THE CONDO BOOK PROJECT

66-68 North 1st Street Condominium

66-68 North 1st Street, Brooklyn, NY 11211

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Overview

Units
21 residential
Subway
9 min walk to Bedford Av LMetropolitan Av/Lorimer St G L, 15 min
Principals
Chaim Lefkowitz
Common charges
$153–$369 a monthSponsor's first-year estimate in Schedule A, October 1, 2007 - September 30, 2008
Offering price
$14.5 million total

The sponsor of record is North One Estates, LLC, represented by Harold L. Gruber, P.C.. The offering plan runs 196 pages. The sponsor has filed 7 amendments, the latest in November 2011. The nearest other condo plan on file is 80 Metropolitan Condominium, next door.

Plan CD070264 · New · accepted Nov 21, 2007 · AG record ↗

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FigureThis building1The Evry214 units · 1 miaccepted 2007The Pad330 units · 0.4 miaccepted 2007
Average Offering PricePer Apartment$670,381In line$678,500$633,700

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Unit mix, closings, budgets, finishes and the team, against The Evry and The Pad, 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 A21 of 21
Closing prices vs. Schedule A21 homes: $12,260,221 at closing against $14,078,000 in Schedule A (p. 17, p. 18)−12.9%
Closingsfirst and latest recordedMar 25, 2011 – Dec 14, 2011

Sales recorded with the Department of Finance (ACRIS) through Jun 30, 2026: 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 24 closings
HomeRecordedClosing priceSchedule ADifference
5AMar 25, 2011$610,000$768,000 p. 18−20.6%
3DApr 1, 2011$524,399$638,000 p. 17−17.8%
3EApr 6, 2011$605,000$680,000 p. 17−11%
3BApr 12, 2011$659,826$807,000 p. 17−18.2%
T3Apr 12, 2011$659,826——
2BApr 13, 2011$501,930$576,000 p. 17−12.9%
1AApr 14, 2011$540,000$569,000 p. 17−5.1%
4CMay 2, 2011$575,311$753,000 p. 17−23.6%
1CMay 11, 2011$540,000$598,000 p. 17−9.7%
4DMay 18, 2011$595,676$745,000 p. 18−20%
1EMay 26, 2011$590,585$657,000 p. 17−10.1%
4BJun 22, 2011$850,000$1,050,000 p. 17−19%
2DJun 28, 2011$397,000$444,000 p. 17−10.6%
3AJun 30, 2011$641,500$750,000 p. 17−14.5%
T1Jun 30, 2011$641,500——
2AJul 13, 2011$508,108$530,000 p. 17−4.1%
1DJul 14, 2011$605,859$635,000 p. 17−4.6%
5BJul 14, 2011$616,041$760,000 p. 18−18.9%
4AOct 28, 2011$896,060$995,000 p. 17−9.9%
T2Oct 28, 2011$896,060——
2CNov 3, 2011$385,320$435,000 p. 17−11.4%
1BNov 8, 2011$595,676$592,000 p. 17+0.6%
2EDec 1, 2011$440,000$481,000 p. 17−8.5%
3CDec 14, 2011$581,930$615,000 p. 17−5.4%

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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
North One Estates, LLC
Principals
Chaim Lefkowitz
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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