THE CONDO BOOK PROJECT

1024 41st Street Condominium

1024 41st Street, Brooklyn, NY 11219

Overview

Units
4 residential
Subway
4 min walk to Fort Hamilton Pkwy D9 Av D, 5 min
Principals
Aaron Lebovits
Offering price
$1.98 million total

The sponsor of record is 1024-1026 41 , LLC, represented by Kalter, Kaplan, Zeiger & Forman. The offering plan runs 288 pages. The sponsor has filed 1 amendment, the latest in September 2008. The nearest other condo plan on file is 1026 41st Street Condominium, next door.

Plan CD070652 · New · accepted Feb 19, 2008 · AG record ↗

Compare

FigureThis building1Moderne-Art Condos27 units · 1.4 miaccepted 20081348 44th33 units · 0.5 miaccepted 2008
Average Offering PricePer Apartment$493,750Below peers$505,286$637,500

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Unit mix, closings, budgets, finishes and the team, against Moderne-Art Condos and 1348 44th, 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 A4 of 4
Closing prices vs. Schedule A4 homes: $2,289,518 at closing against $1,975,000 in Schedule A (p. 19)+15.9%
Closingsfirst and latest recordedOct 3, 2008 – Sep 10, 2009

Sales recorded with the Department of Finance (ACRIS) through Mar 31, 2024: 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 4 closings
HomeRecordedClosing priceSchedule ADifference
3Oct 3, 2008$524,399$450,000 p. 19+16.5%
1Nov 3, 2008$700,000$600,000 p. 19+16.7%
2Feb 11, 2009$565,129$475,000 p. 19+19%
4Sep 10, 2009$499,990$450,000 p. 19+11.1%

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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
1024-1026 41 , LLC
Principals
Aaron Lebovits
Tax estimate
Car! Caller, Esq.Prepared the first-year real estate tax projection

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

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