THE CONDO BOOK PROJECT

511 Herkimer Street Condominium

511 Herkimer Street, Brooklyn, NY 11213

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Overview

Units
8 residential
Subway
5 min walk to Utica Av A CKingston-Throop Avs C, 5 min
Principals
Elie Fouerti, Vyacheslav Faybyshev, Nouri Chaya, Boris Kandinov
Average $/sf
$1,111Homes in Schedule A, as first offered
Common charges
$299–$760 a monthSponsor's first-year estimate in Schedule A, First Year of Operation October 1, 2018 - September 30, 2019
Offering price
$5.12 million total $5.3 million when first offered

The sponsor of record is 511 Herkimer LLC, represented by The Law Office Of Claudia V. Murdoch, P.C.. The offering plan runs 229 pages. The sponsor has filed 4 amendments, the latest in June 2020. The nearest other condo plan on file is 514 Herkimer Street Condominium, next door.

Plan CD180048 · New · accepted Oct 11, 2018 · AG record ↗

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FigureThis building1311 Hart210 units · 1.1 miaccepted 2018838 Quincy37 units · 0.9 miaccepted 2019
Common ChargesPer Square Foot / Month$0.85Highest$0.37$0.59
Average Offering PricePer Apartment$640,245Below peers$821,000$640,429
Average PricePer Square Foot$1,111Above peers$1,069$954
Property TaxesPer Square Foot / Month$0.02Lowest$0.56$0.16
Average Unit SizeSquare Feet576 SFSmaller768 SF672 SF

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Unit mix, closings, budgets, finishes and the team, against 311 Hart and 838 Quincy, 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 A8 of 8
Closing prices vs. Schedule A8 homes: $4,503,140 at closing against $5,121,960 in Schedule A (p. 25)−12.1%
Average closing price8 homes, on their Schedule A square feet$977 / SF
Closingsfirst and latest recordedFeb 11, 2020 – Nov 9, 2020

Sales recorded with the Department of Finance (ACRIS) through May 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 8 closings
HomeRecordedClosing priceSchedule ADifference
3Feb 11, 2020$485,000$578,930 p. 25−16.2%
1Feb 26, 2020$375,000$402,325 p. 25−6.8%
6Feb 26, 2020$605,000$701,195 p. 25−13.7%
5Mar 4, 2020$650,000$721,050 p. 25−9.9%
4Mar 13, 2020$435,529$522,500 p. 25−16.6%
8Mar 20, 2020$641,498$645,810 p. 25−0.7%
2Apr 30, 2020$676,114$850,000 p. 25−20.5%
7Nov 9, 2020$635,000$700,150 p. 25−9.3%

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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
511 Herkimer LLC
Principals
Elie Fouerti, Vyacheslav Faybyshev, Nouri Chaya, Boris Kandinov
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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