THE CONDO BOOK PROJECT

371 Lincoln Road Condominium

371 Lincoln Road, Brooklyn, NY 11225

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Overview

Units
6 residential
Subway
3 min walk to Sterling St 2 5Winthrop St 2 5, 7 min
Principals
Malka Rubin
Average $/sf
$978Homes in Schedule A, as first offered
Common charges
$386–$448 a monthSponsor's first-year estimate in Schedule A, January 1, 2020 - December 31, 2020
Offering price
$5.84 million total $4.91 million when first offered

The sponsor of record is 371 Lincoln LLC, represented by The Law Office Of Jay Lichtman, P.C.. The offering plan runs 322 pages. The sponsor has filed 2 amendments, the latest in February 2021. The nearest other condo plan on file is 373 Lincoln Road Condominium, next door.

Plan CD180421 · New · accepted Dec 6, 2019 · AG record ↗

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FigureThis building1744 Lefferts Condominiums27 units · 0.7 miaccepted 2020778 Marcy36 units · 1.8 miaccepted 2020
Common ChargesPer Square Foot / Month$0.52In line$0.51$0.52
Average Offering PricePer Apartment$818,333Highest$670,000$666,667
Average PricePer Square Foot$978In line$865$993
Property TaxesPer Square Foot / Month$0.12In line$0.01$0.47
Average Unit SizeSquare Feet837 SFLarger775 SF671 SF

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Unit mix, closings, budgets, finishes and the team, against 744 Lefferts Condominiums and 778 Marcy, 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 A6 of 6
Closing prices vs. Schedule A6 homes: $4,932,500 at closing against $4,910,000 in Schedule A (p. 31)+0.5%
Average closing price6 homes, on their Schedule A square feet$982 / SF
Closingsfirst and latest recordedJul 8, 2021 – Feb 7, 2023

Sales recorded with the Department of Finance (ACRIS) through Nov 30, 2023: 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 6 closings
HomeRecordedClosing priceSchedule ADifference
4Jul 8, 2021$875,000$865,000 p. 31+1.2%
2Jul 29, 2021$800,000$855,000 p. 31−6.4%
3Aug 9, 2021$852,500$855,000 p. 31−0.3%
5Aug 11, 2021$875,000$875,000 p. 310%
6Jun 30, 2022$730,000$725,000 p. 31+0.7%
1Feb 7, 2023$800,000$735,000 p. 31+8.8%

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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
371 Lincoln LLC
Principals
Malka Rubin
Tax estimate
Ben Rottenstein Associates IncPrepared the first-year real estate tax projection
Construction lender
Valley National Bank$1.9 million recorded

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

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