THE CONDO BOOK PROJECT

Ocean Palace Condominium

2533 Ocean Avenue, Brooklyn, NY 11229

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Overview

Ocean Palace is a 23-unit condo in Brooklyn, with 8 parking units and 3 commercial units.

  • Offering plan: Accepted July 2017 · 336 pages · floor plans on page 185
  • Finishes: Hardwood floors, stone kitchen countertops, Frigidaire appliances and Delta bathroom fittings
  • Prices: $701 a square foot on average, as first offered; $12.8 million in all ($10.7 million when first offered)
  • Common charges: $155–$255 a month, the sponsor's first-year estimate
  • Sponsor: Ocean Garden House LLC, represented by James J. Matusiak, Attorney At Law; principals Cun Long Chen, Guo Rong Lin, Hui Xin Chen, Jian Lin, Jian Ping Zheng, Jin Zhui Chen, Mei E. Chen, Shu Ming Lin, Xiu Min Lin and Ying Hua Lin
  • Neighborhood: Sheepshead Bay, Brooklyn
  • Subway: 6-minute walk to Avenue U (Q); 10 minutes to Neck Rd (Q)
  • Amendments: 5, the latest in October 2020
  1. SubmittedAugust 2017
  2. AcceptedJuly 2017
  3. 5 amendments
  4. First sale
  5. Latest sale

Sales

23 of 23homes sold (100%)
Every sale: 23 homes, with price and dateSee it free →

From city records (ACRIS), through Apr 30, 2026.

First-Year Budget

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Property Taxes

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

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

Amendments

Amendment 4 Apr 29, 2019

The amendment extends the offering plan term, updates financial disclosures, adopts a comprehensive smoking ban policy, and adds FinCEN and tax law disclosures.

  • Offering plan term extended; 15 of 23 residential units remain unsold, 4 of 8 parking spaces remain unsold, community facility remains unsold
  • Smoking policy adopted banning tobacco, non-tobacco products and e-cigarettes in indoor common areas, unit patios/balconies, outdoor common areas, and within 15 feet of entrances, exits, windows and air intake units
  • Interim Lease, Purchase Agreement and Rules and Regulations amended to require purchasers and lessees to sign separate Rider acknowledging receipt and agreement with smoking policy
  • Sponsor owns 20 units (CF-1, 2A, 2B, 2C, 2D, 3B, 3D, 4A, 4B, 4D, 5B, 5D, 6A, 6B, 7B, 7C, P2, P4, P6, P8) with aggregate monthly common charges of approximately $3,404.09 on unsold units
  • Sponsor has mortgage with Amerasia Bank with reduced principal balance of $3,477,789.53, maturity December 2028, monthly payment approximately $33,576.65
  • FinCEN reporting requirements disclosed for residential transactions $300,000 or more paid without bank financing using currency or checks
  • Tax Cuts and Jobs Act of 2017 tax deduction limits disclosed: mortgage interest limited to $750,000 maximum, state and local tax deductions limited to combined $10,000.00 maximum
  • Purchasers who executed agreements but have not closed may rescind within 15 days of receiving amendment for full refund of deposit plus interest

Amendment 3 August 2018

Third amendment extends the offering plan term and discloses sponsor's financial position including unsold units, mortgage obligations, and rental income.

  • 16 of 23 residential units remain unsold; 1 of 2 commercial units unsold; 4 of 8 parking spaces unsold; community facility unsold
  • First closing occurred February 23, 2018 for Unit 4C as all-cash transaction
  • Permanent certificate of occupancy issued August 18, 2017
  • Declaration of Condominium filed January 22, 2018 in Kings County (CRFN 2018000025427)
  • Aggregate monthly common charges for unsold units approximately $5,281.99; aggregate monthly real estate taxes approximately $484.22
  • Sponsor owns 22 units and rents 11 units generating $18,908.00 monthly
  • First mortgage held by Amerasia Bank with reduced principal balance of $4,854,000; maturity December 2028; monthly payment approximately $33,576.65
  • Offering plan may not be used after six (6) months from filing date unless extended by amendment

Amendment 2 Oct 11, 2017

Offering Plan declared effective after 4 units (15.38%) sold; first closing expected December 1, 2017.

  • Offering Plan declared effective
  • Four units under contract (4C, 5A, 5C & P7, 6C & P1)
  • First unit closing anticipated on or about December 1, 2017
  • Plan expires July 18, 2018 or six months from amendment filing, whichever is later

Amendment 1 August 2017

This amendment updates all unit selling prices in the Ocean Palace Condominium offering plan, with total project price now $12,832,000.00.

  • Total purchase price of all units revised to $12,832,000.00
  • Individual unit prices updated across all residential units and parking spaces per Schedule A
  • Offering plan expiration extended to July 18, 2018 or six (6) months from amendment filing, whichever is later
  • Schedule A prices increased for 21 homes (median +21.4%): 2A $325,000 → $390,000; 2B $462,500 → $580,000; 2C $329,500 → $400,000; 2D $475,000 → $585,000; ...
What each amendment changed, line by lineSee it free →

Team

Sponsor
Ocean Garden House LLC
Principals
Cun Long Chen, Guo Rong Lin, Hui Xin Chen, Jian Lin, Jian Ping Zheng, Jin Zhui Chen, Mei E. Chen, Shu Ming Lin, Xiu Min Lin, Ying Hua Lin
Tax estimate
SJP Tax Consultants Inc.Prepared the first-year real estate tax projection
Construction lender
Amerasia Bank$3.5 million loan stated in the plan
General contractor
W & L Group ConstructionHeld the general construction permit on DOB job 320597047

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Zoning

Zoning districts
R7A, R6AThe lot is split between two districts, the largest share first
Commercial overlay
C1-3

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

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The Condo Book Project Are Ocean Palace's common charges high for the area? No, they're on the low side. Ocean Palace budgets $0.29 per square foot a month, against a $0.39 median for the 10 most similar Brooklyn plans.Schedule A Do you want to see the list of similar buildings?