THE CONDO BOOK PROJECT

965 Condominium

965 43rd Street, Brooklyn, NY 11219

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Overview

Units
8 residential · 2 commercial
Subway
3 min walk to Fort Hamilton Pkwy D9 Av D, 7 min
Principals
Ke An Chen
Average $/sf
$809Homes in Schedule A, as first offered
Offering price
$4.86 million total $5.01 million when first offered

The sponsor of record is 965 43 Street Realty LLC, represented by S. Seth Yavne, Attorney At Law. The offering plan runs 308 pages. The sponsor has filed 2 amendments, the latest in May 2018. The nearest other condo plan on file is Teng Fei Condominium, next door.

Plan CD160397 · New · accepted May 18, 2017 · AG record ↗

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FigureThis building11551 49th28 units · 0.9 miaccepted 2016838 41st38 units · 0.2 miaccepted 2020
Common ChargesPer Square Foot / Month$0.48Highest$0.26$0.37
Average Offering PricePer Apartment$564,000Below peers$656,250$575,250
Average PricePer Square Foot$809In line$618$836
Average Unit SizeSquare Feet697 SFIn line1,062 SF688 SF

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Unit mix, closings, budgets, finishes and the team, against 1551 49th and 838 41st, 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 A7 homes: $3,058,224 at closing against $4,013,000 in Schedule A (p. 40)−23.8%
Average closing price7 homes, on their Schedule A square feet$615 / SF
Closingsfirst and latest recordedFeb 7, 2018 – Aug 14, 2018

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 10 closings
HomeRecordedClosing priceSchedule ADifference
2AFeb 7, 2018$354,900$599,000 p. 40−40.8%
1BFeb 28, 2018$425,880——
2BMar 6, 2018$436,020$589,000 p. 40−26%
3AMar 6, 2018$466,440$599,000 p. 40−22.1%
1AMar 22, 2018$132,373——
1CMar 22, 2018$173,103——
3BMar 22, 2018$456,300$589,000 p. 40−22.5%
4BApr 12, 2018$413,712$569,000 p. 40−27.3%
4AJul 6, 2018$439,062$499,000 p. 40−12%
4CAug 14, 2018$491,790$569,000 p. 40−13.6%

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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
965 43 Street Realty LLC
Principals
Ke An Chen
Tax estimate
SJP Tax Consultants, Inc.Prepared the first-year real estate tax projection

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

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