THE CONDO BOOK PROJECT

Golden Garden Condominium

982 50th Street, Brooklyn, NY 11219

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Overview

Units
8 residential · 1 commercial
Subway
7 min walk to 50 St DFort Hamilton Pkwy D, 7 min
Principals
Yang Jin Yun
Average $/sf
$598Homes in Schedule A, as first offered
Common charges
$184–$420 a monthSponsor's first-year estimate in Schedule A, From July 1, 2022 to June 30, 2023
Offering price
$4.01 million total

The sponsor of record is San Mei NY Inc., represented by Thomas E. Berinato, Attorney At Law. The offering plan runs 270 pages. The sponsor has filed 1 amendment, the latest in March 2023. The nearest other condo plan on file is Terrace On The Tenth Condominium, next door.

Plan CD210159 · New · accepted Jun 24, 2022 · AG record ↗

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FigureThis building182 Real Estate29 units · 0.3 miaccepted 202293339 units · 0.5 miaccepted 2021
Common ChargesPer Square Foot / Month$0.38Lowest$0.65$0.47
Average Offering PricePer Apartment$373,750Below peers$399,125$455,000
Average PricePer Square Foot$598Below peers$664$601
Property TaxesPer Square Foot / Month$0.20Lowest$0.67$0.50
Average Unit SizeSquare Feet625 SFIn line601 SF757 SF

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Unit mix, closings, budgets, finishes and the team, against 82 Real Estate and 933, 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: $2,049,519 at closing against $2,990,000 in Schedule A (p. 29)−31.5%
Average closing price8 homes, on their Schedule A square feet$410 / SF
Closingsfirst and latest recordedMay 15, 2023 – Dec 5, 2023

Sales recorded with the Department of Finance (ACRIS) through Feb 28, 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 9 closings
HomeRecordedClosing priceSchedule ADifference
3AMay 15, 2023$302,172$300,000 p. 29+0.7%
3BMay 15, 2023$302,172$300,000 p. 29+0.7%
4AMay 15, 2023$302,172$300,000 p. 29+0.7%
4BMay 15, 2023$299,130$300,000 p. 29−0.3%
2AMay 16, 2023$304,200$290,000 p. 29+4.9%
2BDec 5, 2023$152,738$300,000 p. 29−49.1%
5ADec 5, 2023$203,650$700,000 p. 29−70.9%
6ADec 5, 2023$183,285$500,000 p. 29−63.3%
C1Dec 5, 2023$356,388——

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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
San Mei NY Inc.
Principals
Yang Jin Yun
Tax estimate
Thomas E. BerinatoPrepared the first-year real estate tax projection

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

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