THE CONDO BOOK PROJECT

701 Lafayette Condominium

701 Lafayette Avenue, Brooklyn, NY 11221

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Overview

Units
8 residential
Subway
7 min walk to Bedford-Nostrand Avs GMyrtle-Willoughby Avs G, 10 min
Principals
Dan Mizrachi
Average $/sf
$1,230Homes in Schedule A, as first offered
Common charges
$301–$628 a monthSponsor's first-year estimate in Schedule A, January 1, 2020 - December 31, 2020
Offering price
$5.8 million total $5.6 million when first offered

The sponsor of record is 701 Lafayette Ave LLC, represented by Law Offices Of Hershy Itzkowitz, P.C.. The offering plan runs 328 pages. The sponsor has filed 3 amendments, the latest in August 2020. The nearest other condo plan on file is Kosciuszko Condominium, next door.

Plan CD180368 · New · accepted Dec 4, 2019 · AG record ↗

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FigureThis building1900 Willoughby27 units · 0.8 miaccepted 202012 Lawton37 units · 0.8 miaccepted 2020
Common ChargesPer Square Foot / Month$0.64Lowest$0.78$1.24
Average Offering PricePer Apartment$725,000Above peers$652,200$610,714
Average PricePer Square Foot$1,230Above peers$1,145$1,095
Property TaxesPer Square Foot / Month$0.10Lowest$0.24$1.08
Average Unit SizeSquare Feet590 SFLarger570 SF558 SF

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Unit mix, closings, budgets, finishes and the team, against 900 Willoughby and 12 Lawton, 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: $4,909,373 at closing against $5,800,000 in Schedule A (p. 36)−15.4%
Average closing price8 homes, on their Schedule A square feet$1,041 / SF
Closingsfirst and latest recordedAug 31, 2020 – Apr 29, 2021

Sales recorded with the Department of Finance (ACRIS) through Oct 31, 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 8 closings
HomeRecordedClosing priceSchedule ADifference
2BAug 31, 2020$531,500$650,000 p. 36−18.2%
3BAug 31, 2020$530,000$650,000 p. 36−18.5%
1ASep 15, 2020$530,000$600,000 p. 36−11.7%
3AOct 15, 2020$550,000$650,000 p. 36−15.4%
4AOct 22, 2020$541,500$600,000 p. 36−9.8%
1BNov 20, 2020$874,000$1,000,000 p. 36−12.6%
4BJan 22, 2021$814,600$1,000,000 p. 36−18.5%
2AApr 29, 2021$537,773$650,000 p. 36−17.3%

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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
701 Lafayette Ave LLC
Principals
Dan Mizrachi
Tax estimate
Metropolitan Realty Exemptions, IncPrepared the first-year real estate tax projection
Construction lender
Eastern Capital Group$1.9 million recorded

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

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