THE CONDO BOOK PROJECT

550 Metropolitan Avenue Condominium

550 Metropolitan Avenue, Brooklyn, NY 11211

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Overview

Units
9 residential · 1 commercial
Subway
1 min walk to Metropolitan Av/Lorimer St G LGraham Av L, 7 min
Developer
Arch Companies
Principals
Jared Chassen, Jeffrey Simpson
Average $/sf
$1,331Homes in Schedule A, as first offered
Common charges
$422–$1,018 a monthSponsor's first-year estimate in Schedule A, July 1, 2021 - June 30, 2022
Offering price
$13.2 million total

The sponsor of record is 550 Metropolitan Ave Holdings LLC, represented by Marans Newman Tsolis & Nazinitsky LLC. The offering plan runs 319 pages. The sponsor has filed 2 amendments, the latest in April 2022. The nearest other condo plan on file is 533 Metropolitan Avenue Condominium, next door.

Plan CD200250 · New · accepted Mar 8, 2021 · AG record ↗

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FigureThis building1532 Lorimer29 units · 0.1 miaccepted 2021383 Manhattan36 units · 0.3 miaccepted 2021
Common ChargesPer Square Foot / Month$0.52Above peers$0.28$0.46
Average Offering PricePer Apartment$1.43MIn line$1.54M$1.13M
Average PricePer Square Foot$1,331In line$1,297$1,334
Property TaxesPer Square Foot / Month$1.05In line$0.73$1.39
Average Unit SizeSquare Feet1,072 SFIn line1,191 SF824 SF

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Unit mix, closings, budgets, finishes and the team, against 532 Lorimer and 383 Manhattan, 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 A9 homes: $12,870,055 at closing against $12,843,000 in Schedule A (p. 46)+0.2%
Average closing price9 homes, on their Schedule A square feet$1,334 / SF
Closingsfirst and latest recordedMar 3, 2022 – Jun 17, 2022

Sales recorded with the Department of Finance (ACRIS) through Mar 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 9 closings
HomeRecordedClosing priceSchedule ADifference
2BMar 3, 2022$958,520$999,000 p. 46−4.1%
1Mar 4, 2022$1,578,288$1,395,000 p. 46+13.1%
3BMar 10, 2022$1,059,581$1,025,000 p. 46+3.4%
2AMar 15, 2022$1,017,232$975,000 p. 46+4.3%
4BMar 18, 2022$1,075,000$1,075,000 p. 460%
PHBMar 21, 2022$2,687,500$2,750,000 p. 46−2.3%
3AMar 28, 2022$1,059,581$999,000 p. 46+6.1%
4AApr 6, 2022$1,034,353$1,025,000 p. 46+0.9%
PHAJun 17, 2022$2,400,000$2,600,000 p. 46−7.7%

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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
550 Metropolitan Ave Holdings LLC
Developer
Arch CompaniesReported by nyrej.com
Principals
Jared Chassen, Jeffrey Simpson
Tax estimate
MGNY ConsultingPrepared the first-year real estate tax projection
Construction lender
Tideway Capital Funding$6.85 million recorded

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

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