THE CONDO BOOK PROJECT

L Lofts Condominium

100 Wyckoff Avenue/1610 Dekalb Avenue, Brooklyn, NY 11237

Overview

Units
15 residential · 1 commercial
Subway
1 min walk to DeKalb Av LJefferson St L, 5 min
Principals
Mark Engel
Average $/sf
$590Homes in Schedule A, as first offered
Common charges
$514–$1,107 a monthSponsor's first-year estimate in Schedule A, -
Offering price
$1.9 million total $7.95 million when first offered

The sponsor of record is 1610 Dekalb Partners, L.P., represented by Smith, Gambrell & Russell, LLP. The offering plan runs 266 pages. The sponsor has filed 10 amendments, the latest in October 2014. The nearest other condo plan on file is Giio, next door.

Plan CD060472 · New · accepted Mar 2, 2007 · AG record ↗

Compare

FigureThis building1151-153 Manhattan215 units · 1.4 miaccepted 2006Two One Nine Withers312 units · 1.6 miaccepted 2006
Common ChargesPer Square Foot / Month$0.81Highest$0.19$0.30
Average Offering PricePer Apartment$515,800Lowest$621,000$696,250
Average PricePer Square Foot$590Below peers$659$596
Property TaxesPer Square Foot / Month$0.08Highest$0.01$0.05
Average Unit SizeSquare Feet875 SFSmaller943 SF1,168 SF

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Unit mix, closings, budgets, finishes and the team, against 151-153 Manhattan and Two One Nine Withers, 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 A15 of 15
Closing prices vs. Schedule A15 homes: $6,762,642 at closing against $7,737,000 in Schedule A (p. 20)−12.6%
Average closing price15 homes, on their Schedule A square feet$515 / SF
Closingsfirst and latest recordedApr 28, 2008 – Jun 12, 2015

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 15 closings
HomeRecordedClosing priceSchedule ADifference
4 CApr 28, 2008$263,640$419,000 p. 20−37.1%
4 DApr 29, 2008$291,525$429,000 p. 20−32%
5 BApr 29, 2008$296,595$407,000 p. 20−27.1%
4 EMay 1, 2008$460,356$454,000 p. 20+1.4%
4 BMay 6, 2008$288,990$416,500 p. 20−30.6%
5 AMay 15, 2008$580,403$725,000 p. 20−19.9%
5 DMay 16, 2008$329,550$437,000 p. 20−24.6%
4 AJun 4, 2008$476,580$677,500 p. 20−29.7%
3 EAug 5, 2008$422,169$487,000 p. 20−13.3%
3 BNov 4, 2008$278,850$443,000 p. 20−37.1%
5 CSep 10, 2014$903,351$797,000 p. 20+13.3%
1 BSep 11, 2014$418,447$399,500 p. 20+4.7%
3 DOct 27, 2014$463,220$529,000 p. 20−12.4%
3 AMay 14, 2015$840,056$699,500 p. 20+20.1%
3 CJun 12, 2015$448,910$417,000 p. 20+7.7%

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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
1610 Dekalb Partners, L.P.
Principals
Mark Engel
Tax estimate
Mazursky Group, Inc.Prepared the first-year real estate tax projection
Construction lender
North Fork BankLender on the mortgage and building loan agreement recorded June 2006 in ACRIS; $7.5 million recorded

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

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