THE CONDO BOOK PROJECT

532 Lorimer Street Condominium

532 Lorimer Street, Brooklyn, NY 11211

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Overview

Units
9 residential · 1 parking
Subway
2 min walk to Metropolitan Av/Lorimer St G LGraham Av L, 7 min
Developer
HESY, LLC
Principals
Junghe Kim, Junie Jung, Han Soon Yorn
Average $/sf
$1,297Homes in Schedule A, as first offered
Common charges
$289–$460 a monthSponsor's first-year estimate in Schedule A, For the Period of January 1, 2021 to December 31, 2021
Offering price
$15.8 million total $14.1 million when first offered

The sponsor of record is Bcbs Lorimer, LLC, represented by Moritt Hock & Hamroff, LLP. The offering plan runs 304 pages. The sponsor has filed 7 amendments, the latest in January 2023. The nearest other condo plan on file is 539 Lorimer Street Condominium, next door.

Plan CD200101 · New · accepted Feb 17, 2021 · AG record ↗

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FigureThis building1550 Metropolitan29 units · 0.1 miaccepted 2021153 Green310 units · 1.5 miaccepted 2021
Common ChargesPer Square Foot / Month$0.28Lowest$0.52$0.44
Average Offering PricePer Apartment$1.54MIn line$1.43M$1.72M
Average PricePer Square Foot$1,297Below peers$1,331$1,353
Property TaxesPer Square Foot / Month$0.73Lowest$1.05$1.17
Average Unit SizeSquare Feet1,191 SFIn line1,072 SF1,271 SF

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Unit mix, closings, budgets, finishes and the team, against 550 Metropolitan and 153 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 A9 of 9
Closing prices vs. Schedule A8 homes: $12,393,656 at closing against $11,730,000 in Schedule A (p. 39)+5.7%
Average closing price8 homes, on their Schedule A square feet$1,337 / SF
Closingsfirst and latest recordedOct 6, 2022 – May 19, 2023

Sales recorded with the Department of Finance (ACRIS) through Sep 30, 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 9 closings
HomeRecordedClosing priceSchedule ADifference
1BOct 6, 2022$1,220,000$1,100,000 p. 39+10.9%
2AOct 6, 2022$1,498,000$1,425,000 p. 39+5.1%
3AOct 6, 2022$1,572,088$1,460,000 p. 39+7.7%
2BOct 7, 2022$1,578,288$1,435,000 p. 39+10%
4BOct 12, 2022$1,613,926$1,550,000 p. 39+4.1%
3BOct 14, 2022$1,540,000$1,475,000 p. 39+4.4%
4AOct 24, 2022$1,584,326$1,510,000 p. 39+4.9%
5ADec 23, 2022$2,623,725——
1AMay 19, 2023$1,787,029$1,775,000 p. 39+0.7%

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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
Bcbs Lorimer, LLC
Developer
HESY, LLC
Principals
Junghe Kim, Junie Jung, Han Soon Yorn
Tax estimate
Highpoint Incentive Inc.Prepared the first-year real estate tax projection
Construction lender
Alpine Capital Bank$4.5 million recorded

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

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