THE CONDO BOOK PROJECT

735 Bergen Street Condominium

735 Bergen Street, Brooklyn, NY 11238

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Overview

Units
8 residential
Subway
7 min walk to Clinton-Washington Avs CPark Pl S, 10 min
Average $/sf
$1,236Homes in Schedule A, as first offered
Common charges
$380–$1,260 a monthSponsor's first-year estimate in Schedule A, September 1, 2015 – August 31, 2016
Offering price
$6.75 million total $3.58 million when first offered

The sponsor of record is Bergen Upreal LLC, represented by Marans, Weisz & Newman LLC. The offering plan runs 305 pages. The sponsor has filed 11 amendments, the latest in September 2016. The nearest other condo plan on file is 737 Bergen Street Condominium, next door.

Plan CD140221 · New · accepted Nov 13, 2014 · AG record ↗

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FigureThis building1210 Pacific28 units · 1.6 miaccepted 20148 Saint Marks313 units · 1 miaccepted 2016
Common ChargesPer Square Foot / Month$1.00Highest$0.57$0.57
Average Offering PricePer Apartment$880,938Lowest$3.1M$1.51M
Average PricePer Square Foot$1,236In line$1,363$1,147
Property TaxesPer Square Foot / Month$0.58In line$0.16$1.09
Average Unit SizeSquare Feet713 SFSmallest2,274 SF1,317 SF

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Unit mix, closings, budgets, finishes and the team, against 210 Pacific and 8 Saint Marks, 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: $6,641,814 at closing against $7,047,500 in Schedule A (p. 23)−5.8%
Average closing price8 homes, on their Schedule A square feet$1,165 / SF
Closingsfirst and latest recordedApr 21, 2016 – Nov 21, 2016

Sales recorded with the Department of Finance (ACRIS) through Aug 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 8 closings
HomeRecordedClosing priceSchedule ADifference
3AApr 21, 2016$692,410$725,000 p. 23−4.5%
2AMay 2, 2016$1,323,725$1,365,000 p. 23−3%
4AMay 4, 2016$705,378$735,000 p. 23−4%
5AJun 1, 2016$1,209,941$1,312,500 p. 23−7.8%
4BJun 8, 2016$609,932$630,000 p. 23−3.2%
1AAug 1, 2016$470,496$505,000 p. 23−6.8%
3BAug 9, 2016$609,932$620,000 p. 23−1.6%
1BNov 21, 2016$1,020,000$1,155,000 p. 23−11.7%

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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 Upreal LLC
Tax estimate
Metropolitan Realty ExemptionsPrepared the first-year real estate tax projection
Construction lender
SDF65 Bergen Street 1 LLC c/o Madison Realty Capital

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

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