THE CONDO BOOK PROJECT

34th Street Residence Condominium

785 East 34th Street, Brooklyn, NY 11210

Overview

Units
13 residential · 1 parking
Subway
10 min walk to Flatbush Av-Brooklyn College 2 5Newkirk Av-Little Haiti 2 5, 10 min
Principals
Joel Biner
Offering price
$7.5 million total

The sponsor of record is 34 Street Owner LLC, represented by The Law Office Of Jay Lichtman, P.C.. The offering plan runs 342 pages. The sponsor has filed 1 amendment, the latest in November 2022. The nearest other condo plan on file is 3311 Newkirk Avenue Condominium, 0.2 mi away.

Plan CD210327 · New · accepted Jul 29, 2022 · AG record ↗

Compare

FigureThis building1Kings Point215 units · 2 miaccepted 2022Solara321 units · 0.5 miaccepted 2022
Average Offering PricePer Apartment$577,154In line$502,667$633,333

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Unit mix, closings, budgets, finishes and the team, against Kings Point and Solara, 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 closed69% of the homes in Schedule A9 of 13
Closing prices vs. Schedule A9 homes: $4,396,150 at closing against $5,174,000 in Schedule A (p. 33)−15%
Closingsfirst and latest recordedMar 31, 2023 – May 9, 2024

Sales recorded with the Department of Finance (ACRIS) through Jun 30, 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
2AMar 31, 2023$485,000$599,000 p. 33−19%
1AMay 1, 2023$475,000$589,000 p. 33−19.4%
1CMay 1, 2023$499,000$589,000 p. 33−15.3%
GJun 5, 2023$530,000$559,000 p. 33−5.2%
4AJul 26, 2023$495,000$601,000 p. 33−17.6%
3AOct 10, 2023$475,000$609,000 p. 33−22%
2CNov 21, 2023$470,000$599,000 p. 33−21.5%
1BJan 10, 2024$460,150$420,000 p. 33+9.6%
3CMay 9, 2024$507,000$609,000 p. 33−16.7%

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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
34 Street Owner LLC
Principals
Joel Biner
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Northeast Community Bank$3.6 million recorded

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

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