THE CONDO BOOK PROJECT

653 Bergen Street Condominium

653 Bergen Street, Brooklyn, NY 11238

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Overview

Units
7 residential
Subway
7 min walk to Clinton-Washington Avs CGrand Army Plaza 2 3, 8 min
Principals
Ido Paul Amit, Yossef Ariel
Average $/sf
$1,090Homes in Schedule A, as first offered
Common charges
$456–$776 a monthSponsor's first-year estimate in Schedule A, July 1, 2019- June 30, 2020
Offering price
$17.8 million total

The sponsor of record is Bergen Gardens LLC, represented by Marans Weisz & Newman LLC. The offering plan runs 279 pages. The sponsor has filed 3 amendments, the latest in February 2020. The nearest other condo plan on file is 659 Bergen Street Condominium, next door.

Plan CD180153 · New · accepted Mar 15, 2019 · AG record ↗

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FigureThis building1873 Pacific28 units · 0.1 miaccepted 201727 Jefferson34 units · 0.6 miaccepted 2018
Common ChargesPer Square Foot / Month$0.26Lowest$0.33$0.34
Average Offering PricePer Apartment$2.34MHighest$1.7M$1.38M
Average PricePer Square Foot$1,090Below peers$1,134$1,185
Property TaxesPer Square Foot / Month$0.41In line$0.82$0.13
Average Unit SizeSquare Feet2,150 SFLargest1,494 SF1,166 SF

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Unit mix, closings, budgets, finishes and the team, against 873 Pacific and 27 Jefferson, 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 A7 of 7
Closing prices vs. Schedule A7 homes: $15,908,325 at closing against $16,400,000 in Schedule A (p. 34)−3%
Average closing price7 homes, on their Schedule A square feet$1,057 / SF
Closingsfirst and latest recordedJun 26, 2020 – Sep 21, 2021

Sales recorded with the Department of Finance (ACRIS) through Aug 31, 2023: 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 7 closings
HomeRecordedClosing priceSchedule ADifference
1Jun 26, 2020$2,400,000$2,000,000 p. 34+20%
4Jul 14, 2020$2,225,000$2,350,000 p. 34−5.3%
3Jul 23, 2020$2,100,000$2,300,000 p. 34−8.7%
5Jul 23, 2020$2,250,000$2,450,000 p. 34−8.2%
6Jul 29, 2020$2,138,325$2,150,000 p. 34−0.5%
2Aug 6, 2020$1,995,000$2,150,000 p. 34−7.2%
7Sep 21, 2021$2,800,000$3,000,000 p. 34−6.7%

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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
Bergen Gardens LLC
Principals
Ido Paul Amit, Yossef Ariel
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Bank Leumi$8.85 million recorded

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

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