THE CONDO BOOK PROJECT

71 Lexington Avenue Condominium

71 Lexington Avenue, Brooklyn, NY 11238

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Overview

Units
5 residential
Subway
3 min walk to Classon Av GBedford-Nostrand Avs G, 8 min
Principals
Nahman Lichtenstein
Average $/sf
$501Homes in Schedule A, as first offered
Common charges
$219–$346 a monthSponsor's first-year estimate in Schedule A, July 1, 2007
Offering price
$2.37 million total

The sponsor of record is Lexington Avenue Enterprises, LLC, represented by Kalter, Kaplan, Zeiger & Forman. The offering plan runs 281 pages. The sponsor has filed 3 amendments, the latest in February 2008. The nearest other condo plan on file is 417 Classon Avenue Condominium, next door.

Plan CD060164 · New · accepted Oct 12, 2006 · AG record ↗

Compare

FigureThis building1227 Maujer28 units · 1.9 miaccepted 2005308 Clinton34 units · 0.5 miaccepted 2004
Common ChargesPer Square Foot / Month$0.33Highest$0.27$0.19
Average Offering PricePer Apartment$474,000In line$395,000$774,000
Average PricePer Square Foot$501In line$419$524
Property TaxesPer Square Foot / Month$0.00Lowest$0.02$0.13
Average Unit SizeSquare Feet946 SFIn line943 SF1,477 SF

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Unit mix, closings, budgets, finishes and the team, against 227 Maujer and 308 Clinton, 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 A5 of 5
Closing prices vs. Schedule A5 homes: $2,323,651 at closing against $2,370,000 in Schedule A (p. 18)−2%
Average closing price5 homes, on their Schedule A square feet$491 / SF
Closingsfirst and latest recordedMay 1, 2007 – Mar 24, 2008

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 5 closings
HomeRecordedClosing priceSchedule ADifference
1May 1, 2007$404,586$490,000 p. 18−17.4%
2May 1, 2007$303,186$380,000 p. 18−20.2%
4Jun 25, 2007$505,986$510,000 p. 18−0.8%
5Jan 31, 2008$580,403$480,000 p. 18+20.9%
3Mar 24, 2008$529,490$510,000 p. 18+3.8%

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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
Lexington Avenue Enterprises, LLC
Principals
Nahman Lichtenstein
Tax estimate
Moseson & AssociatesPrepared the first-year real estate tax projection

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

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