THE CONDO BOOK PROJECT

923 Bushwick Avenue Condominium

923 Bushwick Avenue, Brooklyn, NY 11221

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Overview

Units
8 residential
Subway
6 min walk to Kosciuszko St JGates Av J Z, 6 min
Developers
TR Development, Nadan Development
Principals
Eran Tourgeman, Manuel Dan
Average $/sf
$879Homes in Schedule A, as first offered
Offering price
$7.2 million total $6.14 million when first offered

The sponsor of record is Yael Garden LLC, represented by Boris Saks, Esq. Pllc. The offering plan runs 246 pages. The sponsor has filed 4 amendments, the latest in December 2023. The nearest other condo plan on file is Green Bushwick Condominium, next door.

Plan CD220028 · New · accepted Jan 19, 2023 · AG record ↗

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FigureThis building146 Kossuth Place210 units · 0.1 miaccepted 20221064 Hancock310 units · 0.6 miaccepted 2023
Common ChargesPer Square Foot / Month$0.38Lowest$0.48$0.52
Average Offering PricePer Apartment$767,750In line$922,200$622,236
Average PricePer Square Foot$879Below peers$1,023$982
Average Unit SizeSquare Feet873 SFIn line901 SF664 SF

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Unit mix, closings, budgets, finishes and the team, against 46 Kossuth Place and 1064 Hancock, 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: $6,472,579 at closing against $6,142,000 in Schedule A (p. 26)+5.4%
Average closing price8 homes, on their Schedule A square feet$927 / SF
Closingsfirst and latest recordedSep 11, 2023 – Jul 1, 2024

Sales recorded with the Department of Finance (ACRIS) through Apr 30, 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
2ASep 11, 2023$915,407$829,000 p. 26+10.4%
3ASep 18, 2023$868,500$829,000 p. 26+4.8%
1BOct 11, 2023$865,513$849,000 p. 26+1.9%
4BOct 11, 2023$670,000$649,000 p. 26+3.2%
3BOct 19, 2023$635,000$599,000 p. 26+6%
2BDec 27, 2023$681,159$599,000 p. 26+13.7%
1AApr 12, 2024$939,000$889,000 p. 26+5.6%
4AJul 1, 2024$898,000$899,000 p. 26−0.1%

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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
Yael Garden LLC
Developers
TR Development, Nadan Development
Principals
Eran Tourgeman, Manuel Dan
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Bayport Funding$1.45 million recorded

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

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