THE CONDO BOOK PROJECT

897 Herkimer Street Condominium

897 Herkimer Street, Brooklyn, NY 11233

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Overview

Units
7 residential
Subway
3 min walk to Ralph Av CUtica Av A C, 8 min
Principals
Rafael Reihanian
Average $/sf
$774Homes in Schedule A, as first offered
Common charges
$217–$478 a monthSponsor's first-year estimate in Schedule A, July 1, 2021- June 30, 2022
Offering price
$3.72 million total

The sponsor of record is Inspired Properties NY LLC, represented by The Law Office Of Jay Lichtman, P.C.. The offering plan runs 335 pages. The sponsor has filed 1 amendment, the latest in December 2021. The nearest other condo plan on file is 855 & 861 Herkimer Lofts, next door.

Plan CD200029 · New · accepted Apr 26, 2021 · AG record ↗

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FigureThis building1499 Evergreen28 units · 1 miaccepted 20211572 Pacific38 units · 0.7 miaccepted 2020
Common ChargesPer Square Foot / Month$0.48In line$0.44$0.61
Average Offering PricePer Apartment$531,857Below peers$556,500$553,125
Average PricePer Square Foot$774Below peers$830$788
Property TaxesPer Square Foot / Month$0.68Below peers$12.82$0.77
Average Unit SizeSquare Feet687 SFIn line670 SF702 SF

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Unit mix, closings, budgets, finishes and the team, against 499 Evergreen and 1572 Pacific, 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 A7 of 7
Closing prices vs. Schedule A7 homes: $4,454,500 at closing against $3,723,000 in Schedule A (p. 34)+19.6%
Average closing price7 homes, on their Schedule A square feet$926 / SF
Closingsfirst and latest recordedMar 18, 2022 – May 19, 2022

Sales recorded with the Department of Finance (ACRIS) through Jan 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 7 closings
HomeRecordedClosing priceSchedule ADifference
2AMar 18, 2022$520,000$489,000 p. 34+6.3%
3AMar 21, 2022$554,000$499,000 p. 34+11%
1BMar 22, 2022$897,500$669,000 p. 34+34.2%
2BMar 22, 2022$525,000$489,000 p. 34+7.4%
3BMar 22, 2022$549,000$499,000 p. 34+10%
4Mar 22, 2022$929,000$749,000 p. 34+24%
1AMay 19, 2022$480,000$329,000 p. 34+45.9%

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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
Inspired Properties NY LLC
Principals
Rafael Reihanian
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Wisdom Ventures$850,000 recorded

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

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