1015a President Street Condominium
1015a President Street, Brooklyn, NY 11225
Overview
1015a President Street is an 8-unit condo in Brooklyn.
- Offering plan: Accepted April 2021 · 376 pages · floor plans on page 28
- Finishes: Engineered wood floors, granite kitchen countertops, New Vertical Kitchen cabinets, Haier and Frigidaire appliances, washer/dryer hook-ups and split-system units for heating and cooling
- Prices: $1,169 a square foot on average, as first offered; $6.86 million in all ($6.55 million when first offered)
- Common charges: $289–$576 a month, the sponsor's first-year estimate
- Sponsor: 1015a President St. Condominiums LLC, represented by The Law Office Of Jay Lichtman, P.C.; principals Ariel Sholomov
- Subway: 3-minute walk to Franklin Av-Medgar Evers College/Botanic Garden (2, 3, 4, 5, S); 7 minutes to President St-Medgar Evers College (2, 5)
- Amendments: 2, the latest in January 2022
- Units
- 8 residential
- Subway
- 3 min walk to Franklin Av-Medgar Evers College/Botanic Garden 2 3 4 5 SPresident St-Medgar Evers College 2 5, 7 min
- Principals
- Ariel Sholomov
- Average $/sf
- $1,169Homes in Schedule A, as first offered
- Common charges
- $289–$576 a monthSponsor's first-year estimate in Schedule A, October 1, 2021-September 30, 2022
- Offering price
- $6.86 million total $6.55 million when first offered
- Floor plans
- Page 28 of the plan
- SubmittedJune 2021
- AcceptedApril 2021
- 2 amendments
- First sale
- Latest sale
Units & Prices
Sales
From city records (ACRIS), through Sep 30, 2024.
First-Year Budget
From our research: NYC Co-op and Condo Tax Abatement: Is It Worth Paying Prevailing Wage? (Board Calculator)
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 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 2 Jan 31, 2022
Amendment updates construction timeline, revises floor plans to reflect as-built conditions, adds half-bathrooms to certain units, and establishes parking spaces and storage units as sponsor-retained items sold via license agreements.
- Renovation expected to be completed by end of March 2022; Certificate of Occupancy expected by end of April 2022
- Two parking spaces in rear garage retained by Sponsor, sold via license at $40,000 each with $50/month maintenance fee
- Six storage spaces in cellar retained by Sponsor, sold via license at $15,000 each with $25/month maintenance fee
- Rear yard allocated as limited common element to Unit 1R
- Units 2F, 3F, 4F, and 4R each have additional half bathroom
- Floor plan layout changes throughout all units including door, wall, and closet relocations
- Showers replaced bathtubs in all units
- Property subject to reciprocal driveway easement with 1015 President Street for shared garage access
Amendment 1 Jun 23, 2021
Amendment updates Special Risks section for FinCEN reporting requirements, revises estimated property tax liability, extends plan term, and clarifies transfer tax calculation.
- FinCEN Geographic Targeting Order: title companies must report purchasers in cash/non-financed residential transactions of $300,000+ in NYC through April 29, 2022
- Estimated assessed value set at approximately $179,616 with projected tax liability of $22,033 for entire building at 2020/21 tax rate of 12.267%
- Units classified as Tax Class 2C (45% of market value rate)
- New York State Transfer Tax gross-up exclusion: gross-up applies to NYC Transfer Taxes only, not NYS Transfer Taxes paid by Purchaser
- Plan term extended six (6) months from date of amendment
- Plan declared effective November 12, 2021 with two (2) units under Purchase Agreement representing 25% of residential units
Team
- Sponsor
- 1015a President St. Condominiums LLC
- Principals
- Ariel Sholomov
- Tax estimate
- Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
- Construction lender
- Bullpath Capital$3.47 million recorded
- Buyer's lender
- Wells FargoThe sponsor's preferred mortgage lender; you can use another, though the mortgage contingency is offered through the sponsor's lender · Named on p. 235
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
- 1015 President Street Condominiumnext door · 8 units · 2022
- 1019 President Street Condominiumnext door · 8 units · 2020
- 1000 Union Street Condominium0.1 mi · 20 units · 12 parking · 2020
- 311 Eastern Parkway Condominium0.2 mi · 5 units · 2026
- Crown 12 Condominium0.2 mi · 85 units · 2018
- 111 Montgomery Street Condominium0.2 mi · 163 units · 19 parking · 2019
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