THE CONDO BOOK PROJECT

5415 9th Avenue Condominium

5415 9th Avenue, Brooklyn, NY 11220

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Overview

Units
7 residential
Subway
10 min walk to Fort Hamilton Pkwy N8 Av N, 11 min
Average $/sf
$880Homes in Schedule A, as first offered
Common charges
$274–$306 a monthSponsor's first-year estimate in Schedule A, Year Projected to Begin December 1, 2017
Offering price
$2.46 million total

The sponsor of record is 5415 9th Ave, LLC, represented by Jeffrey Zwick & Associates, P.C.. The offering plan runs 287 pages. The sponsor has filed 4 amendments, the latest in May 2020. The nearest other condo plan on file is 915 55st Condominium, next door.

Plan CD170024 · Rehab · accepted Sep 19, 2017 · AG record ↗

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FigureThis building182 East 5th28 units · 1.7 miaccepted 2017317 Winthrop36 units · 3.2 miaccepted 2020
Common ChargesPer Square Foot / Month$0.51In line$0.38$0.63
Average Offering PricePer Apartment$492,550Below peers$850,125$529,167
Average PricePer Square Foot$880Above peers$775$816
Property TaxesPer Square Foot / Month$0.15In line$0.03$0.41
Average Unit SizeSquare Feet679 SFIn line1,096 SF649 SF

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Unit mix, closings, budgets, finishes and the team, against 82 East 5th and 317 Winthrop, 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 closed14% of the homes in Schedule A1 of 7
Closing prices vs. Schedule A1 home: $393,432 at closing against $494,700 in Schedule A (p. 26)−20.5%
Average closing price1 home, on their Schedule A square feet$676 / SF
Closingsfirst and latest recordedOct 27, 2021

Sales recorded with the Department of Finance (ACRIS) through Nov 30, 2021: 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 1 closings
HomeRecordedClosing priceSchedule ADifference
2ROct 27, 2021$393,432$494,700 p. 26−20.5%

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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
5415 9th Ave, LLC
Tax estimate
Ben Rottenstein & Associates, Inc.Prepared the first-year real estate tax projection

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

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