THE CONDO BOOK PROJECT

915 55st Condominium

915 55th Street, Brooklyn, NY 11219

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Overview

Units
8 residential · 2 commercial
Subway
10 min walk to Fort Hamilton Pkwy N8 Av N, 11 min
Principals
Chung Lam
Average $/sf
$799Homes in Schedule A, as first offered
Common charges
$279–$1,099 a monthSponsor's first-year estimate in Schedule A, July 1, 2023 - June 30, 2024
Offering price
$7.57 million total

The sponsor of record is Linden 88 Inc., represented by Lawrence Lixin Yang, P.C.. The offering plan runs 349 pages. The sponsor has filed 2 amendments, the latest in October 2023. The nearest other condo plan on file is 5415 9th Avenue Condominium, next door.

Plan CD220115 · New · accepted Nov 28, 2022 · AG record ↗

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FigureThis building11654 84th212 units · 1.8 miaccepted 20221269 38th34 units · 1 miaccepted 2022
Common ChargesPer Square Foot / Month$0.51Highest$0.36$0.32
Average Offering PricePer Apartment$756,800In line$590,917$887,500
Average PricePer Square Foot$799In line$791$864
Property TaxesPer Square Foot / Month$0.46Lowest$0.67$1.05
Average Unit SizeSquare Feet948 SFIn line747 SF1,028 SF

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Unit mix, closings, budgets, finishes and the team, against 1654 84th and 1269 38th, 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 closed80% of the homes in Schedule A8 of 10
Closing prices vs. Schedule A8 homes: $4,706,333 at closing against $4,996,000 in Schedule A (p. 43)−5.8%
Average closing price8 homes, on their Schedule A square feet$837 / SF
Closingsfirst and latest recordedSep 5, 2023 – Nov 13, 2023

Sales recorded with the Department of Finance (ACRIS) through Mar 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 8 closings
HomeRecordedClosing priceSchedule ADifference
2BSep 5, 2023$636,406$675,000 p. 43−5.7%
3BSep 8, 2023$634,256$647,000 p. 43−2%
4BOct 2, 2023$651,680$647,000 p. 43+0.7%
5BOct 2, 2023$451,230$445,000 p. 43+1.4%
5AOct 30, 2023$476,580$488,000 p. 43−2.3%
2ANov 2, 2023$507,000$702,000 p. 43−27.8%
3ANov 13, 2023$682,228$696,000 p. 43−2%
4ANov 13, 2023$666,954$696,000 p. 43−4.2%

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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
Linden 88 Inc.
Principals
Chung Lam
Tax estimate
Lawrence Lixin Yang, P.C.Prepared the first-year real estate tax projection

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

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