THE CONDO BOOK PROJECT

475 East 8th Street Condominium

475 East 8th Street, Brooklyn, NY 11218

Overview

Units
12 residential
Subway
9 min walk to Cortelyou Rd QDitmas Av F, 10 min
Principals
Nahman Lichtenstein
Average $/sf
$493Homes in Schedule A, as first offered
Common charges
$251–$261 a monthSponsor's first-year estimate in Schedule A, Year Projected to Begin: August 1, 2009
Offering price
$4.95 million total

The sponsor of record is M. Lichtenstein, LLC, represented by Law Office Of Robert A Mahler. The offering plan runs 284 pages. The nearest other condo plan on file is Kensington Manor Condominium, next door.

Plan CD080171 · New · accepted Dec 22, 2008 · AG record ↗

Compare

FigureThis building1Moderne-Art Condos27 units · 1.8 miaccepted 200835 East 4th36 units · 1 miaccepted 2005
Common ChargesPer Square Foot / Month$0.33Highest$0.28$0.25
Average Offering PricePer Apartment$391,500Below peers$505,286$411,667
Average PricePer Square Foot$493Below peers$774$515
Property TaxesPer Square Foot / Month$0.02Lowest$0.03$0.06
Average Unit SizeSquare Feet794 SFIn line653 SF800 SF

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Unit mix, closings, budgets, finishes and the team, against Moderne-Art Condos and 35 East 4th, 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
M. Lichtenstein, LLC
Principals
Nahman Lichtenstein
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Liberty Pointe Bank$3.09 million recorded

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

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