THE CONDO BOOK PROJECT

508 Waverly Avenue Condominium

508 Waverly Avenue, Brooklyn, NY 11238

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Overview

Units
6 residential
Subway
2 min walk to Clinton-Washington Avs CClinton-Washington Avs G, 8 min
Principals
Itzhak Maman
Average $/sf
$1,164Homes in Schedule A, as first offered
Common charges
$594–$767 a monthSponsor's first-year estimate in Schedule A, July 1, 2022- June 30, 2023
Offering price
$8.11 million total $6.5 million when first offered

The sponsor of record is 508 Waverly LLC, represented by The Law Office Of Jay Lichtman, PC. The offering plan runs 351 pages. The sponsor has filed 2 amendments, the latest in April 2022. The nearest other condo plan on file is 500 Waverly Condominium, next door.

Plan CD210046 · New · accepted Jan 28, 2022 · AG record ↗

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FigureThis building1215 Putnam26 units · 0.7 miaccepted 2022360 Tompkins34 units · 1.1 miaccepted 2022
Common ChargesPer Square Foot / Month$0.69Highest$0.47$0.42
Average Offering PricePer Apartment$1.08MIn line$895,667$1.1M
Average PricePer Square Foot$1,164Below peers$1,186$1,166
Property TaxesPer Square Foot / Month$0.66In line$1.21$0.35
Average Unit SizeSquare Feet930 SFIn line755 SF944 SF

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Unit mix, closings, budgets, finishes and the team, against 215 Putnam and 360 Tompkins, 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 A6 of 6
Closing prices vs. Schedule A6 homes: $7,999,101 at closing against $6,495,000 in Schedule A (p. 34)+23.2%
Average closing price6 homes, on their Schedule A square feet$1,434 / SF
Closingsfirst and latest recordedJul 12, 2022 – Jul 27, 2022

Sales recorded with the Department of Finance (ACRIS) through Jun 30, 2025: 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 6 closings
HomeRecordedClosing priceSchedule ADifference
6Jul 12, 2022$1,450,000$1,100,000 p. 34+31.8%
5Jul 19, 2022$1,395,000$1,050,000 p. 34+32.9%
1Jul 20, 2022$1,400,000$1,250,000 p. 34+12%
4Jul 21, 2022$1,310,000$1,050,000 p. 34+24.8%
3Jul 26, 2022$1,263,425$1,050,000 p. 34+20.3%
2Jul 27, 2022$1,180,676$995,000 p. 34+18.7%

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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
508 Waverly LLC
Principals
Itzhak Maman
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
1st Constitution Bank

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

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