THE CONDO BOOK PROJECT

664 Lafayette Avenue Condominium

664 Lafayette Avenue, Brooklyn, NY 11216

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Overview

Units
3 residential
Subway
4 min walk to Bedford-Nostrand Avs GMyrtle-Willoughby Avs G, 8 min
Principals
Nir Sapir, Sagiv Amiri, Segev Nachum
Common charges
$505–$1,010 a monthSponsor's first-year estimate in Schedule A, April 1, 2017
Offering price
$3.37 million total

The sponsor of record is 664 Lafayette LLC, represented by The Law Office Of Jay Lichtman, P.C.. The offering plan runs 326 pages. The sponsor has filed 1 amendment, the latest in February 2018. The nearest other condo plan on file is 661 Lafayette Avenue Condominium, next door.

Plan CD160329 · Rehab · accepted Mar 15, 2017 · AG record ↗

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FigureThis building1667 Putnam24 units · 0.8 miaccepted 2018521 Greene32 units · 0.2 miaccepted 2017
Average Offering PricePer Apartment$1.12MIn line$1.01M$1.4M

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Unit mix, closings, budgets, finishes and the team, against 667 Putnam and 521 Greene, 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: $3,148,638 at closing against $3,373,999 in Schedule A (p. 28)−6.7%
Closingsfirst and latest recordedAug 10, 2017 – Mar 21, 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 3 closings
HomeRecordedClosing priceSchedule ADifference
2Aug 10, 2017$875,000$875,000 p. 280%
3Aug 17, 2017$899,000$899,000 p. 280%
1Mar 21, 2018$1,374,638$1,599,999 p. 28−14.1%

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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
664 Lafayette LLC
Principals
Nir Sapir, Sagiv Amiri, Segev Nachum
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Bayport Funding$1.1 million recorded

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

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