THE CONDO BOOK PROJECT

531 Classon Avenue Condominium

531 Classon Avenue, Brooklyn, NY 11238

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Overview

Units
8 residential
Subway
4 min walk to Franklin Av C SNostrand Av A C, 7 min
Average $/sf
$1,484Homes in Schedule A, as first offered
Common charges
$385–$1,227 a monthSponsor's first-year estimate in Schedule A, July 1, 2024 - June 30, 2025
Offering price
$10 million total $9.85 million when first offered

The sponsor of record is Y&L Classon Corp, represented by Tsyngauz & Associates, P.C.. The offering plan runs 300 pages. The sponsor has filed 3 amendments, the latest in August 2024. The nearest other condo plan on file is 516 Classon Avenue Condominium, next door.

Plan CD220278 · New · accepted Sep 8, 2023 · AG record ↗

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FigureThis building1James - Boutique Condominium Building28 units · 0.3 miaccepted 2024218 Classon36 units · 0.7 miaccepted 2023
Common ChargesPer Square Foot / Month$0.76Highest$0.49$0.39
Average Offering PricePer Apartment$1.25MLowest$1.58M$1.59M
Average PricePer Square Foot$1,484Below peers$1,612$1,635
Property TaxesPer Square Foot / Month$1.02Above peers$0.40$0.97
Average Unit SizeSquare Feet842 SFSmaller983 SF971 SF

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Unit mix, closings, budgets, finishes and the team, against James - Boutique Condominium Building and 218 Classon, 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 A8 of 8
Closing prices vs. Schedule A8 homes: $9,062,425 at closing against $9,996,480 in Schedule A (p. 45)−9.3%
Average closing price8 homes, on their Schedule A square feet$1,346 / SF
Closingsfirst and latest recordedJun 28, 2024 – Aug 29, 2024

Sales recorded with the Department of Finance (ACRIS) through Jan 31, 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 8 closings
HomeRecordedClosing priceSchedule ADifference
1AJun 28, 2024$1,680,113$1,877,200 p. 45−10.5%
2AJul 16, 2024$1,221,900$1,397,760 p. 45−12.6%
2BJul 22, 2024$865,513$990,860 p. 45−12.7%
3BJul 23, 2024$824,783$958,100 p. 45−13.9%
3AJul 26, 2024$1,318,634$1,353,300 p. 45−2.6%
4AAug 12, 2024$967,338$1,183,000 p. 45−18.2%
4BAug 12, 2024$967,338$829,400 p. 45+16.6%
1BAug 29, 2024$1,216,809$1,406,860 p. 45−13.5%

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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
Y&L Classon Corp
Tax estimate
MGNY Consulting Corp.Prepared the first-year real estate tax projection
Construction lender
Golden BridgeLender on the mortgage and building loan agreement recorded December 2022 in ACRIS; $4.2 million recorded

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

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