THE CONDO BOOK PROJECT

757 Bergen Street Condominium

757 Bergen Street, Brooklyn, NY 11238

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Overview

Units
3 residential
Subway
7 min walk to Clinton-Washington Avs CPark Pl S, 10 min
Principals
Amit Stern, Assaf Cohen
Average $/sf
$942Homes in Schedule A, as first offered
Common charges
$527–$643 a monthSponsor's first-year estimate in Schedule A, July 1, 2019 through June 30, 2020
Offering price
$4.85 million total $4.7 million when first offered

The sponsor of record is 757 Bergen Jv2 LLC, represented by Jeffrey Zwick & Associates, P.C.. The offering plan runs 323 pages. The sponsor has filed 2 amendments, the latest in February 2020. The nearest other condo plan on file is 759 Bergen Street Condominium, next door.

Plan CD170358 · New · accepted Mar 11, 2019 · AG record ↗

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FigureThis building1193 Hancock22 units · 0.8 miaccepted 2020149 14th33 units · 1.7 miaccepted 2020
Common ChargesPer Square Foot / Month$0.35Above peers$0.21$0.32
Average Offering PricePer Apartment$1.57MBelow peers$2.05M$1.66M
Average PricePer Square Foot$942In line$911$1,122
Property TaxesPer Square Foot / Month$0.73Highest$0.29$0.43
Average Unit SizeSquare Feet1,663 SFIn line2,250 SF1,477 SF

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Unit mix, closings, budgets, finishes and the team, against 193 Hancock and 149 14th, 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 A3 of 3
Closing prices vs. Schedule A3 homes: $4,621,503 at closing against $4,700,000 in Schedule A (p. 32)−1.7%
Average closing price3 homes, on their Schedule A square feet$926 / SF
Closingsfirst and latest recordedFeb 19, 2020 – Feb 27, 2020

Sales recorded with the Department of Finance (ACRIS) through Nov 30, 2022: 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 3 closings
HomeRecordedClosing priceSchedule ADifference
1Feb 19, 2020$1,543,689$1,700,000 p. 32−9.2%
3Feb 26, 2020$1,703,177$1,800,000 p. 32−5.4%
2Feb 27, 2020$1,374,638$1,200,000 p. 32+14.6%

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Closings are for subscribers

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
757 Bergen Jv2 LLC
Principals
Amit Stern, Assaf Cohen
Tax estimate
Metropolitan Realty ExemptionsPrepared the first-year real estate tax projection
Construction lender
First Niagara Bank

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

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