701 Lafayette Condominium
701 Lafayette Avenue, Brooklyn, NY 11221
Overview
701 Lafayette is an 8-unit condo in Brooklyn.
- Offering plan: Accepted December 2019 · 328 pages · floor plans on pages 162–166
- Finishes: 9-foot ceilings, wood floors, laminate kitchen countertops, wooden cabinets, Liebherr and Miele appliances, washer/dryer hook-ups, Delta bathroom fittings and split-system units for heating and cooling
- Prices: $1,230 a square foot on average, as first offered; $5.8 million in all ($5.6 million when first offered)
- Common charges: $301–$628 a month, the sponsor's first-year estimate
- Sponsor: 701 Lafayette Ave LLC, represented by Law Offices Of Hershy Itzkowitz, P.C.; principals Dan Mizrachi
- Subway: 7-minute walk to Bedford-Nostrand Avs (G); 10 minutes to Myrtle-Willoughby Avs (G)
- Amendments: 3, the latest in August 2020
- Units
- 8 residential
- Subway
- 7 min walk to Bedford-Nostrand Avs GMyrtle-Willoughby Avs G, 10 min
- Principals
- Dan Mizrachi
- Average $/sf
- $1,230Homes in Schedule A, as first offered
- Common charges
- $301–$628 a monthSponsor's first-year estimate in Schedule A, January 1, 2020 - December 31, 2020
- Offering price
- $5.8 million total $5.6 million when first offered
- Floor plans
- Pages 162–166 of the plan
- SubmittedJanuary 2020
- AcceptedDecember 2019
- 3 amendments
- First sale
- Latest sale
Units & Prices
Sales
From city records (ACRIS), through Oct 31, 2023.
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 →Closing Costs
The plan lists what a buyer pays at closing.
All 5 closing costs in the plan, with their pagesSee it free →The Building
Amendments
Amendment 3 Aug 12, 2020
Property refinanced with new lender, first unit closed, Certificate of Occupancy issued, and offering plan term extended.
- Property refinanced through Conventus LLC; previous lender Eastern Capital Group LLC paid off; lender releases units for 90% of net sale proceeds
- Unit 2 closed August 31, 2020 at Herbst and Weiss P.C., 21 Grove Street, Suite 107, Spring Valley, NY 10977
- Final Certificate of Occupancy issued November 17, 2020
- Declaration of Condominium recorded June 19, 2020 under CRFN# 2020000177198
- Working capital fund of $3,839.60 deposited in Chase Bank escrow at 1501 Avenue M, Brooklyn, NY
- Unit owner Janek Peter joined board; first owners meeting expected on or about February 15, 2021
- Sponsor owns 2 units, none rented; monthly common charges $736.62; no financial obligations due within 12 months
- Offering plan term extended six (6) months; projected commencement dates tolled 259 days per NY Executive Order 202.18
Amendment 2 Apr 22, 2020
Plan declared effective with two units purchased, condominium name updated, and offering period extended.
- Plan declared effective as of March 30, 2020 with 2 units purchased (3A and 4A)
- Condominium name changed to THE 701 LAFAYETTE AVENUE CONDOMINIUM
- Offering plan term extended for six (6) months
Amendment 1 Jan 9, 2020
Square footages, common interest percentages, and tax projections updated to reflect approved as-built plans; 421-A tax benefits will not be received.
- Square footages updated for Units 1A, 1A Cellar, 1B, 1B Cellar, 1B Yard, 4B, and 4B Roof Terrace
- Percentage of common interest adjusted for all eight units
- Condominium will not receive 421-A tax benefits
- Revised tax projection letter provided by Metropolitan Realty Exemptions
- None of the units currently in contract
Team
- Sponsor
- 701 Lafayette Ave LLC
- Principals
- Dan Mizrachi
- Tax estimate
- Metropolitan Realty Exemptions, IncPrepared the first-year real estate tax projection
- Construction lender
- Eastern Capital Group$1.9 million recorded
- General contractors
- Ugb Construction, Nyb Builders, Doppler InnovationsHeld the general construction permit on DOB job 320910038
From our research: What Does a Title Agency Do, and How Do You Pick One for a NYC Condo?
Zoning
- Zoning district
- R6A
Today's zoning, from city data (PLUTO 26v2).
Nearby
- 725 Lafayette Avenue Condominiumnext door · 7 units · 2020
- 253 Tompkins Avenue Condominiumnext door · 10 units · 2019
- Residence At 735 Condominiumnext door · 7 units · 2021
- 18 Van Buren Street Condominiumnext door · 7 units · 2019
- 675 Lafayette Avenue Condominium0.1 mi · 4 units · 2017
- 289 Kosciuszko Street Condominium0.1 mi · 4 units · 2021
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