THE CONDO BOOK PROJECT

979 Lafayette Avenue Condominium

979 Lafayette Avenue, Brooklyn, NY 11221

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Overview

Units
3 residential
Subway
6 min walk to Kosciuszko St JMyrtle Av J M Z, 9 min
Developer
Stateview Management
Principals
Abraham Karpen
Average $/sf
$1,088Homes in Schedule A, as first offered
Common charges
$387–$539 a monthSponsor's first-year estimate in Schedule A, Year Projected: July 1, 2022 - June 30, 2023
Offering price
$3.65 million total $3.6 million when first offered

The sponsor of record is 979 Lafayette Realty LLC, represented by Jeffrey Zwick & Associates, P.C.. The offering plan runs 323 pages. The nearest other condo plan on file is 543 Kosciusko Street Condominium, next door.

Plan CD210270 · Rehab · accepted Apr 13, 2022 · AG record ↗

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FigureThis building1184 St. Nicholas23 units · 1.2 miaccepted 2021569 Jefferson33 units · 0.5 miaccepted 2021
Common ChargesPer Square Foot / Month$0.42In line$0.58$0.31
Average Offering PricePer Apartment$1.2MIn line$1.04M$1.27M
Average PricePer Square Foot$1,088Above peers$1,004$888
Property TaxesPer Square Foot / Month$0.04Lowest$0.27$0.29
Average Unit SizeSquare Feet1,103 SFIn line1,038 SF1,432 SF

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Unit mix, closings, budgets, finishes and the team, against 184 St. Nicholas and 569 Jefferson, 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: $2,914,000 at closing against $3,600,000 in Schedule A (p. 30)−19.1%
Average closing price3 homes, on their Schedule A square feet$880 / SF
Closingsfirst and latest recordedMar 16, 2023 – Apr 18, 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 3 closings
HomeRecordedClosing priceSchedule ADifference
2Mar 16, 2023$894,000$1,100,000 p. 30−18.7%
3Mar 20, 2023$950,000$1,250,000 p. 30−24%
1Apr 18, 2023$1,070,000$1,250,000 p. 30−14.4%

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Closings are for subscribers

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
979 Lafayette Realty LLC
Developer
Stateview Management
Principals
Abraham Karpen
Tax estimate
Metropolitan Realty ExemptionsPrepared the first-year real estate tax projection
Construction lender
Loan Funder$1.23 million recorded

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

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