THE CONDO BOOK PROJECT

832 40th Street Condominium

832 40th Street, Brooklyn, NY 11232

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Overview

Units
8 residential
Subway
4 min walk to 9 Av DFort Hamilton Pkwy D, 8 min
Principals
Yu Kei Lam, Rong Han Lei
Average $/sf
$806Homes in Schedule A, as first offered
Common charges
$232–$279 a monthSponsor's first-year estimate in Schedule A, January 1, 2021 to December 31, 2021
Offering price
$5.34 million total $5.79 million when first offered

The sponsor of record is 832 40 St. Realty LLC, represented by Thomas E. Berinato, Attorney At Law. The offering plan runs 285 pages. The sponsor has filed 3 amendments, the latest in September 2021. The nearest other condo plan on file is 828 Perfect Condominium, next door.

Plan CD190357 · New · accepted Jan 13, 2021 · AG record ↗

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FigureThis building1Utrecht Ave27 units · 0.2 miaccepted 2021861 Sun38 units · 0.5 miaccepted 2020
Common ChargesPer Square Foot / Month$0.47Lowest$0.83$0.63
Average Offering PricePer Apartment$454,506In line$452,143$461,250
Average PricePer Square Foot$806Above peers$788$793
Property TaxesPer Square Foot / Month$0.80Highest$0.39$0.09
Average Unit SizeSquare Feet564 SFSmaller574 SF582 SF

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Unit mix, closings, budgets, finishes and the team, against Utrecht Ave and 861 Sun, 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: $3,173,766 at closing against $3,636,050 in Schedule A (p. 34)−12.7%
Average closing price8 homes, on their Schedule A square feet$703 / SF
Closingsfirst and latest recordedOct 5, 2021 – Mar 9, 2022

Sales recorded with the Department of Finance (ACRIS) through Mar 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
5BOct 5, 2021$319,410$413,325 p. 34−22.7%
4AOct 27, 2021$446,160$471,200 p. 34−5.3%
3ANov 3, 2021$405,674$471,200 p. 34−13.9%
2BNov 30, 2021$415,538$471,200 p. 34−11.8%
3BNov 30, 2021$405,674$476,000 p. 34−14.8%
2ADec 22, 2021$380,250$450,400 p. 34−15.6%
4BFeb 7, 2022$446,160$476,000 p. 34−6.3%
5AMar 9, 2022$354,900$406,725 p. 34−12.7%

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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
832 40 St. Realty LLC
Principals
Yu Kei Lam, Rong Han Lei
Tax estimate
Thomas E. BerinatoPrepared the first-year real estate tax projection
Construction lender
Amerasia Bank$3.68 million recorded

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

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