THE CONDO BOOK PROJECT

Albany Avenue Estates 1

571 Albany Avenue, Brooklyn, NY 11203

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Overview

Units
6 residential · 1 commercial
Subway
15 min walk to Kingston Av 3Winthrop St 2 5, 16 min
Average $/sf
$676Homes in Schedule A, as first offered
Common charges
$536–$620 a monthSponsor's first-year estimate in Schedule A, July 1, 2021 - June 30, 2022
Offering price
$9.65 million total

The sponsor of record is 575 Albany Ave LLC, represented by Jeffrey Zwick & Associates, P.C.. The offering plan runs 318 pages. The sponsor has filed 2 amendments, the latest in February 2022. The nearest other condo plan on file is Albany Avenue Estates Ii Condominium, next door.

Plan CD200214 · New · accepted Jan 18, 2021 · AG record ↗

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FigureThis building1Maple Sweet210 units · 0.2 miaccepted 2020897 Herkimer37 units · 1.5 miaccepted 2021
Common ChargesPer Square Foot / Month$0.30Lowest$0.49$0.48
Average Offering PricePer Apartment$1.27MHighest$735,000$531,857
Average PricePer Square Foot$676Below peers$789$774
Property TaxesPer Square Foot / Month$0.67Below peers$0.79$0.68
Average Unit SizeSquare Feet1,887 SFLargest932 SF687 SF

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Unit mix, closings, budgets, finishes and the team, against Maple Sweet and 897 Herkimer, 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 closed83% of the homes in Schedule A5 of 6
Closing prices vs. Schedule A5 homes: $5,656,173 at closing against $6,400,000 in Schedule A (p. 32)−11.6%
Average closing price5 homes, on their Schedule A square feet$599 / SF
Closingsfirst and latest recordedNov 18, 2021 – Apr 13, 2022

Sales recorded with the Department of Finance (ACRIS) through Jul 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 5 closings
HomeRecordedClosing priceSchedule ADifference
2Nov 18, 2021$1,303,360$1,300,000 p. 32+0.3%
3Feb 23, 2022$1,272,813$1,250,000 p. 32+1.8%
6Mar 18, 2022$1,100,000$1,250,000 p. 32−12%
7Apr 7, 2022$990,000$1,350,000 p. 32−26.7%
5Apr 13, 2022$990,000$1,250,000 p. 32−20.8%

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Closings are for subscribers

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
575 Albany Ave LLC
Tax estimate
MGNY ConsultingPrepared the first-year real estate tax projection

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

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