THE CONDO BOOK PROJECT

323 South 5th Street Condominium

323 South 5th Street, Brooklyn, NY 11211

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Overview

Units
4 residential
Subway
3 min walk to Marcy Av J M ZHewes St J M, 3 min
Principals
Zhi Xiang Lin, Jawad Lakhani, Junaid Lakhani
Average $/sf
$1,973Homes in Schedule A, as first offered
Common charges
$373–$1,049 a monthSponsor's first-year estimate in Schedule A, July 1, 2024 To June 30, 2025
Offering price
$8.05 million total

The sponsor of record is 323 S5 LLC, represented by Eial Girtz, PC. The offering plan runs 266 pages. The sponsor has filed 1 amendment, the latest in January 2025. The nearest other condo plan on file is 317 South 5th Street Condominium, next door.

Plan CD240062 · New · accepted Sep 5, 2024 · AG record ↗

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FigureThis building1130 Huron24 units · 1.7 miaccepted 202496 North 1st35 units · 0.6 miaccepted 2024
Common ChargesPer Square Foot / Month$0.60In line$0.64$0.53
Average Offering PricePer Apartment$2.01MBelow peers$2.3M$3.18M
Average PricePer Square Foot$1,973In line$1,932$1,974
Property TaxesPer Square Foot / Month$0.27In line$1.18$0.27
Average Unit SizeSquare Feet1,020 SFSmaller1,191 SF1,613 SF

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Unit mix, closings, budgets, finishes and the team, against 130 Huron and 96 North 1st, 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 closed75% of the homes in Schedule A3 of 4
Closing prices vs. Schedule A3 homes: $4,505,000 at closing against $5,450,000 in Schedule A (p. 37)−17.3%
Average closing price3 homes, on their Schedule A square feet$1,501 / SF
Closingsfirst and latest recordedMar 14, 2025 – Sep 25, 2025

Sales recorded with the Department of Finance (ACRIS) through Sep 30, 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 3 closings
HomeRecordedClosing priceSchedule ADifference
2Mar 14, 2025$1,425,000$1,700,000 p. 37−16.2%
3May 30, 2025$1,535,000$1,850,000 p. 37−17%
4Sep 25, 2025$1,545,000$1,900,000 p. 37−18.7%

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Closings are for subscribers

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
323 S5 LLC
Principals
Zhi Xiang Lin, Jawad Lakhani, Junaid Lakhani
Tax estimate
RE Tax Service, LLCPrepared the first-year real estate tax projection
Construction lender
Five Towns Investors$3.5 million loan stated in the plan

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

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