THE CONDO BOOK PROJECT

668 Nostrand Avenue Condominium

668 Nostrand Avenue, Brooklyn, NY 11216

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Overview

Units
9 residential
Subway
7 min walk to Nostrand Av A CNostrand Av 3, 9 min
Principals
Shai Birenzweig
Average $/sf
$1,053Homes in Schedule A, as first offered
Common charges
$357–$632 a monthSponsor's first-year estimate in Schedule A, July 1, 2021- June 30, 2022
Offering price
$6.28 million total

The sponsor of record is 668 Nostrand Development LLC, represented by Marans Newman Tsolis & Nazinitsky LLC. The offering plan runs 303 pages. The sponsor has filed 2 amendments, the latest in July 2023. The nearest other condo plan on file is 1070 Bergen Street Condominium, next door.

Plan CD200160 · New · accepted Apr 27, 2021 · AG record ↗

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FigureThis building1467 Tompkins27 units · 0.5 miaccepted 202154 Martense38 units · 1.7 miaccepted 2021
Common ChargesPer Square Foot / Month$0.65Highest$0.41$0.40
Average Offering PricePer Apartment$697,778Above peers$668,714$626,875
Average PricePer Square Foot$1,053Above peers$1,049$1,048
Property TaxesPer Square Foot / Month$0.62In line$0.77$0.37
Average Unit SizeSquare Feet662 SFLarger637 SF598 SF

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Unit mix, closings, budgets, finishes and the team, against 467 Tompkins and 54 Martense, 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 A9 of 9
Closing prices vs. Schedule A9 homes: $6,082,790 at closing against $6,280,000 in Schedule A (p. 44)−3.1%
Average closing price9 homes, on their Schedule A square feet$1,020 / SF
Closingsfirst and latest recordedApr 5, 2023 – Jul 28, 2023

Sales recorded with the Department of Finance (ACRIS) through May 31, 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 9 closings
HomeRecordedClosing priceSchedule ADifference
5RApr 5, 2023$980,000$1,050,000 p. 44−6.7%
4FApr 21, 2023$595,000$615,000 p. 44−3.3%
2RApr 28, 2023$585,000$630,000 p. 44−7.1%
3FApr 28, 2023$600,429$605,000 p. 44−0.8%
3RApr 28, 2023$605,000$635,000 p. 44−4.7%
4RApr 28, 2023$625,658$645,000 p. 44−3%
5FApr 28, 2023$825,000$875,000 p. 44−5.7%
2FMay 5, 2023$579,384$585,000 p. 44−1%
1Jul 28, 2023$687,319$640,000 p. 44+7.4%

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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
668 Nostrand Development LLC
Principals
Shai Birenzweig
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Tideway Capital Funding$2.05 million recorded

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

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