THE CONDO BOOK PROJECT

778 Marcy Condominium

778 Marcy Avenue, Brooklyn, NY 11216

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Overview

Units
6 residential
Subway
8 min walk to Bedford-Nostrand Avs GMyrtle-Willoughby Avs G, 12 min
Principals
Hongwei Zhang, Xiaodan Wu
Average $/sf
$993Homes in Schedule A, as first offered
Common charges
$312–$467 a monthSponsor's first-year estimate in Schedule A, January 1, 2021 - December 31,2021
Offering price
$4.12 million total

The sponsor of record is Brooklyn 1001 LLC, represented by Hc Law & Associates, P.C.. The offering plan runs 301 pages. The sponsor has filed 3 amendments, the latest in September 2022. The nearest other condo plan on file is 318 Quincy Street Condominium, next door.

Plan CD190382 · New · accepted May 8, 2020 · AG record ↗

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FigureThis building1479 Monroe27 units · 0.5 miaccepted 2020725 Lafayette37 units · 0.3 miaccepted 2020
Common ChargesPer Square Foot / Month$0.52Below peers$0.56$0.54
Average Offering PricePer Apartment$666,667Above peers$591,714$635,286
Average PricePer Square Foot$993Above peers$939$977
Property TaxesPer Square Foot / Month$0.47Lowest$1.24$0.99
Average Unit SizeSquare Feet671 SFLarger630 SF650 SF

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Unit mix, closings, budgets, finishes and the team, against 479 Monroe and 725 Lafayette, 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 A6 of 6
Closing prices vs. Schedule A6 homes: $3,483,581 at closing against $4,000,000 in Schedule A (p. 39)−12.9%
Average closing price6 homes, on their Schedule A square feet$865 / SF
Closingsfirst and latest recordedNov 23, 2021 – Jan 14, 2022

Sales recorded with the Department of Finance (ACRIS) through Jan 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 6 closings
HomeRecordedClosing priceSchedule ADifference
3BNov 23, 2021$490,000$600,000 p. 39−18.3%
1ADec 2, 2021$645,000$700,000 p. 39−7.9%
4ADec 2, 2021$760,000$900,000 p. 39−15.6%
2ADec 15, 2021$534,581$600,000 p. 39−10.9%
3AJan 10, 2022$544,000$600,000 p. 39−9.3%
2BJan 14, 2022$510,000$600,000 p. 39−15%

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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
Brooklyn 1001 LLC
Principals
Hongwei Zhang, Xiaodan Wu
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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