THE CONDO BOOK PROJECT

Cascade E Condominium

569 Marcy Avenue, Brooklyn, NY 11206

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Overview

Units
40 residential · 2 storage · 2 commercial
Subway
1 min walk to Myrtle-Willoughby Avs GFlushing Av G, 6 min
Principals
Abraham Brach, Andor Deutsch, Max Lebowitz
Average $/sf
$650Homes in Schedule A, as first offered
Common charges
$335–$513 a monthSponsor's first-year estimate in Schedule A, July 1, 2020 - June 30, 2021
Offering price
$40.8 million total $35.7 million when first offered

The sponsor of record is Cascade 553 LLC, represented by Law Firm Of Jay Lichtman P.C.. The offering plan runs 454 pages. The sponsor has filed 5 amendments, the latest in May 2022. The nearest other condo plan on file is Cascade D Condominium, next door.

Plan CD190204 · New · accepted Feb 7, 2020 · AG record ↗

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FigureThis building1Cascade D239 units · 0 miaccepted 2020Willart320 units · 0.4 miaccepted 2020
Common ChargesPer Square Foot / Month$0.32In line$0.32$0.61
Average Offering PricePer Apartment$893,133In line$913,250$795,500
Average PricePer Square Foot$650In line$650$1,003
Property TaxesPer Square Foot / Month$0.02Lowest$0.03$0.99
Average Unit SizeSquare Feet1,374 SFIn line1,405 SF793 SF

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Unit mix, closings, budgets, finishes and the team, against Cascade D and Willart, 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 A39 of 40
Closing prices vs. Schedule A39 homes: $35,883,251 at closing against $34,757,450 in Schedule A (p. 45)+3.2%
Average closing price39 homes, on their Schedule A square feet$671 / SF
Closingsfirst and latest recordedDec 16, 2020 – Jan 2, 2024

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; 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 39 closings
HomeRecordedClosing priceSchedule ADifference
6DDec 16, 2020$796,882$778,700 p. 45+2.3%
5ADec 31, 2020$989,484$971,750 p. 45+1.8%
6EJan 28, 2021$989,485$967,850 p. 45+2.2%
5DFeb 3, 2021$796,872$778,700 p. 45+2.3%
3DFeb 5, 2021$796,882$778,700 p. 45+2.3%
3CFeb 16, 2021$906,090$889,200 p. 45+1.9%
9CFeb 16, 2021$960,364$911,950 p. 45+5.3%
2AFeb 24, 2021$989,230$971,750 p. 45+1.8%
3AFeb 24, 2021$989,484$971,750 p. 45+1.8%
5CMar 4, 2021$980,000$889,200 p. 45+10.2%
4DMar 10, 2021$796,882$778,700 p. 45+2.3%
2CMar 12, 2021$982,611$889,200 p. 45+10.5%
2DMar 22, 2021$723,647$778,700 p. 45−7.1%
7AMar 24, 2021$997,885$971,750 p. 45+2.7%
8AMar 24, 2021$997,885$971,750 p. 45+2.7%
6CMar 25, 2021$906,090$889,200 p. 45+1.9%
2EApr 20, 2021$989,485$967,850 p. 45+2.2%
8DApr 20, 2021$827,991$778,700 p. 45+6.3%
3EApr 22, 2021$989,485$967,850 p. 45+2.2%
7CApr 22, 2021$945,934$889,200 p. 45+6.4%
7DApr 23, 2021$782,600$778,700 p. 45+0.5%
3BApr 27, 2021$941,200$941,200 p. 450%
4BApr 29, 2021$998,903$941,200 p. 45+6.1%
4AMay 6, 2021$989,485$971,750 p. 45+1.8%
2BMay 25, 2021$941,200$941,200 p. 450%
8CMay 25, 2021$931,699$889,200 p. 45+4.8%
5EMay 27, 2021$989,485$967,850 p. 45+2.2%
4EJun 3, 2021$989,485$967,850 p. 45+2.2%
8BJun 8, 2021$994,830$941,200 p. 45+5.7%
9DJun 14, 2021$774,136$739,050 p. 45+4.7%
6AJun 15, 2021$875,264$971,750 p. 45−9.9%
7BJun 17, 2021$853,294$941,200 p. 45−9.3%
5BJun 25, 2021$980,000$941,200 p. 45+4.1%
6BJun 25, 2021$995,000$941,200 p. 45+5.7%
9AJul 22, 2021$765,765$735,150 p. 45+4.2%
8EJul 29, 2021$997,885$967,850 p. 45+3.1%
4CNov 24, 2021$997,885$889,200 p. 45+12.2%
9BDec 16, 2021$865,513$774,800 p. 45+11.7%
9EJan 2, 2024$866,950$723,450 p. 45+19.8%

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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
Cascade 553 LLC
Principals
Abraham Brach, Andor Deutsch, Max Lebowitz
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Madison Realty Capital

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

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