THE CONDO BOOK PROJECT

89 South 4 Street Condominium

89 South 4th Street, Brooklyn, NY 11249

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Overview

Units
4 residential
Subway
10 min walk to Marcy Av J M ZBedford Av L, 11 min
Principals
Omri Bar-Mashiah
Average $/sf
$1,203Homes in Schedule A, as first offered
Common charges
$529–$636 a monthSponsor's first-year estimate in Schedule A, July 1, 2023 - June 30, 2024
Offering price
$7.4 million total $5.85 million when first offered

The sponsor of record is 89 S 4 LLC, represented by Tsyngauz & Associates, P.C.. The offering plan runs 314 pages. The sponsor has filed 1 amendment, the latest in August 2023. The nearest other condo plan on file is 101 South 4th Street Condominium, next door.

Plan CD220025 · Rehab · accepted Dec 16, 2022 · AG record ↗

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FigureThis building1590 Lorimer23 units · 0.8 miaccepted 2023Belvedere Cx33 units · 1.4 miaccepted 2021
Common ChargesPer Square Foot / Month$0.47In line$0.41$0.48
Average Offering PricePer Apartment$1.46MBelow peers$1.73M$1.61M
Average PricePer Square Foot$1,203Below peers$1,430$1,264
Property TaxesPer Square Foot / Month$0.48Highest$0.10$0.31
Average Unit SizeSquare Feet1,215 SFIn line1,209 SF1,273 SF

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Unit mix, closings, budgets, finishes and the team, against 590 Lorimer and Belvedere Cx, 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 A4 of 4
Closing prices vs. Schedule A4 homes: $7,297,455 at closing against $5,850,000 in Schedule A (p. 45)+24.7%
Average closing price4 homes, on their Schedule A square feet$1,501 / SF
Closingsfirst and latest recordedAug 18, 2023 – Mar 12, 2024

Sales recorded with the Department of Finance (ACRIS) through Mar 31, 2024: 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 4 closings
HomeRecordedClosing priceSchedule ADifference
2Aug 18, 2023$1,827,759$1,350,000 p. 45+35.4%
3Aug 22, 2023$1,860,000$1,350,000 p. 45+37.8%
4Oct 4, 2023$2,133,234$1,450,000 p. 45+47.1%
1Mar 12, 2024$1,476,463$1,700,000 p. 45−13.1%

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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
89 S 4 LLC
Principals
Omri Bar-Mashiah
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Quanta Finance$3.65 million loan stated in the plan

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

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