THE CONDO BOOK PROJECT

323 Lenox Road Condominium

323 Lenox Road, Brooklyn, NY 11226

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Overview

Units
47 residential
Subway
5 min walk to Winthrop St 2 5Church Av 2 5, 6 min
Developer
AIG Developers
Principals
Leon Landau, Jacob Ganzfried
Average $/sf
$929Homes in Schedule A, as first offered
Common charges
$363–$629 a monthSponsor's first-year estimate in Schedule A, January 1, 2023 - December 31, 2023
Offering price
$29.9 million total $30.1 million when first offered

The sponsor of record is Wgl Lenox Group LLC, represented by The Law Office Of Jay Lichtman, PC. The offering plan runs 355 pages. The sponsor has filed 3 amendments, the latest in November 2023. The nearest other condo plan on file is 337 Lenox Road Condominium, next door.

Plan CD210312 · New · accepted Apr 29, 2022 · AG record ↗

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FigureThis building1The Avanti245 units · 1.4 miaccepted 2022The Newkirk337 units · 1.1 miaccepted 2022
Common ChargesPer Square Foot / Month$0.69Above peers$0.60$0.65
Average Offering PricePer Apartment$600,574Above peers$563,869$582,838
Average PricePer Square Foot$929In line$918$967
Property TaxesPer Square Foot / Month$1.03Above peers$0.80$1.01
Average Unit SizeSquare Feet646 SFLarger614 SF597 SF

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Unit mix, closings, budgets, finishes and the team, against The Avanti and The Newkirk, 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 A47 of 47
Closing prices vs. Schedule A47 homes: $29,032,418 at closing against $28,227,000 in Schedule A (p. 37)+2.9%
Average closing price47 homes, on their Schedule A square feet$956 / SF
Closingsfirst and latest recordedDec 1, 2022 – Jul 31, 2024

Sales recorded with the Department of Finance (ACRIS) through May 31, 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 47 closings
HomeRecordedClosing priceSchedule ADifference
2BDec 1, 2022$584,283$579,000 p. 37+0.9%
5ADec 1, 2022$539,882$535,000 p. 37+0.9%
6ADec 1, 2022$544,928$540,000 p. 37+0.9%
3DDec 2, 2022$503,553$499,000 p. 37+0.9%
3BDec 5, 2022$636,406$615,000 p. 37+3.5%
6EDec 6, 2022$590,338$525,000 p. 37+12.4%
4CDec 7, 2022$741,707$725,000 p. 37+2.3%
4EDec 7, 2022$513,645$509,000 p. 37+0.9%
2ADec 12, 2022$538,873$479,000 p. 37+12.5%
4HDec 15, 2022$539,673$530,000 p. 37+1.8%
3EDec 16, 2022$499,000$499,000 p. 370%
3HDec 22, 2022$540,881$525,000 p. 37+3%
6HDec 22, 2022$556,335$540,000 p. 37+3%
5BJan 31, 2023$638,272$625,000 p. 37+2.1%
PHAFeb 2, 2023$680,000$565,000 p. 37+20.4%
5HMar 9, 2023$535,000$535,000 p. 370%
6GMar 13, 2023$635,000$635,000 p. 370%
6FMar 20, 2023$827,483$730,000 p. 37+13.4%
3FApr 4, 2023$819,691$715,000 p. 37+14.6%
3GApr 4, 2023$626,224$615,000 p. 37+1.8%
4FApr 14, 2023$741,707$720,000 p. 37+3%
5FApr 18, 2023$740,000$725,000 p. 37+2.1%
PHEApr 26, 2023$621,133$595,000 p. 37+4.4%
5GApr 27, 2023$625,000$625,000 p. 370%
4AApr 28, 2023$530,000$530,000 p. 370%
3AMay 15, 2023$529,791$525,000 p. 37+0.9%
4GMay 19, 2023$625,658$620,000 p. 37+0.9%
5EMay 22, 2023$505,986$515,000 p. 37−1.8%
2HMay 24, 2023$575,000$565,000 p. 37+1.8%
2EJun 8, 2023$575,000$575,000 p. 370%
4BJun 13, 2023$635,749$620,000 p. 37+2.5%
5CJun 15, 2023$745,000$730,000 p. 37+2.1%
6BJun 20, 2023$650,886$635,000 p. 37+2.5%
6CJun 21, 2023$761,889$735,000 p. 37+3.7%
4DJun 22, 2023$502,493$509,000 p. 37−1.3%
G1Jun 27, 2023$520,000$499,000 p. 37+4.2%
3CJul 13, 2023$775,008$720,000 p. 37+7.6%
PHBJul 31, 2023$565,000$550,000 p. 37+2.7%
PHFAug 3, 2023$666,954$595,000 p. 37+12.1%
5DAug 14, 2023$519,699$515,000 p. 37+0.9%
6DAug 16, 2023$529,791$525,000 p. 37+0.9%
PHDNov 22, 2023$621,133$550,000 p. 37+12.9%
2CNov 30, 2023$888,030$850,000 p. 37+4.5%
PHCJan 11, 2024$535,000$555,000 p. 37−3.6%
2GMay 10, 2024$641,498$699,000 p. 37−8.2%
2DJun 7, 2024$529,791$575,000 p. 37−7.9%
2FJul 31, 2024$784,053$850,000 p. 37−7.8%

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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
Wgl Lenox Group LLC
Developer
AIG DevelopersReported by web.archive.org
Principals
Leon Landau, Jacob Ganzfried
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Popular Bank$12.4 million recorded

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

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