THE CONDO BOOK PROJECT

45 Argyle Road Condominium

45 Argyle Road, Brooklyn, NY 11218

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Overview

Units
16 residential
Subway
6 min walk to Church Av B QBeverley Rd Q, 9 min
Principals
Marc Chemtob, David Chemtob, Samuel Kairy
Average $/sf
$887Homes in Schedule A, as first offered
Common charges
$396–$605 a monthSponsor's first-year estimate in Schedule A, March 1, 2022 - February 28, 2023
Offering price
$12.4 million total $11.4 million when first offered

The sponsor of record is 39-45 Arglye LLC, represented by Jeffrey Zwick & Associates, P.C.. The offering plan runs 324 pages. The sponsor has filed 2 amendments, the latest in April 2023. The nearest other condo plan on file is 39 Argyle Road Condominium, next door.

Plan CD210203 · Rehab · accepted Apr 25, 2022 · AG record ↗

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FigureThis building139 Argyle Road216 units · 0 miaccepted 20221091 Rogers38 units · 0.9 miaccepted 2022
Common ChargesPer Square Foot / Month$0.63In line$0.64$0.60
Average Offering PricePer Apartment$713,750In line$727,188$614,000
Average PricePer Square Foot$887Below peers$895$912
Property TaxesPer Square Foot / Month$0.72In line$0.74$0.45
Average Unit SizeSquare Feet805 SFIn line813 SF674 SF

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Unit mix, closings, budgets, finishes and the team, against 39 Argyle Road and 1091 Rogers, 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 A16 of 16
Closing prices vs. Schedule A16 homes: $11,473,471 at closing against $11,420,000 in Schedule A (p. 31)+0.5%
Average closing price16 homes, on their Schedule A square feet$891 / SF
Closingsfirst and latest recordedJan 17, 2023 – Feb 12, 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 16 closings
HomeRecordedClosing priceSchedule ADifference
1AJan 17, 2023$560,064$555,000 p. 31+0.9%
2DJan 18, 2023$850,000$850,000 p. 310%
1BJan 19, 2023$636,406$625,000 p. 31+1.8%
3AJan 26, 2023$850,000$825,000 p. 31+3%
1CJan 30, 2023$600,000$600,000 p. 310%
2AFeb 3, 2023$850,000$850,000 p. 310%
3DFeb 16, 2023$858,000$825,000 p. 31+4%
4CFeb 21, 2023$659,000$625,000 p. 31+5.4%
3BMar 15, 2023$675,000$675,000 p. 310%
3CMar 15, 2023$650,000$650,000 p. 310%
1DMar 23, 2023$685,000$725,000 p. 31−5.5%
4DApr 18, 2023$825,000$800,000 p. 31+3.1%
2CApr 19, 2023$650,000$665,000 p. 31−2.3%
4AApr 27, 2023$825,000$800,000 p. 31+3.1%
4BMay 22, 2023$650,000$650,000 p. 310%
2BFeb 12, 2024$650,000$700,000 p. 31−7.1%

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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
39-45 Arglye LLC
Principals
Marc Chemtob, David Chemtob, Samuel Kairy
Tax estimate
RE Tax ServicePrepared the first-year real estate tax projection

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

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