THE CONDO BOOK PROJECT

573 Gates Avenue Condominium

573 Gates Avenue, Brooklyn, NY 11221

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Overview

Units
8 residential
Subway
12 min walk to Kingston-Throop Avs CBedford-Nostrand Avs G, 12 min
Developer
Arbie Development
Principals
Ron Borovinsky
Average $/sf
$1,016Homes in Schedule A, as first offered
Common charges
$321–$497 a monthSponsor's first-year estimate in Schedule A, July 1, 2030 , June 30, 2032
Offering price
$4.91 million total $5.26 million when first offered

The sponsor of record is 573 Gates LLC, represented by Jeffrey Zwick & Associates, P.C.. The offering plan runs 308 pages. The sponsor has filed 1 amendment, the latest in September 2020. The nearest other condo plan on file is 405 Quincy Street Condominium, next door.

Plan CD190227 · Rehab · accepted Apr 20, 2020 · AG record ↗

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FigureThis building11296 Park Place28 units · 1.1 miaccepted 20201490 Saint Johns Place38 units · 1.4 miaccepted 2020
Common ChargesPer Square Foot / Month$0.63In line$0.86$0.48
Average Offering PricePer Apartment$615,250Below peers$697,490$689,375
Average PricePer Square Foot$1,016In line$1,029$1,003
Property TaxesPer Square Foot / Month$0.73Highest$0.05$0.42
Average Unit SizeSquare Feet606 SFSmaller678 SF687 SF

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Unit mix, closings, budgets, finishes and the team, against 1296 Park Place and 1490 Saint Johns Place, 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 A8 of 8
Closing prices vs. Schedule A8 homes: $4,448,717 at closing against $4,922,000 in Schedule A (p. 30)−9.6%
Average closing price8 homes, on their Schedule A square feet$918 / SF
Closingsfirst and latest recordedJul 12, 2021 – Sep 30, 2021

Sales recorded with the Department of Finance (ACRIS) through Oct 31, 2023: 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 8 closings
HomeRecordedClosing priceSchedule ADifference
4FJul 12, 2021$481,650$569,000 p. 30−15.4%
3RJul 16, 2021$506,493$569,000 p. 30−11%
3FJul 26, 2021$499,000$579,000 p. 30−13.8%
4PHJul 29, 2021$763,688$799,000 p. 30−4.4%
2RAug 17, 2021$506,999$579,000 p. 30−12.4%
2FAug 18, 2021$499,888$589,000 p. 30−15.1%
1FSep 2, 2021$460,000$539,000 p. 30−14.7%
1RSep 30, 2021$731,000$699,000 p. 30+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
573 Gates LLC
Developer
Arbie Development
Principals
Ron Borovinsky
Tax estimate
Metropolitan Realty ExemptionsPrepared the first-year real estate tax projection
Construction lender
Sharestates InvestmentsLender on the mortgage and building loan agreement recorded December 2018 in ACRIS; $6.04 million recorded

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

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