THE CONDO BOOK PROJECT

H7 Condominium

623 Avenue H, Brooklyn, NY 11230

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Overview

Units
38 residential · 4 parking · 1 commercial
Subway
9 min walk to Avenue H Q18 Av F, 10 min
Principals
Lev Berenshteyn, Yevgeniy Lvovskiy, Alexander Soskin, David Babaev
Average $/sf
$978Homes in Schedule A, as first offered
Common charges
$213–$531 a monthSponsor's first-year estimate in Schedule A, July 1, 2022 - June 30, 2023
Offering price
$24.8 million total $17.6 million when first offered

The sponsor of record is 623 Ave H LLC, represented by Tsyngauz & Associates, P.C.. The offering plan runs 359 pages. The sponsor has filed 3 amendments, the latest in July 2023. The nearest other condo plan on file is 892 East 7th Street Condominium, next door.

Plan CD200156 · New · accepted Feb 25, 2022 · AG record ↗

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FigureThis building1The Newkirk237 units · 1.1 miaccepted 2022The Avanti345 units · 1.1 miaccepted 2022
Common ChargesPer Square Foot / Month$0.59Below peers$0.65$0.60
Average Offering PricePer Apartment$597,526Above peers$582,838$563,869
Average PricePer Square Foot$978Above peers$967$918
Property TaxesPer Square Foot / Month$0.76Below peers$1.01$0.80
Average Unit SizeSquare Feet611 SFIn line597 SF614 SF

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Unit mix, closings, budgets, finishes and the team, against The Newkirk and The Avanti, 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 A38 of 38
Closing prices vs. Schedule A38 homes: $21,208,215 at closing against $22,706,000 in Schedule A (p. 49, p. 50)−6.6%
Average closing price38 homes, on their Schedule A square feet$913 / SF
Closingsfirst and latest recordedNov 18, 2022 – Sep 27, 2023

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 44 closings
HomeRecordedClosing priceSchedule ADifference
3DNov 18, 2022$486,720$517,000 p. 49−5.9%
5BNov 23, 2022$650,662$691,900 p. 49−6%
PS3Nov 23, 2022$86,190——
PH2ANov 28, 2022$743,323$878,900 p. 50−15.4%
7BNov 29, 2022$724,000$713,900 p. 50+1.4%
PS7Nov 29, 2022$724,000——
PH1BDec 1, 2022$710,000$757,900 p. 50−6.3%
2ADec 2, 2022$470,000$528,000 p. 49−11%
5DDec 2, 2022$500,000$539,000 p. 50−7.2%
2BDec 5, 2022$609,932$658,900 p. 49−7.4%
7ADec 5, 2022$560,038$605,000 p. 50−7.4%
PH2BDec 5, 2022$700,000$755,000 p. 50−7.3%
5EDec 7, 2022$740,000$770,000 p. 50−3.9%
2EDec 9, 2022$636,406$715,000 p. 49−11%
3FDec 9, 2022$354,900$352,000 p. 49+0.8%
7DDec 9, 2022$520,000$561,000 p. 50−7.3%
7EDec 13, 2022$773,870$792,000 p. 50−2.3%
3BDec 14, 2022$630,297$669,900 p. 49−5.9%
4BDec 16, 2022$704,000$680,900 p. 49+3.4%
4DDec 16, 2022$496,860$528,000 p. 49−5.9%
PS5Dec 16, 2022$704,000——
5CDec 20, 2022$385,320$418,000 p. 50−7.8%
4FDec 21, 2022$365,040$363,000 p. 49+0.6%
6BDec 21, 2022$660,844$702,900 p. 50−6%
4CDec 23, 2022$370,000$407,000 p. 49−9.1%
3EDec 27, 2022$404,586$438,900 p. 49−7.8%
6EDec 29, 2022$763,688$781,000 p. 50−2.2%
PH2CJan 11, 2023$799,326$743,000 p. 50+7.6%
PS4Jan 11, 2023$799,326——
3CJan 12, 2023$365,040$396,000 p. 49−7.8%
PH1AJan 19, 2023$709,999$845,900 p. 50−16.1%
2CJan 24, 2023$354,900$385,000 p. 49−7.8%
PH1CMar 6, 2023$840,000$825,000 p. 50+1.8%
PS2Mar 6, 2023$840,000——
4EMar 30, 2023$420,810$451,000 p. 49−6.7%
6AApr 27, 2023$520,000$594,000 p. 50−12.5%
6DMay 8, 2023$486,720$550,000 p. 50−11.5%
6CMay 10, 2023$390,000$429,000 p. 50−9.1%
2DMay 31, 2023$475,000$506,000 p. 49−6.1%
7CJun 12, 2023$400,000$440,000 p. 50−9.1%
3AJun 20, 2023$524,145$561,000 p. 49−6.6%
PS6Sep 6, 2023$70,980——
5ASep 12, 2023$491,790$583,000 p. 49−15.6%
4ASep 27, 2023$470,000$572,000 p. 49−17.8%

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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
623 Ave H LLC
Principals
Lev Berenshteyn, Yevgeniy Lvovskiy, Alexander Soskin, David Babaev
Tax estimate
Boris Saks, Esq.Prepared the first-year real estate tax projection
Construction lender
The Bank of Princeton$10.6 million loan stated in the plan

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

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