THE CONDO BOOK PROJECT

545 Lexington Townhouses Condominium

545 Lexington Avenue, Brooklyn, NY 11221

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Overview

Units
2 residential
Subway
15 min walk to Kingston-Throop Avs CBedford-Nostrand Avs G, 15 min
Developer
BM & EM Success Inc
Principals
Benjamin Moshe Milgram
Average $/sf
$972Homes in Schedule A, as first offered
Common charges
$647–$669 a monthSponsor's first-year estimate in Schedule A, January 1, 2022 - December 31, 2022
Offering price
$3.05 million total

The sponsor of record is 545 Lexington Villa LLC, represented by Tsyngauz & Associates, P.C.. The offering plan runs 276 pages. The sponsor has filed 1 amendment, the latest in June 2023. The nearest other condo plan on file is Kps Condominium, next door.

Plan CD210096 · New · accepted Nov 1, 2021 · AG record ↗

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FigureThis building1533 Throop22 units · 0.4 miaccepted 2021825 Prospect Place33 units · 1.1 miaccepted 2021
Common ChargesPer Square Foot / Month$0.42In line$0.42$0.44
Average Offering PricePer Apartment$1.52MIn line$1.73M$1.49M
Average PricePer Square Foot$972Below peers$1,053$1,138
Property TaxesPer Square Foot / Month$0.20Lowest$0.93$0.40
Average Unit SizeSquare Feet1,569 SFIn line1,638 SF1,310 SF

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Unit mix, closings, budgets, finishes and the team, against 533 Throop and 825 Prospect Place, 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 A2 of 2
Closing prices vs. Schedule A2 homes: $2,506,000 at closing against $3,050,000 in Schedule A (p. 41)−17.8%
Average closing price2 homes, on their Schedule A square feet$799 / SF
Closingsfirst and latest recordedDec 2, 2024 – Feb 3, 2025

Sales recorded with the Department of Finance (ACRIS) through Feb 28, 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 2 closings
HomeRecordedClosing priceSchedule ADifference
THDec 2, 2024$1,270,000$1,500,000 p. 41−15.3%
PHFeb 3, 2025$1,236,000$1,550,000 p. 41−20.3%

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Closings are for subscribers

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
545 Lexington Villa LLC
Developer
BM & EM Success Inc
Principals
Benjamin Moshe Milgram
Tax estimate
RE Tax Service, LLCPrepared the first-year real estate tax projection
Construction lender
Golden Bridge$1.85 million loan stated in the plan

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

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