THE CONDO BOOK PROJECT

577 10th Street Condominium

577 10th Street, Brooklyn, NY 11215

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Overview

Units
3 residential
Subway
2 min walk to 7 Av F G15 St-Prospect Park F G, 9 min
Principals
Vadem Brodsky
Average $/sf
$1,443Homes in Schedule A, as first offered
Common charges
$350–$574 a monthSponsor's first-year estimate in Schedule A, April 1, 2024 through March 31, 2025
Offering price
$7.05 million total

The sponsor of record is 577 Ventures LLC, represented by Certilman Balin Adler & Hyman, LLP. The offering plan runs 392 pages. The sponsor has filed 1 amendment, the latest in November 2023. The nearest other condo plan on file is 585 10th Street Condominium, next door.

Plan CD230136 · New · accepted Nov 1, 2023 · AG record ↗

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FigureThis building1186 16th23 units · 0.5 miaccepted 2023442 3rd34 units · 0.4 miaccepted 2023
Common ChargesPer Square Foot / Month$0.29Below peers$0.47$0.30
Average Offering PricePer Apartment$2.35MBelow peers$2.4M$2.44M
Average PricePer Square Foot$1,443In line$1,354$1,605
Property TaxesPer Square Foot / Month$0.34Below peers$0.80$0.39
Average Unit SizeSquare Feet1,629 SFIn line1,772 SF1,519 SF

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Unit mix, closings, budgets, finishes and the team, against 186 16th and 442 3rd, 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 closed67% of the homes in Schedule A2 of 3
Closing prices vs. Schedule A2 homes: $4,300,000 at closing against $4,200,000 in Schedule A (p. 44)+2.4%
Average closing price2 homes, on their Schedule A square feet$1,690 / SF
Closingsfirst and latest recordedJan 26, 2024 – Feb 20, 2024

Sales recorded with the Department of Finance (ACRIS) through Jun 30, 2024: 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 2 closings
HomeRecordedClosing priceSchedule ADifference
2Jan 26, 2024$1,950,000$1,850,000 p. 44+5.4%
3Feb 20, 2024$2,350,000$2,350,000 p. 440%

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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
577 Ventures LLC
Principals
Vadem Brodsky
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection

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

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