THE CONDO BOOK PROJECT

561 Pacific Street Condominium

561 Pacific Street, Brooklyn, NY 11217

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Overview

Units
63 residential · 16 parking · 26 storage · 1 commercial
Subway
1 min walk to Atlantic Av-Barclays Ctr 2 3 4 5 B D N Q RBergen St 2 3, 6 min
Principals
Dvir Cohen Hoshen, Omri Sachs, Ron Vaskin
Average $/sf
$1,462Homes in Schedule A, as first offered
Common charges
$375–$1,774 a monthSponsor's first-year estimate in Schedule A, January 1, 2021 - December 31, 2021
Offering price
$95.2 million total

The sponsor of record is 561 Pacific Street Owner LLC, represented by Marans, Weisz & Newman, LLC. The offering plan runs 403 pages. The sponsor has filed 9 amendments, the latest in September 2023. The nearest other condo plan on file is 578 Atlantic Avenue Condominium, next door.

Plan CD170362 · New · accepted Jul 11, 2018 · AG record ↗

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FigureThis building1Symon259 units · 0.8 miaccepted 2019211 Schermerhorn348 units · 0.5 miaccepted 2017
Common ChargesPer Square Foot / Month$0.96Lowest$1.25$1.22
Average Offering PricePer Apartment$1.61MIn line$1.57M$1.71M
Average PricePer Square Foot$1,462In line$1,471$1,360
Property TaxesPer Square Foot / Month$0.90Above peers$0.81$0.71
Average Unit SizeSquare Feet1,091 SFIn line1,070 SF1,258 SF

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Unit mix, closings, budgets, finishes and the team, against Symon and 211 Schermerhorn, 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 closed98% of the homes in Schedule A62 of 63
Closing prices vs. Schedule A54 homes: $82,654,646 at closing against $85,080,000 in Schedule A (p. 37, p. 38)−2.9%
Average closing price60 homes, on their Schedule A square feet$1,406 / SF
Closingsfirst and latest recordedSep 22, 2020 – Aug 2, 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 (or, for a home the plan listed without a price, the amendment that priced it); 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 62 closings
HomeRecordedClosing priceSchedule ADifference
302Sep 22, 2020$933,441$925,000 p. 37+0.9%
506Sep 25, 2020$2,433,000$2,475,000 p. 37−1.7%
304Sep 29, 2020$579,198$575,000 p. 37+0.7%
606Oct 15, 2020$1,775,000$1,695,000 p. 37+4.7%
203Oct 26, 2020$850,000$850,000 p. 370%
206Oct 28, 2020$1,300,000$1,375,000 p. 37−5.5%
306Nov 3, 2020$1,375,000$1,375,000 Amendment 8, p. 490%
307Nov 6, 2020$1,475,000$1,450,000 p. 37+1.7%
207Nov 10, 2020$865,000——
404Nov 12, 2020$610,950$600,000 p. 37+1.8%
407Nov 13, 2020$1,485,000$1,475,000 p. 37+0.7%
305Nov 17, 2020$1,438,003$1,425,000 p. 37+0.9%
205Nov 24, 2020$1,350,000$1,400,000 p. 37−3.6%
405Nov 25, 2020$1,350,000$1,450,000 p. 37−6.9%
803Nov 25, 2020$1,600,000$1,600,000 Amendment 8, p. 500%
202Dec 3, 2020$800,000$875,000 p. 37−8.6%
406Dec 4, 2020$1,450,000$1,425,000 p. 37+1.8%
504Dec 4, 2020$1,425,000$1,425,000 Amendment 8, p. 500%
502Dec 7, 2020$1,310,000$1,450,000 p. 37−9.7%
1003Dec 8, 2020$1,900,000$1,800,000 p. 38+5.6%
204Dec 10, 2020$550,000$550,000 p. 370%
602Dec 28, 2020$1,325,000$1,475,000 p. 37−10.2%
604Jan 20, 2021$1,490,000$1,500,000 p. 37−0.7%
703Jan 20, 2021$2,700,000$2,650,000 p. 38+1.9%
303Jan 22, 2021$900,000$900,000 p. 370%
601Mar 26, 2021$1,525,000$1,675,000 p. 37−9%
209Apr 16, 2021$2,036,499$2,325,000 p. 37−12.4%
308May 28, 2021$1,565,000$1,650,000 p. 37−5.2%
701May 28, 2021$1,535,000$1,700,000 p. 37−9.7%
201Jun 1, 2021$682,355$725,000 p. 37−5.9%
704Jun 1, 2021$2,650,000$2,550,000 p. 38+3.9%
208Jun 8, 2021$2,189,238$2,275,000 p. 37−3.8%
801Jun 16, 2021$1,650,000$1,675,000 Amendment 8, p. 50−1.5%
802Jun 17, 2021$1,350,000$1,450,000 Amendment 8, p. 50−6.9%
408Jun 22, 2021$1,660,000$1,675,000 p. 37−0.9%
402Jul 2, 2021$865,000——
403Jul 2, 2021$784,053$925,000 p. 37−15.2%
501Jul 2, 2021$1,465,000$1,650,000 p. 37−11.2%
804Aug 6, 2021$1,510,000——
603Sep 28, 2021$1,644,474——
1201Sep 29, 2021$3,700,000——
1102Oct 14, 2021$2,500,000$2,475,000 p. 38+1%
1103Oct 14, 2021$2,850,000$2,850,000 p. 380%
1001Jan 19, 2022$2,031,409$1,875,000 p. 38+8.3%
505Feb 24, 2022$1,895,000$1,850,000 p. 37+2.4%
903Mar 17, 2022$1,570,000$1,600,000 p. 38−1.9%
1002Mar 18, 2022$1,775,000$1,825,000 p. 38−2.7%
901Mar 31, 2022$1,625,000$1,750,000 p. 38−7.1%
1202Apr 6, 2022$3,675,000——
503Apr 22, 2022$1,470,000——
605Apr 29, 2022$1,997,646$1,995,000 Amendment 8, p. 50+0.1%
805May 6, 2022$1,525,000$1,525,000 Amendment 8, p. 500%
1004May 9, 2022$1,590,000$1,675,000 p. 38−5.1%
401Jun 9, 2022$665,000$725,000 p. 37−8.3%
904Jun 9, 2022$1,599,109——
905Jun 10, 2022$1,540,000$1,650,000 p. 38−6.7%
1101Jun 24, 2022$1,832,850$1,800,000 p. 38+1.8%
702Aug 12, 2022$1,451,006$1,515,000 p. 37−4.2%
301Oct 28, 2022$650,000$700,000 p. 37−7.1%
409Apr 19, 2023$2,085,000$2,375,000 p. 37−12.2%
902Jun 22, 2023$1,500,000$1,550,000 p. 38−3.2%
309Aug 2, 2023$2,075,000$2,350,000 p. 37−11.7%

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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
561 Pacific Street Owner LLC
Principals
Dvir Cohen Hoshen, Omri Sachs, Ron Vaskin
Tax estimate
Tuchman, Korngold, Weiss, Liebman, & Lindemann, LLPPrepared the first-year real estate tax projection
Construction lender
Deutsche Bank AG$64.4 million recorded

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

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