THE CONDO BOOK PROJECT

590 Lorimer

590 Lorimer Street, Brooklyn, NY 11211

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Overview

Units
3 residential
Subway
1 min walk to Metropolitan Av/Lorimer St G LGraham Av L, 6 min
Principals
Justin Lee
Average $/sf
$1,430Homes in Schedule A, as first offered
Common charges
$428–$531 a monthSponsor's first-year estimate in Schedule A, For the Period of July 1, 2023 to June 30, 2024
Offering price
$5.49 million total $5.18 million when first offered

The sponsor of record is Double 590 LLC, represented by Moritt Hock & Hamroff, LLP. The offering plan runs 287 pages. The sponsor has filed 5 amendments, the latest in December 2024. The nearest other condo plan on file is 59 Conselyea Street Condominium, next door.

Plan CD220065 · Rehab · accepted May 3, 2023 · AG record ↗

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FigureThis building1183 Kingsland23 units · 0.7 miaccepted 2023Belvedere Cxvi33 units · 0.9 miaccepted 2024
Common ChargesPer Square Foot / Month$0.41Below peers$0.57$0.47
Average Offering PricePer Apartment$1.73MAbove peers$1.55M$1.68M
Average PricePer Square Foot$1,430In line$1,714$1,362
Property TaxesPer Square Foot / Month$0.10Lowest$0.24$0.29
Average Unit SizeSquare Feet1,209 SFIn line904 SF1,235 SF

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Unit mix, closings, budgets, finishes and the team, against 183 Kingsland and Belvedere Cxvi, 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 A3 of 3
Closing prices vs. Schedule A3 homes: $5,393,521 at closing against $5,185,000 in Schedule A (p. 39)+4%
Average closing price3 homes, on their Schedule A square feet$1,487 / SF
Closingsfirst and latest recordedOct 16, 2024 – Mar 27, 2025

Sales recorded with the Department of Finance (ACRIS) through Apr 30, 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 3 closings
HomeRecordedClosing priceSchedule ADifference
3Oct 16, 2024$1,827,759$1,695,000 p. 39+7.8%
2Nov 12, 2024$1,522,284$1,495,000 p. 39+1.8%
1Mar 27, 2025$2,043,478$1,995,000 p. 39+2.4%

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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
Double 590 LLC
Principals
Justin Lee
Tax estimate
Highpoint Incentives, Inc.Prepared the first-year real estate tax projection
Construction lender
Valley National Bank$1.9 million recorded

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

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