 2024$1,200,000$1,250,000 p. 27−4%
2BMay 20, 2024$610,950$605,000 p. 27+1%
5BMay 23, 2024$990,000$999,999 p. 27−1%
3CMay 30, 2024$625,000$625,000 p. 270%
4CMay 31, 2024$645,000$655,000 p. 27−1.5%
2AJun 27, 2024$575,311$577,000 p. 27−0.3%
3BAug 29, 2024$610,000$620,000 p. 27−1.6%
4ASep 16, 2024$616,041$638,000 p. 27−3.4%
4BOct 30, 2024$490,000$625,000 p. 27−21.6%

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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
501 Myrtle Avenue LLC
Principals
Lee Fong Fung, Phybe Ren
Tax estimate
Thomas E. BerinatoPrepared the first-year real estate tax projection

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

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