232 South 2nd Street Condo: Common Charges, Sales & Offering Plan

Overview

232 South 2nd Street is a 4-unit condo in Brooklyn.

Offering plan: Accepted September 2023 · 266 pages
Finishes: Engineered wood floors, quartz kitchen countertops, wood cabinets, Bosch appliances, washer/dryer hook-ups, Danze bathroom fittings and split-system units for heating and cooling
Prices: $1,780 a square foot on average, as first offered; $7.45 million in all ($7.4 million when first offered)
Common charges: $322–$669 a month, the sponsor's first-year estimate
Sponsor: 232 S Second St LLC, represented by Eial Girtz, PC; principals Meir Daus, Elad Ben-Kimon and Rotem Cohen
Neighborhood: Williamsburg, Brooklyn
Subway: 6-minute walk to Marcy Av (J, M, Z); 9 minutes to Bedford Av (L)
Amendments: 3, the latest in June 2024

4 of 4homes sold (100%)

From city records (ACRIS), through Sep 30, 2024.

The plan's first-year tax estimate, checked against the city's real bills for 2 homes.

The plan lists what a buyer pays at closing.

Amendment 3 Jun 7, 2024

Amendment corrects unit common interest percentages, establishes new escrow account, and provides updated operational details.

Plan extended for 6 months
Unit 2 common interest corrected to 15.8004%, Unit 3 to 18.8657%
New escrow account opened at Peapack-Gladstone Bank for down payments
Declaration of Condominium recorded April 11, 2024
Final Certificate of Occupancy obtained April 10, 2024
First unit closing (Unit 3) completed May 15, 2024; Unit 2 in contract; Garden and PH unsold
Reserve account balance should be $2,500.00 with monthly contribution of $208.33
Sponsor covering all operating costs and delaying common charges collection

Amendment 2 Feb 27, 2024

Plan declared effective with one unit purchased; penthouse floor plan and square footage revised; unit 3 now in contract.

Plan declared effective on February 27, 2024 based on one unit purchase (25% of four units offered)
Penthouse unit increased from 1,019 sq. ft. to 1,034 sq. ft. on fourth floor
Penthouse unit has 3 bedrooms (revised from prior description)
Unit 3 is now in contract
Revised floor plan for Penthouse reflecting as-built condition
Engineer's addendum dated March 7, 2024 supplements original report

Amendment 1 Feb 13, 2024

Amendment revises floor plans, renames two units, increases the price of one unit, and updates building specifications.

Unit 1 renamed Garden Unit, Unit 4 renamed PH Unit
Unit 3 offering price increased from $1,550,000.00 to $1,600,000.00
Revised cellar floor plan showing as-built condition
Mitsubishi split air conditioning system specifications added with model numbers and BTU ratings
Kitchen finishes specified: engineered white oak floors, quartz countertops, wood cabinets, Bosch appliances
Roof terraces allocated as limited common elements; front roof to Penthouse, rear roof shared with Unit 3 and Penthouse
Construction completion date in February 2024; construction began July 2022
Schedule A prices increased for 1 home (median +3.2%): 3 $1,550,000 → $1,600,000

Sponsor: 232 S Second St LLC
Principals: Meir Daus, Elad Ben-Kimon, Rotem Cohen
Counsel: Eial Girtz, PC
Tax estimate: RE Tax Service, LLCPrepared the first-year real estate tax projection
Construction lender: Manhattan Bridge Capital$1.15 million loan stated in the plan
General contractor: L & M Builders GroupHeld the general construction permit on DOB NOW job B00595521
Property report: Demerara Engineering , PLLCPrepared the plan's description of the property and its condition · Named on p. 129

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

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