THE CONDO BOOK PROJECT

55 Maspeth Avenue Condominium

55 Maspeth Avenue, Brooklyn, NY 11211

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Overview

Units
6 residential
Subway
5 min walk to Graham Av LGrand St L, 7 min
Principals
Omri Bar-Mashiah
Average $/sf
$993Homes in Schedule A, as first offered
Common charges
$300–$391 a monthSponsor's first-year estimate in Schedule A, January 1, 2018 - December 31, 2018
Offering price
$7.31 million total $6.51 million when first offered

The sponsor of record is 55 Maspeth Development LLC, represented by Tsyngauz & Associates, P.C.. The offering plan runs 250 pages. The sponsor has filed 4 amendments, the latest in November 2018. The nearest other condo plan on file is 57-59 Maspeth Avenue Condominium, next door.

Plan CD170085 · New · accepted May 22, 2017 · AG record ↗

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FigureThis building1180 Jackson25 units · 0.2 miaccepted 2017251 Withers36 units · 0.1 miaccepted 2017
Common ChargesPer Square Foot / Month$0.31Below peers$0.40$0.32
Average Offering PricePer Apartment$1.08MHighest$857,800$928,667
Average PricePer Square Foot$993In line$889$1,143
Property TaxesPer Square Foot / Month$0.97Highest$0.63$0.61
Average Unit SizeSquare Feet1,092 SFLarger965 SF813 SF

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Unit mix, closings, budgets, finishes and the team, against 180 Jackson and 251 Withers, 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 A6 of 6
Closing prices vs. Schedule A6 homes: $6,480,459 at closing against $6,506,000 in Schedule A (p. 29)−0.4%
Average closing price6 homes, on their Schedule A square feet$989 / SF
Closingsfirst and latest recordedSep 4, 2018 – Apr 10, 2019

Sales recorded with the Department of Finance (ACRIS) through Jun 30, 2023: 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 6 closings
HomeRecordedClosing priceSchedule ADifference
3RSep 4, 2018$1,090,000$1,080,000 p. 29+0.9%
5FSep 4, 2018$1,060,000$1,073,000 p. 29−1.2%
5RSep 6, 2018$1,140,000$1,080,000 p. 29+5.6%
1RSep 26, 2018$1,420,459$1,250,000 p. 29+13.6%
1FDec 3, 2018$795,000$950,000 p. 29−16.3%
3FApr 10, 2019$975,000$1,073,000 p. 29−9.1%

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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
55 Maspeth Development LLC
Principals
Omri Bar-Mashiah
Tax estimate
Empire Consulting Service, Inc.Prepared the first-year real estate tax projection
Construction lender
Emerald Creek CapitalLender on the mortgage and building loan agreement recorded February 2017 in ACRIS; $3.7 million recorded

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

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