THE CONDO BOOK PROJECT

590 6th Street Condominium

590 6th Street, Brooklyn, NY 11215

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Overview

Units
8 residential
Subway
4 min walk to 7 Av F G15 St-Prospect Park F G, 10 min
Principals
Robert Saffayeh, Vyacheslav Faybyshev, Gabriel Saffayeh
Average $/sf
$1,916Homes in Schedule A, as first offered
Common charges
$371–$544 a monthSponsor's first-year estimate in Schedule A, July 1, 2023 - June 30, 2024
Offering price
$19.9 million total $18.9 million when first offered

The sponsor of record is Ssen1 LLC, represented by Tsyngauz & Associates, P.C.. The offering plan runs 294 pages. The sponsor has filed 3 amendments, the latest in June 2023. The nearest other condo plan on file is 610 Sixth Street Condominium, next door.

Plan CD210347 · Rehab · accepted Oct 27, 2022 · AG record ↗

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FigureThis building118 Eighth24 units · 0.6 miaccepted 2022686 Carroll34 units · 0.5 miaccepted 2022
Common ChargesPer Square Foot / Month$0.34In line$0.56$0.34
Average Offering PricePer Apartment$2.49MAbove peers$2.33M$1.98M
Average PricePer Square Foot$1,916Above peers$1,717$1,871
Property TaxesPer Square Foot / Month$1.00Highest$0.83$0.36
Average Unit SizeSquare Feet1,300 SFIn line1,354 SF1,056 SF

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Unit mix, closings, budgets, finishes and the team, against 18 Eighth and 686 Carroll, 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: $18,202,014 at closing against $19,920,000 in Schedule A (p. 44)−8.6%
Average closing price8 homes, on their Schedule A square feet$1,751 / SF
Closingsfirst and latest recordedMay 19, 2023 – Aug 31, 2023

Sales recorded with the Department of Finance (ACRIS) through Nov 30, 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 8 closings
HomeRecordedClosing priceSchedule ADifference
2RMay 19, 2023$2,075,000$2,180,000 p. 44−4.8%
1RJun 5, 2023$2,565,000$2,695,000 p. 44−4.8%
4RJun 12, 2023$2,750,000$2,995,000 p. 44−8.2%
1LJun 14, 2023$2,565,000$2,650,000 p. 44−3.2%
3RJun 14, 2023$2,100,000$2,295,000 p. 44−8.5%
3LJul 20, 2023$1,748,944$2,180,000 p. 44−19.8%
4LJul 24, 2023$2,403,070$2,850,000 p. 44−15.7%
2LAug 31, 2023$1,995,000$2,075,000 p. 44−3.9%

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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
Ssen1 LLC
Principals
Robert Saffayeh, Vyacheslav Faybyshev, Gabriel Saffayeh
Tax estimate
MGNY Consulting Corp.Prepared the first-year real estate tax projection
Construction lender
Valley National Bank$5.28 million loan stated in the plan

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

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