THE CONDO BOOK PROJECT

Tower 85 Condominium

2066 85th Street, Brooklyn, NY 11214

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Overview

Tower 85 is an 11-unit condo in Brooklyn, with 9 parking units and 2 commercial units.

  • Offering plan: Accepted February 2021 · 309 pages · floor plans on pages 188–191
  • Finishes: Engineered wood floors, hard wood cabinets, a washer and dryer in each apartment and split-system units for heating and cooling
  • Prices: $730 a square foot on average, as first offered; $11.8 million in all ($9.74 million when first offered)
  • Common charges: $304–$1,273 a month, the sponsor's first-year estimate
  • Sponsor: 2066 85 St Bk LLC, represented by Moritt Hock & Hamroff, LLP; principals Keng Lee So
  • Neighborhood: Bensonhurst, Brooklyn
  • Subway: 3-minute walk to 20 Av (D); 4 minutes to Bay Pkwy (D)
  • Amendments: 5, the latest in September 2024
  1. SubmittedNovember 2021
  2. AcceptedFebruary 2021
  3. 5 amendments
  4. First sale
  5. Latest sale

Sales

12 of 12homes sold (100%)
Every sale: 14 homes, with price and dateSee it free →

From city records (ACRIS), through Oct 31, 2025.

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 Tower 85's common charges compare with similar buildings? →

Property Taxes

The plan's first-year tax estimate, checked against the city's real bills for 9 homes.

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 5 closing costs in the plan, with their pagesSee it free →

Amendments

Amendment 5 Sep 17, 2024

Amendment updates unsold unit count, sponsor financial status, and board information as of September 11, 2024.

  • Six unsold units as of September 11, 2024: one commercial unit, residential units, and parking spaces
  • Sponsor monthly common charges contribution $0, real estate taxes $1,411.38, combined total $16,936.56
  • No units leased by sponsor
  • No unsold units subject to mortgages
  • Sponsor current on all financial obligations
  • Budget unchanged from Amendment No. 3; 2023 audited financials not yet available
  • Plan valid for six months from amendment filing date, requires further amendment for extension

Amendment 4 Apr 11, 2023

Amendment updates closing status, unit sales, financial reserves, and sponsor obligations as of March 15, 2023.

  • First residential closing was Unit 4B P2 on September 7, 2022
  • Final Certificate of Occupancy received April 13, 2022
  • Six unsold units remain as of March 15, 2023
  • Working capital held at Cathay Bank: $11,630.33
  • Reserve Fund established at Cathay Bank: $8,918.82
  • Sponsor retains board majority and is current on all financial obligations

Amendment 3 Sep 1, 2022

Amendment establishes a reserve fund of $9,157.79 (10% of budget), updates the budget to September 1, 2022 commencement, and revises common charges and taxes based on actual July 1, 2022 tax bill.

  • Reserve Fund added: $9,157.79 (10% of budget)
  • Budget period: September 1, 2022 to August 31, 2023
  • Total common charges: $100,735.67
  • Common charges and taxes in Schedule A updated to reflect amended budget and actual July 1, 2022 property taxes
  • Plan valid for 6 months from amendment acceptance date

Amendment 2 2022

Amendment declares the plan effective as of June 1, 2022, updates the budget and closing timeline, revises all unit floor plans and Schedule A pricing due to layout changes, adds disclosure about condenser unit locations, and replaces the escrow agent with Moritt Hock & Hamroff LLP.

  • Plan declared effective June 1, 2022; 4 of 11 units (36.45%) have executed purchase agreements
  • First closing anticipated September 1, 2022
  • Final Certificate of Occupancy issued April 13, 2022
  • Budget updated for September 1, 2022 through August 31, 2023 operation period
  • All unit floor plans (pages 173–200) deleted and replaced; Section EE revised accordingly
  • Schedule A pricing and unit information revised due to floor plan changes
  • Condenser units for Units 2C, 2D, 2E located on East façade at second floor level above driveway ramp
  • Escrow agent changed from Lawrence Lixin Yang, P.C. to Moritt Hock & Hamroff LLP with account at Metropolitan Commercial Bank

Amendment 1 Jul 1, 2021

All residential unit and community facility unit prices increased; parking space prices unchanged.

  • Unit C1 price raised from $720,000.00 to $992,000.00
  • Unit 1A price raised from $2,018,000.00 to $3,270,000.00
  • Unit 2A price raised from $776,000.00 to $769,000.00
  • Unit 2B price raised from $506,000.00 to $585,000.00
  • Unit 2C price raised from $584,000.00 to $600,000.00
  • Total offering prices increased from $9,742,000.00 to $11,783,000.00
  • Schedule A(Amended)(A) replaces original Schedule A
What each amendment changed, line by lineSee it free →

Team

Sponsor
2066 85 St Bk LLC
Principals
Keng Lee So
Construction lender
Colorado Federal Savings Bank$4.9 million recorded
Property reports
SD Design Studio LLC, Xiu Cheng LiPrepared the plan's description of the property and its condition · Named on p. 121
Title agency
Liberty Land Abstract, Inc.The sponsor's title company for buyers; you can choose another · Agent for Chicago Title Insurance Company · Named on p. 76

From our research: What Does a Title Agency Do, and How Do You Pick One for a NYC Condo?

Zoning

Zoning district
R5

Today's zoning, from city data (PLUTO 26v2).

Nearby

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The Condo Book Project Are Tower 85's common charges high for the area? Yes, they're on the high side. Tower 85 budgets $0.56 per square foot a month, against a $0.35 median for the 10 most similar Brooklyn plans.Schedule A Do you want to see the list of similar buildings?