THE CONDO BOOK PROJECT

1269 Dekalb Avenue Condominium

The 1269 Dekalb Avenue, Brooklyn, NY 11211

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Overview

Units
10 residential
Subway
3 min walk to Central Av MKosciuszko St J, 7 min
Principals
Shai Birenzweig, Ofer Aviv
Average $/sf
$960Homes in Schedule A, as first offered
Common charges
$281–$595 a monthSponsor's first-year estimate in Schedule A, July 1, 2021 - June 30, 2022
Offering price
$7.08 million total $7.14 million when first offered

The sponsor of record is 1269 Dekalb Development LLC, represented by Jeffrey Zwick & Associates, P.C.. The offering plan runs 319 pages. The sponsor has filed 2 amendments, the latest in November 2020. The nearest other condo plan on file is 1273 Dekalb Avenue Condominium, next door.

Plan CD190252 · New · accepted Mar 31, 2020 · AG record ↗

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FigureThis building11110 Madison210 units · 0.7 miaccepted 2020459 Quincy310 units · 1 miaccepted 2020
Common ChargesPer Square Foot / Month$0.54In line$0.31$0.77
Average Offering PricePer Apartment$713,530Below peers$775,400$738,000
Average PricePer Square Foot$960In line$944$1,056
Property TaxesPer Square Foot / Month$0.85In line$0.84$0.95
Average Unit SizeSquare Feet743 SFIn line821 SF699 SF

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Unit mix, closings, budgets, finishes and the team, against 1110 Madison and 459 Quincy, 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: $6,870,879 at closing against $7,135,295 in Schedule A (p. 29)−3.7%
Average closing price10 homes, on their Schedule A square feet$925 / SF
Closingsfirst and latest recordedMar 25, 2021 – Aug 11, 2021

Sales recorded with the Department of Finance (ACRIS) through Mar 31, 2024: 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
2BMar 25, 2021$510,000$535,000 p. 29−4.7%
2CMar 25, 2021$485,000$515,000 p. 29−5.8%
3AApr 6, 2021$530,000$545,000 p. 29−2.8%
4BApr 6, 2021$585,000$600,000 p. 29−2.5%
1AApr 16, 2021$677,136$705,000 p. 29−4%
3BApr 19, 2021$745,000$735,300 p. 29+1.3%
1BMay 4, 2021$869,000$900,000 p. 29−3.4%
4CJun 3, 2021$549,855$565,000 p. 29−2.7%
4AJun 29, 2021$970,888$1,059,995 p. 29−8.4%
2AAug 11, 2021$949,000$975,000 p. 29−2.7%

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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
1269 Dekalb Development LLC
Principals
Shai Birenzweig, Ofer Aviv
Tax estimate
Metropolitan Realty ExemptionsPrepared the first-year real estate tax projection
Construction lender
Tideway Capital FundingLender on the mortgage and building loan agreement recorded July 2020 in ACRIS; $4.45 million recorded

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

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