THE CONDO BOOK PROJECT

675 Lafayette Avenue Condominium

675 Lafayette Avenue, Brooklyn, NY 11216

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Overview

Units
4 residential
Subway
5 min walk to Bedford-Nostrand Avs GMyrtle-Willoughby Avs G, 9 min
Average $/sf
$1,013Homes in Schedule A, as first offered
Common charges
$291–$444 a monthSponsor's first-year estimate in Schedule A, September 1, 2017 To August 31, 2018
Offering price
$3.71 million total $3.49 million when first offered

The sponsor of record is 675 Lafayette Residences LLC, represented by Raphael And Marks Attorneys At Law. The offering plan runs 292 pages. The sponsor has filed 2 amendments, the latest in September 2017. The nearest other condo plan on file is 673 Lafayette Condominium, next door.

Plan CD170015 · New · accepted May 4, 2017 · AG record ↗

Compare

FigureThis building1368 Gates24 units · 0.4 miaccepted 201655 Maspeth36 units · 1.8 miaccepted 2017
Common ChargesPer Square Foot / Month$0.40Above peers$0.39$0.31
Average Offering PricePer Apartment$872,000Lowest$1.17M$1.08M
Average PricePer Square Foot$1,013Above peers$991$993
Property TaxesPer Square Foot / Month$0.31Lowest$0.50$0.97
Average Unit SizeSquare Feet861 SFSmallest1,179 SF1,092 SF

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Unit mix, closings, budgets, finishes and the team, against 368 Gates and 55 Maspeth, 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 A4 of 4
Closing prices vs. Schedule A4 homes: $3,577,548 at closing against $3,488,000 in Schedule A (p. 31)+2.6%
Average closing price4 homes, on their Schedule A square feet$1,039 / SF
Closingsfirst and latest recordedDec 8, 2017 – Mar 27, 2018

Sales recorded with the Department of Finance (ACRIS) through Aug 31, 2024: 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
1Dec 8, 2017$948,640$949,000 p. 31−0%
2Dec 11, 2017$958,669$879,000 p. 31+9.1%
3Jan 3, 2018$820,000$825,000 p. 31−0.6%
4Mar 27, 2018$850,239$835,000 p. 31+1.8%

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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
675 Lafayette Residences LLC
Tax estimate
The Mazursky Group, Inc.Prepared the first-year real estate tax projection

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

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