THE CONDO BOOK PROJECT

719 6th Avenue Condominium

719 6th Avenue, Brooklyn, NY 10010

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Overview

Units
12 residential · 6 parking
Subway
10 min walk to 25 St RProspect Av R, 11 min
Principals
William Caleo, Lyndsay Caleo, Zachary Stern
Average $/sf
$1,222Homes in Schedule A, as first offered
Common charges
$336–$981 a monthSponsor's first-year estimate in Schedule A, From February 1, 2020 To January 31, 2021
Offering price
$18.1 million total $18.2 million when first offered

The sponsor of record is 715 6th Avenue NY Corp., represented by Marcus Attorneys. The offering plan runs 344 pages. The sponsor has filed 9 amendments, the latest in November 2021. The nearest other condo plan on file is 688 6th Avenue Condominium, next door.

Plan CD180464 · New · accepted Sep 18, 2019 · AG record ↗

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FigureThis building1305 23rd211 units · 0.1 miaccepted 2020Huntington315 units · 1.4 miaccepted 2020
Common ChargesPer Square Foot / Month$0.44In line$0.44$0.28
Average Offering PricePer Apartment$1.48MIn line$1.63M$1.31M
Average PricePer Square Foot$1,222Above peers$1,210$1,214
Property TaxesPer Square Foot / Month$0.83Highest$0.44$0.60
Average Unit SizeSquare Feet1,214 SFIn line1,343 SF1,076 SF

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Unit mix, closings, budgets, finishes and the team, against 305 23rd and Huntington, 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 A12 of 12
Closing prices vs. Schedule A10 homes: $13,869,268 at closing against $13,800,000 in Schedule A (p. 35)+0.5%
Average closing price10 homes, on their Schedule A square feet$1,188 / SF
Closingsfirst and latest recordedMar 11, 2021 – Dec 21, 2021

Sales recorded with the Department of Finance (ACRIS) through Jul 31, 2026: 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 12 closings
HomeRecordedClosing priceSchedule ADifference
4BMar 11, 2021$1,450,000$1,425,000 p. 35+1.8%
2Mar 12, 2021$1,349,181$1,300,000 p. 35+3.8%
2AMar 12, 2021$1,186,750$1,100,000 p. 35+7.9%
2BMar 12, 2021$1,430,000$1,350,000 p. 35+5.9%
3Mar 15, 2021$1,384,000$1,375,000 p. 35+0.7%
3AMar 15, 2021$1,185,000$1,150,000 p. 35+3%
3BMar 17, 2021$1,365,000$1,375,000 p. 35−0.7%
PH-WApr 16, 2021$1,990,000——
1May 27, 2021$1,816,425$2,100,000 p. 35−13.5%
4Jun 17, 2021$1,427,912$1,425,000 p. 35+0.2%
4AJun 21, 2021$1,275,000$1,200,000 p. 35+6.3%
PH-EDec 21, 2021$1,850,000——

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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
715 6th Avenue NY Corp.
Principals
William Caleo, Lyndsay Caleo, Zachary Stern
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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