THE CONDO BOOK PROJECT

838 41st Street Condominium

838 41st Street, Brooklyn, NY 11220

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Overview

Units
8 residential · 2 commercial
Subway
5 min walk to 9 Av DFort Hamilton Pkwy D, 8 min
Principals
Eling Zhang, Jian Bin Yang, Milton Sum, Shi Can Lei
Average $/sf
$836Homes in Schedule A, as first offered
Common charges
$175–$312 a monthSponsor's first-year estimate in Schedule A, April 1, 2020 to March 31, 2021
Offering price
$8.42 million total

The sponsor of record is 838 41st Street Realty LLC, represented by Thomas E. Berinato, Attorney At Law. The offering plan runs 299 pages. The sponsor has filed 2 amendments, the latest in March 2021. The nearest other condo plan on file is 819 41 Street Condomnium, next door.

Plan CD190078 · New · accepted Jan 28, 2020 · AG record ↗

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FigureThis building1861 Sun28 units · 0.5 miaccepted 2020832 40th38 units · 0 miaccepted 2021
Common ChargesPer Square Foot / Month$0.37Lowest$0.63$0.47
Average Offering PricePer Apartment$575,250Highest$461,250$454,506
Average PricePer Square Foot$836Above peers$793$806
Property TaxesPer Square Foot / Month$0.14In line$0.09$0.80
Average Unit SizeSquare Feet688 SFLargest582 SF564 SF

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Unit mix, closings, budgets, finishes and the team, against 861 Sun and 832 40th, 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: $3,244,181 at closing against $4,602,000 in Schedule A (p. 39)−29.5%
Average closing price8 homes, on their Schedule A square feet$589 / SF
Closingsfirst and latest recordedJul 15, 2021 – Oct 7, 2021

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
2AJul 15, 2021$468,468$640,000 p. 39−26.8%
2BJul 20, 2021$481,650$560,000 p. 39−14%
3BJul 20, 2021$385,320$552,000 p. 39−30.2%
4BJul 20, 2021$385,320$552,000 p. 39−30.2%
4AJul 22, 2021$466,440$680,000 p. 39−31.4%
5AJul 29, 2021$375,180$520,000 p. 39−27.8%
3AAug 16, 2021$580,403$680,000 p. 39−14.6%
5BOct 7, 2021$101,400$418,000 p. 39−75.7%

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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
838 41st Street Realty LLC
Principals
Eling Zhang, Jian Bin Yang, Milton Sum, Shi Can Lei
Tax estimate
Thomas E. BerinatoPrepared the first-year real estate tax projection
Construction lender
Amerasia Bank

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

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