THE CONDO BOOK PROJECT

1702 Newkirk Avenue Condominium

1702 Newkirk Avenue, Brooklyn, NY 11226

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Overview

Units
12 residential · 6 parking
Subway
3 min walk to Newkirk Plaza B QCortelyou Rd Q, 10 min
Principals
Reuven Rothstein, Zaur Laven
Common charges
$511–$606 a monthSponsor's first-year estimate in Schedule A, October 1, 2019 - September 30, 2020
Offering price
$13.3 million total $10.6 million when first offered

The sponsor of record is 1702 Newkirk Avenue LLC, represented by The Law Office Of Jay Lichtman, P.C.. The offering plan runs 328 pages. The sponsor has filed 3 amendments, the latest in November 2020. The nearest other condo plan on file is Ditmas 17 Condominium, next door.

Plan CD190015 · New · accepted Oct 2, 2019 · AG record ↗

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FigureThis building12131 Ocean216 units · 1.9 miaccepted 201968 Woodruff38 units · 1.2 miaccepted 2019
Average Offering PricePer Apartment$856,302Above peers$844,688$782,500

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Unit mix, closings, budgets, finishes and the team, against 2131 Ocean and 68 Woodruff, 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 A12 of 12
Closing prices vs. Schedule A12 homes: $10,420,199 at closing against $10,275,625 in Schedule A (p. 34)+1.4%
Closingsfirst and latest recordedApr 13, 2020 – May 20, 2021

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 12 closings
HomeRecordedClosing priceSchedule ADifference
4BApr 13, 2020$915,407$909,430 p. 34+0.7%
5AApr 24, 2020$935,000$816,895 p. 34+14.5%
3BApr 29, 2020$895,042$909,430 p. 34−1.6%
5BMay 7, 2020$1,018,250$909,430 p. 34+12%
3AJun 25, 2020$815,000$816,895 p. 34−0.2%
6AJul 10, 2020$973,806$816,895 p. 34+19.2%
4AAug 13, 2020$916,425$816,895 p. 34+12.2%
1BSep 24, 2020$572,766$795,000 p. 34−28%
6BFeb 25, 2021$990,000$909,430 p. 34+8.9%
2BApr 16, 2021$820,000$909,430 p. 34−9.8%
1AMay 12, 2021$711,757$849,000 p. 34−16.2%
2AMay 20, 2021$856,747$816,895 p. 34+4.9%

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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
1702 Newkirk Avenue LLC
Principals
Reuven Rothstein, Zaur Laven
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Goldman Sachs Bank$4.52 million recorded

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

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