174 Richardson Street Condominium
174 Richardson Street, Brooklyn, NY 11222
Overview
174 Richardson Street is a 3-unit condo in Brooklyn.
- Offering plan: Accepted February 2021 · 398 pages · floor plans on page 95
- Finishes: Hardwood floors, quartz kitchen countertops, Modern Family Kitchens cabinets, Bosch appliances, a washer and dryer in each apartment, Delta bathroom fittings and split-system units for heating and cooling
- Prices: $1,142 a square foot on average, as first offered; $3.69 million in all ($3.65 million when first offered)
- Sponsor: 174 Richardson LLC, represented by D'Agostino, Levine, Landesman, Et Al, LLP; principals Gary Mottola, John Forelle and Tyson Pitzer
- Neighborhood: Williamsburg, Brooklyn
- Subway: 6-minute walk to Graham Av (L); 10 minutes to Metropolitan Av/Lorimer St (G, L)
- Amendments: 5, the latest in July 2022
- Units
- 3 residential
- Neighborhood
- Williamsburg, Brooklyn
- Subway
- 6 min walk to Graham Av LMetropolitan Av/Lorimer St G L, 10 min
- Principals
- Gary Mottola, John Forelle, Tyson Pitzer
- Average $/sf
- $1,142Homes in Schedule A, as first offered
- Offering price
- $3.69 million total $3.65 million when first offered
- Floor plans
- Page 95 of the plan
- SubmittedFebruary 2021
- AcceptedFebruary 2021
- 5 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)
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 2 closing costs in the plan, with their pagesSee it free →The Building
Amendments
Amendment 5 Jul 6, 2022
First unit closed in November 2021; working capital fund established; all units now sold; sponsor controls board; offering plan period extended.
- First Unit Closing (Unit 3) occurred November 3, 2021
- Working Capital Fund established at approximately $3,957.00
- No unsold units remain offered to public
- Sponsor's mortgage with Valley National Bank paid off as of November 3, 2021
- Board of Managers controlled by Sponsor (Gary Mottola, John Forelle, Tyson Pitzer)
- Sponsor's attorney firm name updated to D'Agostino, Levine, Landesman, Lederman, Rivera & Miraglia, LLP d/b/a DLPartners
- Offering plan effective period extended six (6) months from amendment date
Amendment 4 Jul 8, 2021
First Year of Condominium operation moved to July 1, 2021, with updated real estate tax projections from Mazursky Group.
- First Year of Condominium operation now commences July 1, 2021 through June 30, 2022
- Real estate tax projections updated; aggregate taxes for First Year estimated at $16,438.00
- Property assessed at $77,358.00 (2021/2022); tax rate estimated at 21.25%
- Tax assessment expected to shift from Tax Class 1 to Tax Class 1C upon condominium conversion
- Special Risk 15 revised with new Mazursky tax projection letter dated June 24, 2021
- Special Risk 20 revised to reflect updated First Unit Closing window of July 1, 2021 or later
- Schedule A and Notes to Schedule A updated to reflect July 1, 2021 commencement date
- Schedule A prices increased for 1 home (median +3.4%): 2 $1,450,000 → $1,500,000
Amendment 3 May 5, 2021
Offering Plan declared effective with one unit purchase agreement executed representing 33% of units offered.
- Offering Plan declared effective by written notice dated May 5, 2021
- One residential unit purchased, exceeding 15% minimum requirement for effectiveness
- Unit 2 purchase agreement executed May 4, 2021
Amendment 2 Apr 14, 2021
Unit 2 price decreased to $1,500,000.00, reducing aggregate Total Offering Price to $3,695,000.00.
- Unit 2 price decreased to $1,500,000.00
- Aggregate Total Offering Price revised to $3,695,000.00
Amendment 1 Feb 25, 2021
Unit 2 price increased to $1,550,000.00, raising total offering price to $3,745,000.00.
- Unit 2 price increased to $1,550,000.00
- Total offering price for all units now $3,745,000.00
Team
- Sponsor
- 174 Richardson LLC
- Principals
- Gary Mottola, John Forelle, Tyson Pitzer
- Tax estimate
- Mazursky Group, Inc.Prepared the first-year real estate tax projection
- Construction lender
- Valley National Bank
- General contractor
- Gavriel ContractingHeld the general construction permit on DOB job 321129088
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
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- 191 Withers Street Condominiumnext door · 6 units · 2019
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- 19 North Henry Street Condominium0.1 mi · 5 units · 2025
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