1296 Park Place Condominium
1296 Park Place, Brooklyn, NY 11213
Overview
1296 Park Place is an 8-unit condo in Brooklyn.
- Offering plan: Accepted January 2020 · 342 pages · floor plans on page 35
- Finishes: Hardwood floors, quartz kitchen countertops, wood cabinets, Frigidaire and Bosch appliances, washer/dryer hook-ups and split-system units for heating and cooling
- Prices: $1,009 a square foot on average, as first offered; $5.33 million in all ($5.58 million when first offered)
- Common charges: $426–$796 a month, the sponsor's first-year estimate
- Sponsor: 1296 Park Place Ph LLC, represented by Law Office Of Jay Lichtman, P.C.; principals Reuven Rothstein and Zaur Laven
- Subway: 6-minute walk to Crown Hts-Utica Av (3, 4); 12 minutes to Utica Av (A, C)
- Amendments: 3, the latest in January 2022
- Units
- 8 residential
- Subway
- 6 min walk to Crown Hts-Utica Av 3 4Utica Av A C, 12 min
- Principals
- Reuven Rothstein, Zaur Laven
- Average $/sf
- $1,009Homes in Schedule A, as first offered
- Common charges
- $426–$796 a monthSponsor's first-year estimate in Schedule A, January 1, 2020- December 31, 2020
- Offering price
- $5.33 million total $5.58 million when first offered
- Floor plans
- Page 35 of the plan
- SubmittedNovember 2020
- AcceptedJanuary 2020
- 3 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)
Ask Claude or ChatGPT: How do 1296 Park Place's common charges compare with similar buildings? →
Property Taxes
The plan's first-year tax estimate, checked against the city's real bills for 8 homes.
Each home's estimate, city bills and tax breaksSee it free →Closing Costs
The plan lists what a buyer pays at closing.
All 8 closing costs in the plan, with their pagesSee it free →The Building
Amendments
Amendment 3 Jan 3, 2022
Amendment updates FinCEN reporting requirements for certain purchasers, revises transfer tax calculation rules, and provides current financial and operational status of the condominium.
- Title companies must report certain cash purchases of $300,000+ to FinCEN within 30 days of closing
- Transfer tax gross-up now applies to NYC transfer taxes only, not NY State transfer taxes paid by purchaser
- First unit closing occurred August 13, 2021; Certificate of Occupancy issued March 31, 2021
- Five unsold units remain: 2F, 3F, 3R, 4F, 4R
- Working capital fund: $5,869.96; Reserve fund: $918.94
- Sponsor mortgage with Investors Loan Servicing remaining principal balance approximately $2,401,577.00, maturity September 30, 2022
- First unit owners meeting projected for February 15, 2022
- Plan term extended six months from amendment date
Amendment 2 Jan 13, 2021
Plan declared effective with 2 units sold (25% threshold met); term extended 6 months.
- Plan declared effective as of January 12, 2021
- Two units sold: 2F and 2R (both agreements dated 12/15/2020)
- Term extended 6 months from amendment date
- First closing cannot occur until this amendment is accepted for filing
Amendment 1 Nov 17, 2020
Amendment eliminates 421-a tax abatement eligibility, updates unit prices, adds special risks regarding sponsor rental rights and management fees, and provides detailed architectural specifications.
- Sponsor no longer represents building eligible for 421-a tax abatement; new tax opinion letter required
- Unit offering prices updated: 1F $575,000, 1R $825,000, 2F $625,000, 2R $575,000, 3F $645,000, 3R $545,000, 4F $995,000, 4R $545,000
- Sponsor retains right to rent rather than sell units; no commitment to sell more than 15% or 2 residential units
- Condominium budget does not include management or superintendent fees; outside management could increase common charges 6-10% annually or $50-$100 per unit monthly
- Temporary Certificates of Occupancy issued 08/07/2020 and 11/24/2020; Final Certificate anticipated February 2021
- Interior stairs in duplex units are winding type and not code-compliant
- FinCEN Geographic Targeting Order requirements for certain entity purchases without bank financing from November 6, 2020 through May 4, 2021
- Schedule A prices increased for 2 homes (median +4.1%): 2R $560,411 → $575,000; 4F $955,920 → $995,000
- Schedule A prices decreased for 5 homes (median -2.0%): 1R $825,600 → $825,000; 2F $687,645 → $625,000; 3F $722,610 → $645,000; 3R $555,555 → $545,000; ...
Team
- Sponsor
- 1296 Park Place Ph LLC
- Principals
- Reuven Rothstein, Zaur Laven
- Tax estimate
- Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
- Construction lender
- Sharestates Investments$5.34 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. 6
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
- 1668 Dean Street Condominium0.2 mi · 8 units · 2026
- 1479 Sterling Place Condominium0.3 mi · 8 units · 2025
- 1489 Sterling Place Condominium0.3 mi · 8 units · 2022
- 1226 St. Marks Avenue Condominium0.3 mi · 8 units · 2021
- 1490 Saint Johns Place Condominium0.3 mi · 8 units · 2020
- 1572 Pacific Street Condominium0.3 mi · 8 units · 2020
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