THE CONDO BOOK PROJECT

952 Bushwick Avenue Condominium

952 Bushwick Avenue, Brooklyn, NY 11221

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Overview

Units
10 residential
Subway
5 min walk to Gates Av J ZKosciuszko St J, 7 min
Principals
Udi Marciano, Yaakov Scharman
Average $/sf
$933Homes in Schedule A, as first offered
Common charges
$394–$692 a monthSponsor's first-year estimate in Schedule A, January 1, 2022- December 31, 2022
Offering price
$9.4 million total $9.01 million when first offered

The sponsor of record is Hlpg 950 Bushwick LLC, represented by The Law Office Of Jay Lichtman, P.C.. The offering plan runs 337 pages. The sponsor has filed 1 amendment, the latest in November 2021. The nearest other condo plan on file is 41 Goodwin Place Condominium, next door.

Plan CD200124 · New · accepted Aug 23, 2021 · AG record ↗

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FigureThis building1R & Y Cornelia210 units · 0.5 miaccepted 2021689 Quincy38 units · 0.4 miaccepted 2021
Common ChargesPer Square Foot / Month$0.52In line$0.50$0.52
Average Offering PricePer Apartment$900,500Highest$704,500$756,000
Average PricePer Square Foot$933In line$909$1,011
Property TaxesPer Square Foot / Month$0.59Below peers$0.67$0.65
Average Unit SizeSquare Feet966 SFLargest775 SF748 SF

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Unit mix, closings, budgets, finishes and the team, against R & Y Cornelia and 689 Quincy, 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 A10 of 10
Closing prices vs. Schedule A10 homes: $9,443,836 at closing against $9,005,000 in Schedule A (p. 31)+4.9%
Average closing price10 homes, on their Schedule A square feet$978 / SF
Closingsfirst and latest recordedJul 13, 2022 – Aug 24, 2022

Sales recorded with the Department of Finance (ACRIS) through Sep 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 10 closings
HomeRecordedClosing priceSchedule ADifference
3AJul 13, 2022$785,000$765,000 p. 31+2.6%
2AJul 18, 2022$776,017$749,000 p. 31+3.6%
5BJul 18, 2022$804,000$779,000 p. 31+3.2%
6AJul 19, 2022$805,000$785,000 p. 31+2.5%
4AJul 21, 2022$805,000$769,000 p. 31+4.7%
1BJul 28, 2022$1,059,581$989,000 p. 31+7.1%
5AAug 3, 2022$795,000$775,000 p. 31+2.6%
2BAug 15, 2022$1,298,269$1,075,000 p. 31+20.8%
4BAug 15, 2022$1,169,969$1,169,000 p. 31+0.1%
6BAug 24, 2022$1,146,000$1,150,000 p. 31−0.3%

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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
Hlpg 950 Bushwick LLC
Principals
Udi Marciano, Yaakov Scharman
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
1st Constitution Bank$6.55 million recorded

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

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