THE CONDO BOOK PROJECT

1551 49th Street Condominium

1551 49th Street, Brooklyn, NY 11219

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Overview

Units
8 residential
Subway
11 min walk to 50 St DDitmas Av F, 13 min
Developer
Success Custom Builder, Inc
Principals
Leon Landau, Samuel Karpf
Average $/sf
$618Homes in Schedule A, as first offered
Common charges
$256–$345 a monthSponsor's first-year estimate in Schedule A, January 1, 2018
Offering price
$5.5 million total $5.25 million when first offered

The sponsor of record is 1551 49th Street LLC, represented by Law Offices Of Hershy Itzkowitz, P.C.. The offering plan runs 322 pages. The sponsor has filed 2 amendments, the latest in June 2017. The nearest other condo plan on file is 1526 48th Street Condominium, next door.

Plan CD160099 · New · accepted Jun 27, 2016 · AG record ↗

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FigureThis building11737 81st26 units · 1.6 miaccepted 2017825 53rd38 units · 1.1 miaccepted 2019
Common ChargesPer Square Foot / Month$0.26Below peers$0.29$0.44
Average Offering PricePer Apartment$656,250In line$716,000$382,500
Average PricePer Square Foot$618In line$835$537
Property TaxesPer Square Foot / Month$0.58Highest$0.45$0.22
Average Unit SizeSquare Feet1,062 SFLargest857 SF712 SF

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Unit mix, closings, budgets, finishes and the team, against 1737 81st and 825 53rd, 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: $5,463,236 at closing against $5,250,000 in Schedule A (p. 26)+4.1%
Average closing price8 homes, on their Schedule A square feet$643 / SF
Closingsfirst and latest recordedJan 31, 2017 – Oct 15, 2018

Sales recorded with the Department of Finance (ACRIS) through Dec 31, 2025: 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 8 closings
HomeRecordedClosing priceSchedule ADifference
1AJan 31, 2017$738,231$800,000 p. 26−7.7%
1BFeb 9, 2017$738,231$800,000 p. 26−7.7%
4AFeb 16, 2017$610,950$600,000 p. 26+1.8%
4BMar 14, 2017$600,000$600,000 p. 260%
3AMar 21, 2017$635,000$600,000 p. 26+5.8%
3BApr 7, 2017$626,224$600,000 p. 26+4.4%
2AJun 14, 2017$700,000$625,000 p. 26+12%
2BOct 15, 2018$814,600$625,000 p. 26+30.3%

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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
1551 49th Street LLC
Developer
Success Custom Builder, Inc
Principals
Leon Landau, Samuel Karpf
Tax estimate
LAW OFFICES OF HERSHY ITZKOWITZ, P.C.Prepared the first-year real estate tax projection

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

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