THE CONDO BOOK PROJECT

819 Lexington Avenue Condominium

819 Lexington Avenue, Brooklyn, NY 11221

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Overview

Units
10 residential
Subway
4 min walk to Kosciuszko St JGates Av J Z, 6 min
Principals
Shai Birenzweig
Average $/sf
$904Homes in Schedule A, as first offered
Common charges
$392–$899 a monthSponsor's first-year estimate in Schedule A, January 1, 2021- December 31, 2021
Offering price
$6.12 million total $6.17 million when first offered

The sponsor of record is 819 Lexington LLC, represented by Marans, Weisz & Newman, LLC. The offering plan runs 299 pages. The sponsor has filed 2 amendments, the latest in May 2022. The nearest other condo plan on file is 755 Quincy Condominium, next door.

Plan CD200036 · New · accepted Nov 24, 2020 · AG record ↗

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FigureThis building126 Goodwin Place27 units · 0.2 miaccepted 2020389 Sumpter38 units · 1.2 miaccepted 2020
Common ChargesPer Square Foot / Month$0.66Highest$0.50$0.53
Average Offering PricePer Apartment$617,200Above peers$594,714$536,250
Average PricePer Square Foot$904Below peers$946$927
Property TaxesPer Square Foot / Month$1.05Above peers$0.97$0.06
Average Unit SizeSquare Feet683 SFLarger629 SF579 SF

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Unit mix, closings, budgets, finishes and the team, against 26 Goodwin Place and 389 Sumpter, 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 A10 of 10
Closing prices vs. Schedule A10 homes: $5,753,747 at closing against $6,172,000 in Schedule A (p. 45)−6.8%
Average closing price10 homes, on their Schedule A square feet$842 / SF
Closingsfirst and latest recordedFeb 3, 2022 – Nov 13, 2023

Sales recorded with the Department of Finance (ACRIS) through Nov 30, 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 10 closings
HomeRecordedClosing priceSchedule ADifference
1BFeb 3, 2022$840,000$875,000 p. 45−4%
3AFeb 28, 2022$549,000$579,000 p. 45−5.2%
4AApr 28, 2022$547,504$589,000 p. 45−7%
4BApr 28, 2022$567,024$610,000 p. 45−7%
5AApr 28, 2022$553,082$595,000 p. 45−7%
5BApr 28, 2022$571,672$615,000 p. 45−7%
2AMay 10, 2022$539,000$575,000 p. 45−6.3%
3BMay 23, 2022$549,000$605,000 p. 45−9.3%
2BJun 29, 2022$539,000$579,000 p. 45−6.9%
1ANov 13, 2023$498,465$550,000 p. 45−9.4%

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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
819 Lexington LLC
Principals
Shai Birenzweig
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Plenitude Capital

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

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