THE CONDO BOOK PROJECT

1567 61st Street Condominium

1567 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, 7 min
Developer
Leser Group
Principals
Abraham Leser
Average $/sf
$721Homes in Schedule A, as first offered
Offering price
$12 million total $11.8 million when first offered

The sponsor of record is Mapleton Buyer LLC, represented by Law Offices Of Hershy Itzkowitz, P.C.. The offering plan runs 772 pages. The sponsor has filed 2 amendments, the latest in March 2023. The nearest other condo plan on file is 1571 61st Street Condominium, next door.

Plan CD200041 · New · accepted Nov 17, 2021 · AG record ↗

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FigureThis building11571 61st211 units · 0 miaccepted 20211563 61st311 units · 0 miaccepted 2021
Common ChargesPer Square Foot / Month$0.30In line$0.30$0.30
Average Offering PricePer Apartment$1.09MIn line$1.09M$1.09M
Average PricePer Square Foot$721In line$721$721
Average Unit SizeSquare Feet1,511 SFIn line1,511 SF1,511 SF

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Unit mix, closings, budgets, finishes and the team, against 1571 61st and 1563 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: $11,529,214 at closing against $11,973,400 in Schedule A (p. 47)−3.7%
Average closing price11 homes, on their Schedule A square feet$694 / SF
Closingsfirst and latest recordedJul 11, 2022 – May 17, 2023

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 11 closings
HomeRecordedClosing priceSchedule ADifference
1LJul 11, 2022$995,000$1,130,000 p. 47−11.9%
4RJul 11, 2022$940,000$992,925 p. 47−5.3%
1RJul 13, 2022$1,250,000$1,250,000 p. 470%
2RJul 25, 2022$960,000$992,925 p. 47−3.3%
5RSep 7, 2022$977,520$992,925 p. 47−1.6%
3RSep 13, 2022$986,794$992,925 p. 47−0.6%
4LSep 14, 2022$999,000$992,925 p. 47+0.6%
5LDec 5, 2022$999,000$992,925 p. 47+0.6%
3LJan 31, 2023$975,000$992,925 p. 47−1.8%
2LApr 27, 2023$1,221,900$992,925 p. 47+23.1%
6May 17, 2023$1,225,000$1,650,000 p. 47−25.8%

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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 Buyer 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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