THE CONDO BOOK PROJECT

87 Lafayette Condominium

87 Lafayette Avenue, Brooklyn, NY 11221

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Overview

Units
3 residential · 1 commercial
Subway
1 min walk to Fulton St GLafayette Av C, 1 min
Principals
Bernard Doyle, Carol M. Stern
Offering price
$3.5 million total $2.06 million when first offered

The sponsor of record is Grand Old Properties, Inc., represented by Steven H. Ebbin Attorney At Law. The offering plan runs 240 pages. The sponsor has filed 1 amendment, the latest in May 2003. The nearest other condo plan on file is 39 South Portland Avenue Condominium, next door.

Plan CD020179 · New · accepted Jan 27, 2003 · AG record ↗

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FigureThis building1561 5th24 units · 1.3 miaccepted 2003836 Kent Avenue Estates33 units · 1 miaccepted 2006
Average Offering PricePer Apartment$468,333In line$736,250$408,333

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Unit mix, closings, budgets, finishes and the team, against 561 5th and 836 Kent Avenue Estates, 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 A3 of 3
Closing prices vs. Schedule A3 homes: $1,846,230 at closing against $1,405,000 in Schedule A (p. 26)+31.4%
Closingsfirst and latest recordedApr 20, 2004 – Jul 26, 2010

Sales recorded with the Department of Finance (ACRIS) through Aug 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 3 closings
HomeRecordedClosing priceSchedule ADifference
1Apr 20, 2004$451,230$435,000 p. 26+3.7%
2Apr 24, 2007$615,000$435,000 p. 26+41.4%
3Jul 26, 2010$780,000$535,000 p. 26+45.8%

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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
Grand Old Properties, Inc.
Principals
Bernard Doyle, Carol M. Stern
Tax estimate
Jerome MazurskyPrepared the first-year real estate tax projection

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

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