123 Sixth Avenue Condominium
121-123 Sixth Avenue, Brooklyn, NY 11217
Overview
123 Sixth Avenue is a 4-unit condo in Brooklyn.
- Offering plan: Accepted January 2023 · 264 pages · floor plans on pages 184–188
- Finishes: Wood floors, quartz kitchen countertops, laminate cabinets, Liebherr and Viking appliances, a washer and dryer in each apartment and a VRF heat pump system for heating and cooling
- Prices: $1,794 a square foot on average, as first offered; $11.9 million in all ($11 million when first offered)
- Common charges: $519–$635 a month, the sponsor's first-year estimate
- Developer: Fortuna Associates; principals Robert Saffayeh, Gabriel Saffayeh, George Saffayeh and Hyun K. Shin
- Sponsor: Jsqs4 LLC, represented by The Law Office Of Claudia V. Murdoch, P.C.
- Subway: 4-minute walk to Bergen St (2, 3); 4 minutes to 7 Av (B, Q)
- Amendments: 2, the latest in February 2024
- Units
- 4 residential
- Subway
- 4 min walk to Bergen St 2 37 Av B Q, 4 min
- Developer
- Fortuna Associates
- Principals
- Robert Saffayeh, Gabriel Saffayeh, George Saffayeh, Hyun K. Shin
- Average $/sf
- $1,794Homes in Schedule A, as first offered
- Common charges
- $519–$635 a monthSponsor's first-year estimate in Schedule A, April 1, 2023 - March 31, 2024
- Offering price
- $11.9 million total $11 million when first offered
- Floor plans
- Pages 184–188 of the plan
- SubmittedApril 2023
- AcceptedJanuary 2023
- 2 amendments
- First sale
- Latest sale
Units & Prices
Sales
From city records (ACRIS), through Dec 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 for 3 homes.
Each home's estimate, city bills and tax breaksSee it free →Closing Costs
The plan lists what a buyer pays at closing.
All 6 closing costs in the plan, with their pagesSee it free →The Building
Amendments
Amendment 2 2024
Second amendment confirming all units sold, building occupied, and adjusting unit prices to reflect final offering prices.
- Unit prices changed: Unit 1 from $3,225,000 to $3,200,000; Unit 2 from $2,650,000 to $2,975,000; Unit 3 from $2,515,000 to $2,935,000; Unit 4 from $2,650,000 to $2,750,000
- Final Certificate of Occupancy issued January 17, 2024
- All units sold to outside purchasers; Sponsor retains no unsold units
- Board of Managers control transferred to unit owners in November 2023
- Working capital fund account established at Chase Bank; control transferred to elected Board of Managers
- Offering plan extended for additional six (6) months from amendment date
Amendment 1 March 2023
Amendment updates the first year of condominium operation to July 1, 2023 through June 30, 2024, with revised budgets, unit layouts, common charges, real estate taxes, and escrow account details.
- First year of condominium operation: July 1, 2023 through June 30, 2024
- Projected substantial completion of alteration: April 2023
- Common charges per unit revised (Unit 1: $8,527.76 annually; Unit 2: $7,464.61; Unit 3: $6,910.99; Unit 4: $6,937.65)
- First year real estate taxes reduced (Unit 1: $4,491.50; Unit 2: $3,931.54; Unit 3: $3,639.96; Unit 4: $3,654)
- Post-completion real estate taxes projected (Unit 1: $13,693.68; Unit 2: $11,986.50; Unit 3: $11,097.51; Unit 4: $11,140.31)
- Cooking gas now common meter billed through common charges instead of individually metered
- Escrow account moved from Signature Bank to Chase Bank at 2623 East 17th Street, Brooklyn, NY 11235
- Offering plan extended for additional 6 months from amendment date
Team
- Sponsor
- Jsqs4 LLC
- Developer
- Fortuna Associates
- Principals
- Robert Saffayeh, Gabriel Saffayeh, George Saffayeh, Hyun K. Shin
- Tax estimate
- MGNY ConsultingPrepared the first-year real estate tax projection
- Construction lender
- Valley National Bank$3.38 million loan stated in the plan
From our research: What Does a Title Agency Do, and How Do You Pick One for a NYC Condo?
Zoning
- Zoning district
- R6B
Today's zoning, from city data (PLUTO 26v2).
Nearby
- 114 6th Avenue Condominiumnext door · 5 units · 2022
- 82 Sterling Place Condominiumnext door · 4 units · 2026
- 84 Sterling Place Condominiumnext door · 4 units · 2017
- 132 Sixth Avenue Condominiumnext door · 5 units · 2026
- 84 6th Avenue Condominium0.1 mi · 4 units · 2022
- Park Place Condominium0.1 mi · 47 units · 26 parking · 2005
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