THE CONDO BOOK PROJECT

861 Sun Condominium

861 51st Street, Brooklyn, NY 11220

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Overview

Units
8 residential · 2 parking · 2 commercial
Subway
11 min walk to 50 St DFort Hamilton Pkwy D, 12 min
Principals
Benny Fong, Jian Feng Zheng, Xiang Ri Chen
Average $/sf
$793Homes in Schedule A, as first offered
Common charges
$259–$406 a monthSponsor's first-year estimate in Schedule A, March 1, 2020 to February 28, 2021
Offering price
$4.91 million total

The sponsor of record is 861 51 Street Corp **, represented by Moritt Hock & Hamroff, LLP. The offering plan runs 327 pages. The sponsor has filed 2 amendments, the latest in March 2021. The nearest other condo plan on file is Sunset Park Manor Condominium, next door.

Plan CD180351 · New · accepted Jan 21, 2020 · AG record ↗

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FigureThis building1838 41st28 units · 0.5 miaccepted 2020832 40th38 units · 0.5 miaccepted 2021
Common ChargesPer Square Foot / Month$0.63Highest$0.37$0.47
Average Offering PricePer Apartment$461,250In line$575,250$454,506
Average PricePer Square Foot$793Below peers$836$806
Property TaxesPer Square Foot / Month$0.09Lowest$0.14$0.80
Average Unit SizeSquare Feet582 SFIn line688 SF564 SF

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Unit mix, closings, budgets, finishes and the team, against 838 41st 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: $3,803,362 at closing against $3,690,000 in Schedule A (p. 42)+3.1%
Average closing price8 homes, on their Schedule A square feet$817 / SF
Closingsfirst and latest recordedNov 9, 2020 – Jul 22, 2022

Sales recorded with the Department of Finance (ACRIS) through Sep 30, 2025: 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
3BNov 9, 2020$486,720$480,000 p. 42+1.4%
2BDec 28, 2020$486,720$480,000 p. 42+1.4%
5AJan 6, 2021$380,000$380,000 p. 420%
5BFeb 11, 2021$500,000$430,000 p. 42+16.3%
4AApr 6, 2021$486,720$480,000 p. 42+1.4%
2AApr 13, 2021$486,720$480,000 p. 42+1.4%
4BFeb 4, 2022$489,762$480,000 p. 42+2%
3AJul 22, 2022$486,720$480,000 p. 42+1.4%

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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
861 51 Street Corp **
Principals
Benny Fong, Jian Feng Zheng, Xiang Ri Chen
Tax estimate
Moseson & Associates Corp.Prepared the first-year real estate tax projection
Construction lender
Ray Chen, Zheng Sheng Zheng and Kit Lam$1.6 million recorded

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

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