217 Franklin Street Condominium
217 Franklin Street, Brooklyn, NY 11222
Overview
217 Franklin Street is a 6-unit condo in Brooklyn.
- Offering plan: Accepted May 2022 · 332 pages · floor plans on page 31
- Finishes: 8'6" ceilings, hardwood floors, quartz kitchen countertops, Bertazzoni and Blomberg appliances, a washer and dryer in each apartment and Grohe bathroom fittings
- Prices: $1,718 a square foot on average, as first offered; $9.49 million in all ($8.54 million when first offered)
- Common charges: $289–$944 a month, the sponsor's first-year estimate
- Developer: Investmates
- Sponsor: 217 Franklin LLC, represented by Jeffrey Zwick & Associates, P.C.
- Subway: 7-minute walk to Greenpoint Av (G); 18 minutes to Vernon Blvd-Jackson Av (7)
- Amendments: 3, the latest in June 2023
- Units
- 6 residential
- Subway
- 7 min walk to Greenpoint Av GVernon Blvd-Jackson Av 7, 18 min
- Developer
- Investmates
- Average $/sf
- $1,718Homes in Schedule A, as first offered
- Common charges
- $289–$944 a monthSponsor's first-year estimate in Schedule A, October 1, 2022 - September 30, 2023
- Offering price
- $9.49 million total $8.54 million when first offered
- Floor plans
- Page 31 of the plan
- SubmittedDecember 2022
- AcceptedMay 2022
- 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)
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Property Taxes
The plan's first-year tax estimate, checked against the city's real bills for 6 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 7 closing costs in the plan, with their pagesSee it free →The Building
Amendments
Amendment 3 Jun 28, 2023
Amendment documents first closing completion, certificate of occupancy issuance, condominium declaration recording, and current unit sales status.
- First closing occurred on March 16, 2023
- Final certificate of occupancy issued November 17, 2022 under CO number 3063883
- Declaration of Condominium recorded February 24, 2023 under CRFN# 2023000050696
- Working capital fund of $4,164.84 deposited; reserve fund subaccount $663.00
- Sponsor sold 4 of 6 units; Unit 5 under contract; Unit 6 unsold
- Sponsor retains board control until 5 years after first closing or unsold units below 25%
Amendment 2 Feb 27, 2023
Amendment updates floor plans, adds storage license offerings, and changes escrow bank and agent.
- Final Certificate of Occupancy issued; exterior doors changed from sliding to swinging
- Closet removed from Unit 2 bedroom and added to living room; closets removed from Unit 3 and Unit 4 bedrooms
- Window model changed
- Two storage closets in cellar available for purchase via license agreements by Unit Owners
- Escrow account moved from Signature Bank to Chase Bank, NA at 4724 13th Avenue, Brooklyn, NY 11219
- Escrow agent changed to Jeffrey Zwick & Associates, PC, 266 Broadway, Suite 403, Brooklyn, NY 11211
- FDIC insurance limit for escrow account is $250,000 per deposit
- Purchaser funds held in IOLA account; no interest paid to purchasers
Amendment 1 Dec 19, 2022
Amendment declares the offering plan effective based on one bona fide purchaser acquiring 16% of the units.
- Plan declared effective upon execution of purchase agreement for one unit (16% of six units)
- Offering Plan was accepted for filing by Department of Law on May 20, 2022
- Unit 3 counted for effectiveness with purchase agreement dated 12/7/2022
Team
- Sponsor
- 217 Franklin LLC
- Developer
- Investmates
- Tax estimate
- Metropolitan Realty ExemptionsPrepared the first-year real estate tax projection
- Construction lender
- S3 Capital$3 million recorded
- General contractor
- Record 13 ConstructionHeld the general construction permit on DOB job 321595369
From our research: What Does a Title Agency Do, and How Do You Pick One for a NYC Condo?
Zoning
- Zoning district
- R6A
Today's zoning, from city data (PLUTO 26v2).
Nearby
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- 54 Dupont Street Condominiumnext door · 6 units · 2023
- 58 Dupont Street Condominiumnext door · 4 units · 2024
- 74 Huron Street Condominium0.1 mi · 8 units · 2003
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