THE CONDO BOOK PROJECT

1060 Jefferson Condominium

1060 Jefferson Avenue, Brooklyn, NY 11221

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Overview

Units
10 residential
Subway
4 min walk to Halsey St JGates Av J Z, 9 min
Principals
Ronny Ming Lam
Average $/sf
$1,047Homes in Schedule A, as first offered
Common charges
$292–$739 a monthSponsor's first-year estimate in Schedule A, July 1, 2022 - June 30, 2023
Offering price
$7.12 million total

The sponsor of record is R & Y Jefferson LLC, represented by Law Office Of Hershy Itzkowitz, Esq. The offering plan runs 289 pages. The sponsor has filed 2 amendments, the latest in June 2023. The nearest other condo plan on file is Hastings House, next door.

Plan CD210232 · New · accepted May 19, 2022 · AG record ↗

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FigureThis building1Hastings House210 units · 0 miaccepted 202268 Eldert310 units · 0.2 miaccepted 2022
Common ChargesPer Square Foot / Month$0.58In line$0.80$0.50
Average Offering PricePer Apartment$711,900Below peers$753,000$873,500
Average PricePer Square Foot$1,047Above peers$1,039$1,021
Property TaxesPer Square Foot / Month$0.59In line$0.21$0.97
Average Unit SizeSquare Feet680 SFSmaller725 SF856 SF

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Unit mix, closings, budgets, finishes and the team, against Hastings House and 68 Eldert, 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: $6,175,830 at closing against $7,119,000 in Schedule A (p. 34)−13.2%
Average closing price10 homes, on their Schedule A square feet$908 / SF
Closingsfirst and latest recordedMar 20, 2023 – Jun 24, 2024

Sales recorded with the Department of Finance (ACRIS) through May 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
2AMar 20, 2023$825,000$825,000 p. 340%
4BApr 10, 2023$535,000$625,000 p. 34−14.4%
1AApr 19, 2023$675,000$645,000 p. 34+4.7%
3CMay 25, 2023$349,830$585,000 p. 34−40.2%
2BMay 26, 2023$525,000$600,000 p. 34−12.5%
3BJun 2, 2023$482,000$575,000 p. 34−16.2%
1BJun 26, 2023$499,000$565,000 p. 34−11.7%
4CJul 6, 2023$540,000$599,000 p. 34−9.8%
5AJul 7, 2023$1,095,000$1,250,000 p. 34−12.4%
3AJun 24, 2024$650,000$850,000 p. 34−23.5%

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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
R & Y Jefferson LLC
Principals
Ronny Ming Lam
Tax estimate
Metropolitan Realty Exemptions, IncPrepared the first-year real estate tax projection
Construction lender
Quanta Finance$3 million recorded

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

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