THE CONDO BOOK PROJECT

574 Washington Avenue Condominium

574 Washington Avenue, Brooklyn, NY 11238

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Overview

Units
4 residential
Subway
2 min walk to Clinton-Washington Avs CClinton-Washington Avs G, 9 min
Principals
Christopher Dierig, Douglas Maxwell
Offering price
$7.74 million total $7.63 million when first offered

The sponsor of record is 574 Washington Residences LLC, represented by Raphael And Marks Attorneys At Law. The offering plan runs 308 pages. The sponsor has filed 4 amendments, the latest in November 2021. The nearest other condo plan on file is Isabella Condominium, next door.

Plan CD190287 · Rehab · accepted Jul 13, 2020 · AG record ↗

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FigureThis building1227 Berkeley Place24 units · 0.7 miaccepted 202040 4th Place34 units · 1.9 miaccepted 2020
Average Offering PricePer Apartment$1.91MAbove peers$1.8M$1.75M

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Unit mix, closings, budgets, finishes and the team, against 227 Berkeley Place and 40 4th 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 the plan4 of 4
Closingsfirst and latest recordedNov 18, 2021 – Apr 5, 2022

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 4 closings
HomeRecordedClosing priceSchedule ADifference
3Nov 18, 2021$1,675,000——
2Dec 14, 2021$1,700,000——
4Dec 14, 2021$2,100,000——
1Apr 5, 2022$2,100,000——

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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
574 Washington Residences LLC
Principals
Christopher Dierig, Douglas Maxwell
Tax estimate
Silver Real Estate Consulting ServicesPrepared the first-year real estate tax projection
Construction lender
USCLender on the mortgage and building loan agreement recorded November 2018 in ACRIS; $4.58 million recorded

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

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