THE CONDO BOOK PROJECT

1273 Dekalb Avenue Condominium

1273 Dekalb Avenue, Brooklyn, NY 11221

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Overview

Units
4 residential
Subway
3 min walk to Central Av MKosciuszko St J, 8 min
Principals
Nadav Hamo
Average $/sf
$742Homes in Schedule A, as first offered
Offering price
$3.15 million total $2.17 million when first offered

The sponsor of record is 1273 Dekalb LLC, represented by Jeffrey Zwick & Associates, P.C.. The offering plan runs 308 pages. The sponsor has filed 4 amendments, the latest in October 2018. The nearest other condo plan on file is 1269 Dekalb Avenue Condominium, next door.

Plan CD170065 · New · accepted May 30, 2017 · AG record ↗

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FigureThis building159 Quincy25 units · 1.8 miaccepted 2017129 Stockholm38 units · 0.2 miaccepted 2017
Common ChargesPer Square Foot / Month$0.59Highest$0.34$0.44
Average Offering PricePer Apartment$542,500In line$660,000$481,250
Average PricePer Square Foot$742In line$786$707
Average Unit SizeSquare Feet731 SFIn line840 SF681 SF

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Unit mix, closings, budgets, finishes and the team, against 59 Quincy and 129 Stockholm, 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: $2,900,000 at closing against $2,170,000 in Schedule A (p. 27)+33.6%
Average closing price4 homes, on their Schedule A square feet$991 / SF
Closingsfirst and latest recordedDec 21, 2017 – Feb 23, 2023

Sales recorded with the Department of Finance (ACRIS) through Mar 31, 2023: 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
4Dec 21, 2017$730,000$505,000 p. 27+44.6%
2Jan 16, 2018$680,000$505,000 p. 27+34.7%
3Jun 20, 2018$675,000$505,000 p. 27+33.7%
1Feb 23, 2023$815,000$655,000 p. 27+24.4%

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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
1273 Dekalb LLC
Principals
Nadav Hamo
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lenders
Fine, David, Goben, K, Landesman Kerstein, Moshe, DovLender on the mortgage and building loan agreement recorded August 2014 in ACRIS; $1.15 million recorded

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

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