THE CONDO BOOK PROJECT

Bay Vista Condominium

8629 Bay Parkway, Brooklyn, NY 11214

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Overview

Units
38 residential · 18 parking · 1 commercial
Subway
1 min walk to Bay Pkwy D20 Av D, 7 min
Developers
PYE Properties, Inc., Shore Tower Group LLC
Principals
Mark Yadgarov, Pyotr Yadgarov
Average $/sf
$715Homes in Schedule A, as first offered
Common charges
$176–$347 a monthSponsor's first-year estimate in Schedule A, January 1, 2017 - December 31, 2017
Offering price
$25 million total $23 million when first offered

The sponsor of record is 8629 Bay Parkway, LLC, represented by Tsyngauz & Associates, P.C.. The offering plan runs 320 pages. The sponsor has filed 9 amendments, the latest in November 2016. The nearest other condo plan on file is Bay Parkway Luxury Condominium, next door.

Plan CD160045 · New · accepted Jun 8, 2016 · AG record ↗

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FigureThis building1Ocean Palace223 units · 2.3 miaccepted 20171287 East 19th319 units · 2.4 miaccepted 2016
Common ChargesPer Square Foot / Month$0.33In line$0.29$0.33
Average Offering PricePer Apartment$558,711Above peers$415,652$500,265
Average PricePer Square Foot$715Highest$586$550
Property TaxesPer Square Foot / Month$0.33Highest$0.03$0.04
Average Unit SizeSquare Feet782 SFIn line709 SF909 SF

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Unit mix, closings, budgets, finishes and the team, against Ocean Palace and 1287 East 19th, 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 A38 of 38
Closing prices vs. Schedule A38 homes: $23,572,885 at closing against $21,231,000 in Schedule A (p. 33, p. 34)+11%
Average closing price38 homes, on their Schedule A square feet$794 / SF
Closingsfirst and latest recordedNov 17, 2016 – Jan 29, 2019

Sales recorded with the Department of Finance (ACRIS) through Aug 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 38 closings
HomeRecordedClosing priceSchedule ADifference
4DNov 17, 2016$539,673$491,000 p. 34+9.9%
5ENov 22, 2016$789,144$689,000 p. 34+14.5%
5ANov 23, 2016$674,082$565,000 p. 34+19.3%
1FDec 1, 2016$395,460$360,000 p. 33+9.9%
4BDec 1, 2016$466,440$415,000 p. 34+12.4%
5GDec 6, 2016$418,782$393,000 p. 34+6.6%
4ADec 12, 2016$677,136$549,000 p. 34+23.3%
2CDec 13, 2016$650,662$629,000 p. 33+3.4%
2BDec 15, 2016$446,160$399,000 p. 33+11.8%
3GDec 19, 2016$414,726$379,000 p. 33+9.4%
1CDec 20, 2016$415,740$399,000 p. 33+4.2%
5BDec 20, 2016$469,000$425,000 p. 34+10.4%
2EDec 22, 2016$707,684$680,000 p. 33+4.1%
2GDec 23, 2016$389,376$379,000 p. 33+2.7%
3FDec 27, 2016$692,410$599,000 p. 33+15.6%
4EDec 28, 2016$758,596$669,000 p. 34+13.4%
2ADec 29, 2016$651,680$529,000 p. 33+23.2%
3BDec 29, 2016$496,860$409,000 p. 33+21.5%
2DJan 10, 2017$549,855$475,000 p. 33+15.8%
4GJan 10, 2017$390,390$385,000 p. 34+1.4%
3CJan 20, 2017$677,136$649,000 p. 33+4.3%
4CFeb 16, 2017$778,961$659,000 p. 34+18.2%
3DFeb 28, 2017$547,819$482,000 p. 33+13.7%
3AMar 3, 2017$626,224$535,000 p. 33+17.1%
1DMar 10, 2017$430,950$380,000 p. 33+13.4%
1BApr 6, 2017$656,771$599,000 p. 33+9.6%
5DJun 27, 2017$565,129$505,000 p. 34+11.9%
6CJul 17, 2017$932,005$875,000 p. 34+6.5%
6DJul 26, 2017$890,969$843,000 p. 34+5.7%
5FSep 28, 2017$649,644$615,000 p. 34+5.6%
1AOct 26, 2017$631,315$515,000 p. 33+22.6%
3EOct 31, 2017$770,193$655,000 p. 33+17.6%
4FOct 31, 2017$686,975$599,000 p. 34+14.7%
5CNov 6, 2017$784,053$669,000 p. 34+17.2%
1EJan 23, 2018$707,684$659,000 p. 33+7.4%
2FJan 31, 2018$782,016$670,000 p. 33+16.7%
6BJan 2, 2019$860,421$849,000 p. 34+1.3%
6AJan 29, 2019$600,768$655,000 p. 34−8.3%

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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
8629 Bay Parkway, LLC
Developers
PYE Properties, Inc., Shore Tower Group LLC
Principals
Mark Yadgarov, Pyotr Yadgarov
Tax estimate
MGNY Consulting Corp.Prepared the first-year real estate tax projection
Construction lender
W Financial Fund, LP$10.8 million loan stated in the plan

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

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