THE CONDO BOOK PROJECT

571 Ocean Parkway Condominium

571 Ocean Parkway, Brooklyn, NY 11218

Overview

Units
29 residential · 1 parking
Subway
9 min walk to 18 Av FDitmas Av F, 9 min
Principals
Leonid Bogomolniy
Average $/sf
$934Homes in Schedule A, as first offered
Common charges
$283–$450 a monthSponsor's first-year estimate in Schedule A, October 1, 2022 - September 30, 2023
Offering price
$18.3 million total

The sponsor of record is 170 Laco, LLC, represented by The Law Office Of Jay Lichtman, P.C.. The offering plan runs 364 pages. The nearest other condo plan on file is Caroline, next door.

Plan CD210295 · New · accepted Feb 25, 2022 · AG record ↗

Compare

FigureThis building1H7238 units · 0.4 miaccepted 2022The Newkirk337 units · 1 miaccepted 2022
Common ChargesPer Square Foot / Month$0.45Lowest$0.59$0.65
Average Offering PricePer Apartment$616,207Above peers$597,526$582,838
Average PricePer Square Foot$934Below peers$978$967
Average Unit SizeSquare Feet660 SFLarger611 SF597 SF

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Unit mix, closings, budgets, finishes and the team, against H7 and The Newkirk, 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.

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
170 Laco, LLC
Principals
Leonid Bogomolniy
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
571 Ocean Parkway Funding

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

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