THE CONDO BOOK PROJECT

578 Sterling Place Condominium

578 Sterling Place, Brooklyn, NY 11238

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Overview

Units
4 residential
Subway
5 min walk to Park Pl SFranklin Av-Medgar Evers College/Botanic Garden 2 3 4 5 S, 6 min
Developer
BFC Partners
Principals
Daniel Pipitone, Giovanni Ferrara, Marco Auteri
Average $/sf
$827Homes in Schedule A, as first offered
Common charges
$468–$590 a monthSponsor's first-year estimate in Schedule A, September 1, 2017 - August 31, 2018
Offering price
$5.59 million total $4.72 million when first offered

The sponsor of record is 578 Sterling LLC, represented by Tsyngauz & Associates, P.C.. The offering plan runs 264 pages. The sponsor has filed 3 amendments, the latest in February 2018. The nearest other condo plan on file is Sterling Green Condominium, next door.

Plan CD170005 · New · accepted May 9, 2017 · AG record ↗

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FigureThis building159 Quincy25 units · 0.9 miaccepted 2017368 Gates34 units · 0.9 miaccepted 2016
Common ChargesPer Square Foot / Month$0.36In line$0.34$0.39
Average Offering PricePer Apartment$1.18MAbove peers$660,000$1.17M
Average PricePer Square Foot$827In line$786$991
Property TaxesPer Square Foot / Month$0.85Above peers$0.76$0.50
Average Unit SizeSquare Feet1,428 SFLargest840 SF1,179 SF

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Unit mix, closings, budgets, finishes and the team, against 59 Quincy and 368 Gates, 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 A4 of 4
Closing prices vs. Schedule A4 homes: $5,338,176 at closing against $4,725,000 in Schedule A (p. 29)+13%
Average closing price4 homes, on their Schedule A square feet$935 / SF
Closingsfirst and latest recordedJul 31, 2018 – Aug 6, 2018

Sales recorded with the Department of Finance (ACRIS) through Aug 31, 2025: 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
1Jul 31, 2018$1,608,835$1,250,000 p. 29+28.7%
3Aug 2, 2018$1,158,259$1,150,000 p. 29+0.7%
4Aug 3, 2018$1,272,813$1,125,000 p. 29+13.1%
2Aug 6, 2018$1,298,269$1,200,000 p. 29+8.2%

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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
578 Sterling LLC
Developer
BFC Partners
Principals
Daniel Pipitone, Giovanni Ferrara, Marco Auteri
Tax estimate
The Mazursky Group, Inc.Prepared the first-year real estate tax projection

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

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