THE CONDO BOOK PROJECT

Lista Condominium

5306 Fourth Avenue, Brooklyn, NY 11220

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Overview

Units
8 residential
Subway
1 min walk to 53 St R59 St N R, 5 min
Principals
M. George Hansen
Average $/sf
$462Homes in Schedule A, as first offered
Common charges
$74–$149 a monthSponsor's first-year estimate in Schedule A, March 1, 2010 through February 28, 2011
Offering price
$2.46 million total

The sponsor of record is M.G.H. Development LLC, represented by Marans, Weisz & Newman, LLC. The offering plan runs 274 pages. The sponsor has filed 1 amendment, the latest in January 2010. The nearest other condo plan on file is 355 Condominium, next door.

Plan CD080403 · New · accepted Mar 27, 2009 · AG record ↗

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FigureThis building1475 East 8th212 units · 2.4 miaccepted 2008Sterling Green38 units · 3.5 miaccepted 2008
Common ChargesPer Square Foot / Month$0.14Lowest$0.33$0.34
Average Offering PricePer Apartment$307,750Lowest$391,500$431,500
Average PricePer Square Foot$462Below peers$493$585
Property TaxesPer Square Foot / Month$0.03Highest$0.02$0.02
Average Unit SizeSquare Feet667 SFSmaller794 SF738 SF

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Unit mix, closings, budgets, finishes and the team, against 475 East 8th and Sterling Green, 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: $2,183,342 at closing against $2,462,000 in Schedule A (p. 51)−11.3%
Average closing price8 homes, on their Schedule A square feet$409 / SF
Closingsfirst and latest recordedJul 15, 2011 – Jul 31, 2013

Sales recorded with the Department of Finance (ACRIS) through May 31, 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 8 closings
HomeRecordedClosing priceSchedule ADifference
1BJul 15, 2011$364,026$389,000 p. 51−6.4%
3BAug 17, 2011$242,346$269,000 p. 51−9.9%
3AAug 18, 2011$242,346$269,000 p. 51−9.9%
4BAug 31, 2011$343,746$379,000 p. 51−9.3%
2BNov 1, 2011$242,346$269,000 p. 51−9.9%
1ANov 3, 2011$232,331$239,000 p. 51−2.8%
2ANov 22, 2011$235,248$269,000 p. 51−12.5%
4AJul 31, 2013$280,953$379,000 p. 51−25.9%

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Closings are for subscribers

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
M.G.H. Development LLC
Principals
M. George Hansen

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

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