THE CONDO BOOK PROJECT

630 Lorimer Street Condominium

630 Lorimer Street, Brooklyn, NY 11211

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Overview

Units
6 residential · 5 storage
Subway
2 min walk to Metropolitan Av/Lorimer St G LGraham Av L, 7 min
Principals
Eran Chen, Mordechai Lipkis, Rotem Evron
Average $/sf
$1,198Homes in Schedule A, as first offered
Common charges
$483–$1,067 a monthSponsor's first-year estimate in Schedule A, Commencing April 1, 2016 and Ending March 31, 2017 ("First Year")
Offering price
$6.54 million total $5.59 million when first offered

The sponsor of record is 630-632 Lorimer Associates, LLC, represented by D'Agostino, Levine, Landesman & Lederman LLP. The offering plan runs 440 pages. The sponsor has filed 10 amendments, the latest in October 2018. The nearest other condo plan on file is 632 Lorimer Street Condominium, next door.

Plan CD150298 · New · accepted Mar 23, 2016 · AG record ↗

Compare

FigureThis building1Meserole Tower210 units · 0.6 miaccepted 2016Miramar I36 units · 0.4 miaccepted 2017
Common ChargesPer Square Foot / Month$0.89Highest$0.70$0.40
Average Offering PricePer Apartment$907,500In line$823,700$1.14M
Average PricePer Square Foot$1,198In line$1,269$1,186
Property TaxesPer Square Foot / Month$0.26Lowest$0.89$0.81
Average Unit SizeSquare Feet758 SFIn line649 SF960 SF

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Unit mix, closings, budgets, finishes and the team, against Meserole Tower and Miramar I, 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 closed67% of the homes in Schedule A4 of 6
Closing prices vs. Schedule A4 homes: $4,029,979 at closing against $3,360,000 in Schedule A (p. 50)+19.9%
Average closing price4 homes, on their Schedule A square feet$1,508 / SF
Closingsfirst and latest recordedMar 22, 2018 – Apr 17, 2018

Sales recorded with the Department of Finance (ACRIS) through Nov 30, 2023: 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 4 closings
HomeRecordedClosing priceSchedule ADifference
101Mar 22, 2018$1,627,164$1,295,000 p. 50+25.6%
302Apr 6, 2018$797,290$665,000 p. 50+19.9%
201Apr 12, 2018$792,962$725,000 p. 50+9.4%
301Apr 17, 2018$812,564$675,000 p. 50+20.4%

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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
630-632 Lorimer Associates, LLC
Principals
Eran Chen, Mordechai Lipkis, Rotem Evron
Tax estimate
Aaron Valuation Inc.Prepared the first-year real estate tax projection
Construction lender
Builders Bank

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

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