Schae Condominium
40 Schaefer Street, Brooklyn, NY 11207
Overview
Schae is a new 10-unit condo in Brooklyn.
- Offering plan: Accepted April 2024 · 339 pages · floor plans on page 35
- Finishes: 8'6" ceilings, engineered wood floors, quartz kitchen countertops, Dowell cabinets, washer/dryer hook-ups and split-system units for heating and cooling
- Prices: $6.4 million in all
- Common charges: $350–$715 a month, the sponsor's first-year estimate
- Sponsor: 11311 Management LLC, represented by The Law Office Of Jay Lichtman, PC; principals Iskyo Aronov
- Neighborhood: Bushwick, Brooklyn
- Subway: 4-minute walk to Chauncey St (J, Z); 6 minutes to Halsey St (J)
- Amendments: 2, the latest in February 2026
- Units
- 10 residential
- Neighborhood
- Bushwick, Brooklyn
- Subway
- 4 min walk to Chauncey St J ZHalsey St J, 6 min
- Principals
- Iskyo Aronov
- Common charges
- $350–$715 a monthSponsor's first-year estimate in Schedule A, Year Projected to Begin: July 1, 2024- June 30, 2025
- Offering price
- $6.4 million total
- Floor plans
- Page 35 of the plan
- SubmittedMay 2025
- AcceptedApril 2024
- 2 amendments
Units & Prices
First-Year Budget
From our research: NYC Co-op and Condo Tax Abatement: Is It Worth Paying Prevailing Wage? (Board Calculator)
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Property Taxes
The plan's first-year tax estimate, checked against the city's real bills.
Each home's estimate, city bills and tax breaksSee it free →Compare
| Figure | This building1 | 156 Somers210 units · 0.5 miaccepted 2024 | 158 Somers310 units · 0.5 miaccepted 2024 |
|---|---|---|---|
| Average Offering PricePer Apartment | $640,300Above peers | $618,900 | $618,900 |
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.
Closing Costs
The buyer pays the NYC and NY State transfer taxes, which a seller usually pays.
All 8 closing costs in the plan, with their pagesSee it free →The Building
Amendments
Amendment 5 2023
Parking garage offered for sale with updated pricing schedule.
Amendment 2 Feb 16, 2026
First closing projected for July 1, 2026; budget and common charges updated; attorney changed.
- First closing projected to occur by July 1, 2026; condominium operations to begin July 1, 2026
- Common charges updated to $446.39–$743.99 monthly depending on unit
- Projected first-year taxes $80,750.51 based on assessed value $649,172.00 and tax class 2 rate of 12.439%
- Water and sewer budget $10,525.00 based on 1,500 gallons daily usage
- Reserve fund $5,617.00 (approximately 10% of budget)
- Sponsor's attorney changed to The Law Office of Jay Lichtman P.C., 99 W Hawthorne Avenue, Suite 520, Valley Stream, NY 11580
- Offering plan term extended six months
- Rescission right offered if actual or projected first closing occurs later than June 30, 2027
Amendment 1 May 2, 2025
Amendment discloses criminal forfeiture proceedings against the sponsor's principal and requires all unit sale proceeds be remitted to the U.S. Attorney's Office; changes managing agent, projected first closing date, and budget.
- Sponsor's principal (Iskyo Aronov) indicted in September 2019 for wire fraud and bank fraud, pleaded guilty June 2022; subject to forfeiture order for $24,554,243.00
- All unit sale proceeds must be sent to U.S. Attorney's Office; units cannot be rented
- Sponsor commits to selling all units in building, not just 15% needed to declare plan effective
- Managing agent changed to 11311 Management LLC (116-55 Queens Boulevard, Suite 206, Forest Hills, NY 11375)
- First closing projected by July 1, 2025; purchasers entitled to rescission if first closing occurs after June 30, 2026
- Managing agent fee for first year set at $11,000.00
- Taxable assessed value assigned at $601,085.00; estimated post-construction value $674,560.00
- Revised budget and budget certification attached
Team
- Sponsor
- 11311 Management LLC
- Principals
- Iskyo Aronov
- Tax estimate
- Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
- Construction lender
- Yjv CapitalLender on the mortgage and building loan agreement recorded April 2024 in ACRIS; $2.5 million recorded
- General contractors
- Oz Bosph Construction, NYC Building Solutions, K274 ConstructionHeld the general construction permit on DOB job 321193409
- Buyer's lender
- U.S. BankThe sponsor's preferred mortgage lender; you can use another, though the mortgage contingency is offered through the sponsor's lender · Named on p. 198
From our research: What Does a Title Agency Do, and How Do You Pick One for a NYC Condo?
Zoning
- Zoning district
- R6
Today's zoning, from city data (PLUTO 26v2).
Nearby
- 32 Schaefer Street Condominiumnext door · 8 units · 2026
- The 1009 Decatur Street Condominiumnext door · 8 units · 2026
- 1370 Bushwick Avenue Condominiumnext door · 10 units · 2017
- 71 Cooper Street Condominium0.1 mi · 8 units · 2018
- 68 Eldert Street Condominium0.1 mi · 10 units · 2022
- 766 Decatur Street Condominium0.1 mi · 10 units · 2020
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