THE CONDO BOOK PROJECT

522 State Street Condominium

522 State Street, Brooklyn, NY 11217

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Overview

Units
4 residential
Subway
3 min walk to Atlantic Av-Barclays Ctr 2 3 4 5 B D N Q RNevins St 2 3 4 5, 4 min
Developer
Excel Development Group
Principals
Michael Heletz
Average $/sf
$2,087Homes in Schedule A, as first offered
Common charges
$859–$1,131 a monthSponsor's first-year estimate in Schedule A, July 1, 2024- June 30, 2025
Offering price
$9.6 million total

The sponsor of record is 522 State LLC, represented by The Law Office Of Jay Lichtman, PC. The offering plan runs 343 pages. The nearest other condo plan on file is Boerum Heights Condo, next door.

Plan CD230195 · New · accepted Jan 19, 2024 · AG record ↗

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FigureThis building1747 Dean24 units · 0.9 miaccepted 2024345 Warren34 units · 0.5 miaccepted 2024
Common ChargesPer Square Foot / Month$0.81Highest$0.40$0.60
Average Offering PricePer Apartment$2.4MHighest$2.02M$1.61M
Average PricePer Square Foot$2,087Highest$1,756$1,788
Property TaxesPer Square Foot / Month$0.91In line$1.05$0.30
Average Unit SizeSquare Feet1,150 SFIn line1,153 SF901 SF

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Unit mix, closings, budgets, finishes and the team, against 747 Dean and 345 Warren, 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 A4 of 4
Closing prices vs. Schedule A4 homes: $7,640,671 at closing against $9,600,000 in Schedule A (p. 34)−20.4%
Average closing price4 homes, on their Schedule A square feet$1,661 / SF
Closingsfirst and latest recordedFeb 18, 2025 – Mar 26, 2025

Sales recorded with the Department of Finance (ACRIS) through Jul 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 4 closings
HomeRecordedClosing priceSchedule ADifference
4Feb 18, 2025$1,689,000$2,250,000 p. 34−24.9%
2Feb 28, 2025$1,781,938$2,200,000 p. 34−19%
1Mar 25, 2025$2,413,253$2,950,000 p. 34−18.2%
3Mar 26, 2025$1,756,481$2,200,000 p. 34−20.2%

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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
522 State LLC
Developer
Excel Development Group
Principals
Michael Heletz
Tax estimate
Berish LichtmanPrepared the first-year real estate tax projection
Construction lender
USC$4.05 million recorded

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

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