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Contello Towers No. 3 Corporation

2652 Cropsey Avenue, Brooklyn, NY 11214

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Overview

Contello Towers No. 3 Corporation is a 160-unit co-op conversion in Brooklyn. Its offering plan was accepted in December 2005. It's a 11-minute walk to Bay 50 St (D) and 17 minutes to 25 Av (D).

The sponsor of record is Contello Towers No. 3 Corporation, represented by D'Agostino, Levine, Landesman & Lederman, LLP. The offering plan runs 359 pages. The sponsor has filed 1 amendment, the latest in November 2006. The nearest other plan on file is Contello Towers No 3 Corp, next door.

Plan C040012 · Conversion · accepted Dec 1, 2005 · AG record ↗

Budget

From our research: How Close Are Offering Plan Tax Estimates to the Real Bill? · What New NYC Condos Spend on Staff, by Building Size · The Sponsor's Condo-Creation Fee in NYC

Closing Costs

Sponsor's counsel fee
$1,200 for each closingPaid by the purchaser to the sponsor's attorneys for the closing; offering plan, p. 28
Counsel's extra charges
  • $100: coordinating closing with purchaser's bank or other lender p. 28
  • $300; $500 if default cured after closing of title: late payment of balance of purchase price p. 28
  • $300: closing outside counsel's office p. 28
Working capital
not less than two (2) months maintenance chargesContribution to the condominium's working capital fund; offering plan, p. 79

What the offering plan says a purchaser pays at closing on top of the price and their own lawyer, as first filed; amendments can change these. Title insurance, mortgage recording tax, lender fees and the mansion tax aren't listed.

Amendments

  1. Amendment 1 December _ 2006

    This amendment records that shareholders voted to convert Contello Towers No. 3 Corporation into the private cooperative Oceanview Towers Inc., sets the lottery and closing timeline for apartments held by non-participating shareholders, and reports past deficits and HUD-approved maintenance and energy charge increases.

    • Shareholders voted 81,269 of 93,840 shares (86.60%) on January 12, 2006 to dissolve the corporation and reconstitute it as Oceanview Towers Inc.
    • Ten apartments of non-participating shareholders to be occupied by lifetime lessees; subscription downpayments deposited for all ten
    • Lottery held April 24, 2006 for nine apartments; next eligible shareholder accepted for the tenth
    • Closing and satisfaction of existing mortgages set for January 18, 2007
    • Operating deficits of $36,343.00 in 2004 and $10,961.00 in 2005 reported
    • HUD-approved increases effective October 1, 2004: 20% maintenance, $5.00 per month per air conditioner, $8.00 per month per parking space
    • $.10 per share Energy Pass Along approved through July 31, 2006, totaling $56,403 for 2006
    • Plan declared effective by notice dated November 8, 2006; no closing until this amendment is accepted for filing by the Department of Law

Summarized from the amendments' text (scanned ones read with OCR); the filings themselves are on the Attorney General's site.

Building Report · $19

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Team

Sponsor
Contello Towers No. 3 Corporation

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