THE CONDO BOOK PROJECT

552 Prospect Place Condominium

552 Prospect Place, Brooklyn, NY 11238

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Overview

Units
22 residential · 11 parking
Subway
1 min walk to Park Pl SFranklin Av-Medgar Evers College/Botanic Garden 2 3 4 5 S, 8 min
Average $/sf
$1,344Homes in Schedule A, as first offered
Common charges
$244–$555 a monthSponsor's first-year estimate in Schedule A, December 1, 2020 - November 30, 2021
Offering price
$28.4 million total

The sponsor of record is 554 Prospect Place LLC, represented by Jeffrey Zwick & Associates, P.C.. The offering plan runs 328 pages. The sponsor has filed 3 amendments, the latest in July 2021. The nearest other condo plan on file is 582 Park Place Condominium, next door.

Plan CD200032 · New · accepted Aug 18, 2020 · AG record ↗

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FigureThis building1Alfred On Fleet223 units · 1.7 miaccepted 2020906 Bergen318 units · 0.1 miaccepted 2021
Common ChargesPer Square Foot / Month$0.40In line$0.78$0.30
Average Offering PricePer Apartment$1.26MAbove peers$1.17M$1.06M
Average PricePer Square Foot$1,344Above peers$1,287$1,311
Property TaxesPer Square Foot / Month$1.01In line$1.17$0.88
Average Unit SizeSquare Feet937 SFLarger912 SF808 SF

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Unit mix, closings, budgets, finishes and the team, against Alfred On Fleet and 906 Bergen, 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 A22 of 22
Closing prices vs. Schedule A22 homes: $26,125,000 at closing against $27,715,000 in Schedule A (p. 31)−5.7%
Average closing price22 homes, on their Schedule A square feet$1,267 / SF
Closingsfirst and latest recordedApr 22, 2021 – Jul 9, 2021

Sales recorded with the Department of Finance (ACRIS) through Jun 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 22 closings
HomeRecordedClosing priceSchedule ADifference
4BApr 22, 2021$1,235,000$1,325,000 p. 31−6.8%
1CApr 27, 2021$1,425,000$1,450,000 p. 31−1.7%
3CMay 3, 2021$1,200,000$1,295,000 p. 31−7.3%
4DMay 5, 2021$1,240,000$1,325,000 p. 31−6.4%
2BMay 10, 2021$1,225,000$1,275,000 p. 31−3.9%
4AMay 14, 2021$1,225,000$1,325,000 p. 31−7.5%
5BMay 14, 2021$1,300,000$1,345,000 p. 31−3.3%
2CMay 19, 2021$1,175,000$1,275,000 p. 31−7.8%
3BMay 25, 2021$1,250,000$1,295,000 p. 31−3.5%
5CMay 25, 2021$1,260,000$1,345,000 p. 31−6.3%
PHAMay 25, 2021$1,700,000$1,895,000 p. 31−10.3%
1BMay 26, 2021$1,407,000$1,450,000 p. 31−3%
4CMay 27, 2021$1,270,000$1,325,000 p. 31−4.2%
3DMay 28, 2021$835,000$890,000 p. 31−6.2%
5DJun 15, 2021$1,280,000$1,345,000 p. 31−4.8%
2EJun 18, 2021$765,000$825,000 p. 31−7.3%
3EJun 25, 2021$780,000$840,000 p. 31−7.1%
PHBJun 25, 2021$1,795,000$1,895,000 p. 31−5.3%
3AJun 28, 2021$838,000$895,000 p. 31−6.4%
5AJun 28, 2021$1,265,000$1,345,000 p. 31−5.9%
2AJun 29, 2021$820,000$880,000 p. 31−6.8%
2DJul 9, 2021$835,000$875,000 p. 31−4.6%

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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
554 Prospect Place LLC
Tax estimate
Metropolitan Realty ExemptionsPrepared the first-year real estate tax projection

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

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