THE CONDO BOOK PROJECT

684 Madison Street Condominium

684 Madison Street, Brooklyn, NY 11221

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Overview

Units
8 residential · 8 storage
Subway
12 min walk to Gates Av J ZKosciuszko St J, 12 min
Principals
Jonathan Ahdoot, Michael Kandhorov, Michael Kandinov
Average $/sf
$1,190Homes in Schedule A, as first offered
Offering price
$7.65 million total $7.42 million when first offered

The sponsor of record is 684 Madison St, LLC, represented by The Law Office Of Claudia V. Murdoch, P.C.. The offering plan runs 216 pages. The sponsor has filed 1 amendment, the latest in May 2020. The nearest other condo plan on file is Six47 Madison Condominium, next door.

Plan CD190086 · New · accepted Dec 20, 2019 · AG record ↗

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FigureThis building1701 Lafayette28 units · 0.8 miaccepted 20191249 Dekalb36 units · 0.7 miaccepted 2019
Common ChargesPer Square Foot / Month$0.52In line$0.64$0.50
Average Offering PricePer Apartment$936,250Highest$725,000$737,000
Average PricePer Square Foot$1,190In line$1,230$1,016
Average Unit SizeSquare Feet787 SFLarger590 SF726 SF

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Unit mix, closings, budgets, finishes and the team, against 701 Lafayette and 1249 Dekalb, 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 A8 of 8
Closing prices vs. Schedule A8 homes: $6,405,327 at closing against $7,490,000 in Schedule A (p. 24)−14.5%
Average closing price8 homes, on their Schedule A square feet$1,018 / SF
Closingsfirst and latest recordedApr 23, 2021 – May 23, 2022

Sales recorded with the Department of Finance (ACRIS) through Oct 31, 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 8 closings
HomeRecordedClosing priceSchedule ADifference
2BApr 23, 2021$790,000$925,000 p. 24−14.6%
1AApr 29, 2021$1,075,000$1,350,000 p. 24−20.4%
2AMay 10, 2021$810,327$925,000 p. 24−12.4%
3AMay 13, 2021$820,000$965,000 p. 24−15%
3BMay 25, 2021$825,000$965,000 p. 24−14.5%
4BJun 15, 2021$835,000$955,000 p. 24−12.6%
4AJul 1, 2021$840,000$955,000 p. 24−12%
1BMay 23, 2022$410,000$450,000 p. 24−8.9%

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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
684 Madison St, LLC
Principals
Jonathan Ahdoot, Michael Kandhorov, Michael Kandinov
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
S3 CapitalLender on the mortgage and building loan agreement recorded June 2018 in ACRIS; $3.8 million recorded

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

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