THE CONDO BOOK PROJECT

1559 61st Street Condominium

1559 61st Street, Brooklyn, NY 11219

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Overview

Units
11 residential
Subway
4 min walk to 62 St/New Utrecht Av D N18 Av N, 8 min
Developer
Leser Group
Principals
Abraham Leser
Average $/sf
$721Homes in Schedule A, as first offered
Common charges
$399–$771 a monthSponsor's first-year estimate in Schedule A, 1/1/2022 - 12/31/2022
Offering price
$12 million total $11.8 million when first offered

The sponsor of record is Mapleton Group 61 LLC, represented by Law Offices Of Hershy Itzkowitz, P.C.. The offering plan runs 773 pages. The sponsor has filed 2 amendments, the latest in May 2022. The nearest other condo plan on file is 1563 61st Street Condominium, next door.

Plan CD200039 · New · accepted Nov 10, 2021 · AG record ↗

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FigureThis building11563 61st211 units · 0 miaccepted 20211575 61st311 units · 0 miaccepted 2020
Common ChargesPer Square Foot / Month$0.30In line$0.30$0.29
Average Offering PricePer Apartment$1.09MIn line$1.09M$1.1M
Average PricePer Square Foot$721In line$721$717
Property TaxesPer Square Foot / Month$0.05In line$0.05$0.05
Average Unit SizeSquare Feet1,511 SFIn line1,511 SF1,539 SF

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Unit mix, closings, budgets, finishes and the team, against 1563 61st and 1575 61st, 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 A11 of 11
Closing prices vs. Schedule A11 homes: $11,564,040 at closing against $11,973,400 in Schedule A (p. 47)−3.4%
Average closing price11 homes, on their Schedule A square feet$696 / SF
Closingsfirst and latest recordedApr 13, 2022 – Aug 21, 2024

Sales recorded with the Department of Finance (ACRIS) through Sep 30, 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 11 closings
HomeRecordedClosing priceSchedule ADifference
1LApr 13, 2022$980,000$1,130,000 p. 47−13.3%
2RMay 2, 2022$935,000$992,925 p. 47−5.8%
5LMay 20, 2022$999,000$992,925 p. 47+0.6%
3LMay 25, 2022$975,000$992,925 p. 47−1.8%
3RMay 27, 2022$999,000$992,925 p. 47+0.6%
6Jun 14, 2022$1,500,000$1,650,000 p. 47−9.1%
4RJun 17, 2022$996,000$992,925 p. 47+0.3%
4LJun 23, 2022$987,703$992,925 p. 47−0.5%
2LJun 29, 2022$967,338$992,925 p. 47−2.6%
1RSep 28, 2022$1,250,000$1,250,000 p. 470%
5RAug 21, 2024$975,000$992,925 p. 47−1.8%

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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
Mapleton Group 61 LLC
Developer
Leser Group
Principals
Abraham Leser
Tax estimate
Ben Rottenstein Associates Inc.Prepared the first-year real estate tax projection
Construction lender
Axos Bank

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

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