THE CONDO BOOK PROJECT

Xian De Condominium

673 56 Street, Brooklyn, NY 11220

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Overview

Units
8 residential · 1 commercial
Subway
7 min walk to 8 Av N53 St R, 11 min
Principals
Youbin Cai
Average $/sf
$652Homes in Schedule A, as first offered
Offering price
$5.34 million total

The sponsor of record is Xian De Realty LLC, represented by Hc Law & Associates, P.C.. The offering plan runs 356 pages. The sponsor has filed 2 amendments, the latest in November 2022. The nearest other condo plan on file is 668 56th Street Condominium, next door.

Plan CD200120 · New · accepted Jul 22, 2021 · AG record ↗

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FigureThis building14112 8th28 units · 0.7 miaccepted 202293339 units · 0.4 miaccepted 2021
Common ChargesPer Square Foot / Month$0.36Below peers$0.37$0.47
Average Offering PricePer Apartment$593,333In line$624,583$455,000
Average PricePer Square Foot$652In line$681$601
Average Unit SizeSquare Feet909 SFIn line918 SF757 SF

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Unit mix, closings, budgets, finishes and the team, against 4112 8th and 933, 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: $4,903,425 at closing against $5,340,000 in Schedule A (p. 46)−8.2%
Average closing price9 homes, on their Schedule A square feet$599 / SF
Closingsfirst and latest recordedJan 10, 2022 – Jun 6, 2022

Sales recorded with the Department of Finance (ACRIS) through Jul 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
4AJan 10, 2022$486,720$480,000 p. 46+1.4%
5AJan 10, 2022$486,720$480,000 p. 46+1.4%
5BJan 21, 2022$486,740$480,000 p. 46+1.4%
2AFeb 15, 2022$486,720$480,000 p. 46+1.4%
2BFeb 15, 2022$486,720$480,000 p. 46+1.4%
3BFeb 15, 2022$486,720$480,000 p. 46+1.4%
1AMar 16, 2022$1,009,645$1,500,000 p. 46−32.7%
3AMar 16, 2022$486,720$480,000 p. 46+1.4%
4BJun 6, 2022$486,720$480,000 p. 46+1.4%

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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
Xian De Realty LLC
Principals
Youbin Cai
Tax estimate
Platform Real Estate Inc.Prepared the first-year real estate tax projection

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

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