THE CONDO BOOK PROJECT

Schae Condominium

40 Schaefer Street, Brooklyn, NY 11207

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Overview

Units
10 residential
Subway
4 min walk to Chauncey St J ZHalsey St J, 6 min
Principals
Iskyo Aronov
Common charges
$350–$715 a monthSponsor's first-year estimate in Schedule A, Year Projected to Begin: July 1, 2024- June 30, 2025
Offering price
$6.4 million total

The sponsor of record is 11311 Management LLC, represented by The Law Office Of Jay Lichtman, PC. The offering plan runs 339 pages. The sponsor has filed 2 amendments, the latest in February 2026. The nearest other condo plan on file is 32 Schaefer Street Condominium, next door.

Plan CD210315 · New · accepted Apr 23, 2024 · AG record ↗

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FigureThis building1156 Somers210 units · 0.5 miaccepted 2024158 Somers310 units · 0.5 miaccepted 2024
Average Offering PricePer Apartment$640,300Above peers$618,900$618,900

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Unit mix, closings, budgets, finishes and the team, against 156 Somers and 158 Somers, 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.

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
11311 Management LLC
Principals
Iskyo Aronov
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Yjv CapitalLender on the mortgage and building loan agreement recorded April 2024 in ACRIS; $2.5 million recorded

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

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