THE CONDO BOOK PROJECT

557 Lafayette Avenue Condominium

557 Lafayette Avenue Condominium, Brooklyn, NY 11205

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Overview

Units
6 residential
Subway
1 min walk to Bedford-Nostrand Avs GClasson Av G, 9 min
Principals
Hung Pin Hung
Average $/sf
$395Homes in Schedule A, as first offered
Common charges
$134–$315 a monthSponsor's first-year estimate in Schedule A, 10/1/2010
Offering price
$1.56 million total

The sponsor of record is 557 Lafayette Avenue, LLC, represented by Alla N Lebovits, P.C.. The offering plan runs 292 pages. The sponsor has filed 1 amendment, the latest in July 2010. The nearest other condo plan on file is 555 Lafayette Condominium, next door.

Plan CD090367 · New · accepted Apr 13, 2010 · AG record ↗

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FigureThis building1103 Meserole28 units · 1.3 miaccepted 2010Sterling Green38 units · 1.2 miaccepted 2008
Common ChargesPer Square Foot / Month$0.28Lowest$0.37$0.34
Average Offering PricePer Apartment$260,667Lowest$433,575$431,500
Average PricePer Square Foot$395Lowest$600$585
Property TaxesPer Square Foot / Month$0.00Lowest$0.05$0.02
Average Unit SizeSquare Feet661 SFSmaller723 SF738 SF

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Unit mix, closings, budgets, finishes and the team, against 103 Meserole and Sterling Green, 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 A6 of 6
Closing prices vs. Schedule A6 homes: $1,404,276 at closing against $1,564,000 in Schedule A (p. 21)−10.2%
Average closing price6 homes, on their Schedule A square feet$354 / SF
Closingsfirst and latest recordedNov 1, 2010 – Feb 8, 2011

Sales recorded with the Department of Finance (ACRIS) through Jul 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 6 closings
HomeRecordedClosing priceSchedule ADifference
3ANov 1, 2010$205,000$229,000 p. 21−10.5%
3BNov 1, 2010$170,000$209,000 p. 21−18.7%
2BDec 13, 2010$172,380$199,000 p. 21−13.4%
1AJan 13, 2011$374,166$379,000 p. 21−1.3%
4AJan 26, 2011$285,000$329,000 p. 21−13.4%
2AFeb 8, 2011$197,730$219,000 p. 21−9.7%

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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
557 Lafayette Avenue, LLC
Principals
Hung Pin Hung
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection

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

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