THE CONDO BOOK PROJECT

R & Y Cornelia Condominium

215 Cornelia Street, Brooklyn, NY 11221

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Overview

R & Y Cornelia is a 10-unit condo in Brooklyn.

  • Offering plan: Accepted October 2021 · 437 pages · floor plans on page 268
  • Finishes: Wood floors, Nobilia cabinets, Fisher & Paykel and Bosch appliances, a washer and dryer in each apartment, Danze bathroom fittings and split-system units for heating and cooling
  • Prices: $909 a square foot on average, as first offered; $7.46 million in all ($7.04 million when first offered)
  • Common charges: $295–$677 a month, the sponsor's first-year estimate
  • Sponsor: R&Y Cornelia Development LLC, represented by Mavrides Moyal Packman & Sadkin, LLP; principals Yaniv Nasimi
  • Neighborhood: Bushwick, Brooklyn
  • Subway: 11-minute walk to Wilson Av (L); 12 minutes to Halsey St (L)
  • Amendments: 5, the latest in May 2023
  1. SubmittedOctober 2021
  2. AcceptedOctober 2021
  3. 5 amendments
  4. First sale
  5. Latest sale

Sales

10 of 10homes sold (100%)
Every sale: 10 homes, with price and dateSee it free →

From city records (ACRIS), through Feb 28, 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 R & Y Cornelia's common charges compare with similar buildings? →

Property Taxes

The plan's first-year tax estimate, checked against the city's real bills for 10 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 3 closing costs in the plan, with their pagesSee it free →

Amendments

Amendment 4 Aug 2, 2022

Fourth amendment documenting the first closing on July 19, 2022, final certificate of occupancy on May 10, 2022, condominium declaration recording details, and current financial and board status.

  • First closing occurred July 19, 2022 for Unit 5B
  • Final certificate of occupancy issued May 10, 2022
  • Condominium Declaration recorded July 5, 2022 under CRFN No. 2022000264775
  • Six (6) unsold units remain
  • Working Capital Fund balance approximately $2,974.80 as of August 2, 2022
  • Sponsor to relinquish board control after 95% of units sold or five (5) years from first closing
  • Plan effective period extended six (6) months

Amendment 3 Jun 8, 2022

Amendment updates common charges, first-year budget, reserve fund policy, floor plans, storage locker allocations, and management company details.

  • Common Charges per Unit increased; Schedule A revised
  • First Year Budget updated for management change, contingency removal, and new Reserve Fund
  • Reserve Fund added to first-year budget; unit owners contribute through common charges starting at closing
  • Management by ALG NY Management, LLC at $6,000.00 annual fee, no on-site staff
  • Floor Plans amended showing unit layout and limited common element revisions
  • Storage Lockers allocated to Units 2A through 5B in Cellar; none allocated to Unit 1A
  • Final Certificate of Occupancy issued May 10, 2022
  • Plan effective period extended six (6) months from amendment acceptance

Amendment 2 Feb 24, 2022

Plan declared effective after sponsor accepted purchase agreements for two units representing 25% of units offered.

  • Plan declared effective based on two purchase agreements (25% of units)
  • Two units purchased: Unit 2B at $555,000.00 and Unit 4B at $600,000.00

Amendment 1 Oct 25, 2021

First amendment adjusts purchase prices for unsold residential units in the building.

  • Purchase prices of unsold units increased and/or decreased per Exhibit A
  • No units were in contract as of the amendment date
  • Sponsor reserves right to revise further purchase prices and terms of remaining units
What each amendment changed, line by lineSee it free →

Team

Sponsor
R&Y Cornelia Development LLC
Principals
Yaniv Nasimi
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Quanta Finance$4 million recorded
General contractor
Nyb BuildersHeld the general construction permit on DOB job 321383329
Title agency
GlobalServe Title Agency Corp.The sponsor's title company for buyers; you can choose another · Named on p. 41

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

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The Condo Book Project Are R & Y Cornelia's common charges high for the area? No, they're on the low side. R & Y Cornelia budgets $0.50 per square foot a month, against a $0.54 median for the 10 most similar Brooklyn plans.Schedule A Do you want to see the list of similar buildings?