Cypress Condominium
309 Ocean Parkway, Brooklyn, NY 11218
Overview
Cypress is a 14-unit condo in Brooklyn.
- Offering plan: Accepted April 2018 · 296 pages · floor plans on page 4
- Finishes: Engineered wood floors, quartz kitchen countertops, washer/dryer hook-ups, Hansgrohe bathroom fittings and split-system units for heating and cooling
- Prices: $1,001 a square foot on average, as first offered; $13.8 million in all ($11 million when first offered)
- Common charges: $346–$730 a month, the sponsor's first-year estimate
- Developers: Global Industries LLC and United Elite Group Inc.; principals Tolib Mansurov
- Sponsor: 309 Op Realty LLC, represented by Tsyngauz & Associates, P.C.
- Neighborhood: Kensington & Parkville, Brooklyn
- Subway: 8-minute walk to Church Av (F, G); 12 minutes to Ditmas Av (F)
- Amendments: 5, the latest in June 2020
- Units
- 14 residential
- Neighborhood
- Kensington & Parkville, Brooklyn
- Subway
- 8 min walk to Church Av F GDitmas Av F, 12 min
- Developers
- Global Industries LLC, United Elite Group Inc.
- Principals
- Tolib Mansurov
- Average $/sf
- $1,001Homes in Schedule A, as first offered
- Common charges
- $346–$730 a monthSponsor's first-year estimate in Schedule A, September 1, 2018 - August 31, 2019
- Offering price
- $13.8 million total $11 million when first offered
- Floor plans
- Page 4 of the plan
- SubmittedMay 2019
- AcceptedApril 2018
- 5 amendments
- First sale
- Latest sale
Units & Prices
Sales
From city records (ACRIS), through Aug 31, 2026.
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.
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 →The Building
Amendments
Amendment 5 Jun 22, 2020
Amendment reports first closing occurred May 28, 2020, lists 16 unsold units with charges and taxes, and confirms sponsor's financial status and control timeline.
- First unit closed May 28, 2020 at TSYNGAUZ & ASSOCIATES, P.C.
- Condominium declaration recorded April 22, 2020 (CRFN 2020000129304)
- Operating account opened with JPMorgan Chase Bank with $3,819.84
- Reserve fund account opened with JPMorgan Chase Bank with $1,548.08
- 16 unsold units listed: 9 residential units (2F, 4F, 4R, 5F, 5R, 6F, 6R, 7F, 7R) and 7 storage units (S1-S4, S6-S8)
- Sponsor current on all financial obligations and solvent
- Sponsor will relinquish board control by May 28, 2023 or when unsold units fall below 50% of common interests, whichever is sooner
Amendment 4 Dec 9, 2019
Fourth Amendment sets condominium operations start date to February 1, 2020, issues certificate of occupancy, and extends plan term.
- Certificate of occupancy issued July 11, 2019
- First year of condominium operation: February 1, 2020 – January 31, 2021
- Budget amount unchanged at $63,948.00
- Pre-amendment purchasers offered rescission if first closing doesn't occur by September 1, 2020
- Post-amendment purchasers offered rescission if first closing doesn't occur by February 1, 2021
- Plan term extended six (6) months from amendment acceptance date
Amendment 3 Jul 22, 2019
Amendment declares the offering plan effective upon acceptance, following sponsor acceptance of purchase agreements for four residential units (28.57% of units offered), and discloses new New York State transfer and mansion tax rates effective July 1, 2019.
- Sponsor accepted purchase agreements for 4 residential units (28.57% of units)
- Plan declared effective upon acceptance of this amendment
- New York transfer tax rates increased to 0.65% for residential properties $3M+, effective July 1, 2019
- New York mansion tax rates increased, with new supplemental tax on residential properties $2M+, effective July 1, 2019
- Transfers under binding agreements dated on or before April 1, 2019 are grandfathered from new tax rates
Amendment 2 May 16, 2019
Amendment completes construction, updates property tax values, revises budgets and schedules, modifies smoking policy, and extends plan term.
- Certificate of occupancy anticipated by end of July 2019
- Property assessed value $765,868.00, taxable value $640,877.00 as of January 15, 2019
- First year budget period changed to September 1, 2019 – August 31, 2020 with revised Schedule B
- Smoking prohibited in front of building, Limited Common Elements, Common Elements, and Storage Units; permitted only in Residential Units
- Plan term extended six months from amendment acceptance date
- FinCEN Geographic Targeting Order reporting requirements apply to residential closings meeting specified criteria
Amendment 1 May 15, 2019
Offering prices increased for Unit 4R and all Storage Units.
- Unit 4R price raised to $850,000.00
- Storage Units S1-S8 price raised to $25,000.00 each
Team
- Sponsor
- 309 Op Realty LLC
- Developers
- Global Industries LLC, United Elite Group Inc.
- Principals
- Tolib Mansurov
- Counsel
- Tsyngauz & Associates, P.C.
- Tax estimate
- MGNY Consulting Corp.Prepared the first-year real estate tax projection
- General contractor
- United Elite GroupHeld the general construction permit on DOB job 320690187
From our research: What Does a Title Agency Do, and How Do You Pick One for a NYC Condo?
Zoning
- Zoning districts
- R7A, R5The lot is split between two districts, the largest share first
- Special district
- Special Ocean Parkway District (OP)
Today's zoning, from city data (PLUTO 26v2).
Nearby
- 350 Ocean Parkway0.1 mi · 1983
- Ocean 24 Condominium0.1 mi · 24 units · 17 parking · 2022
- 235 Ocean Parkway Condominium0.2 mi · 15 units · 2007
- 495 East 7th Street *0.2 mi · 1989
- 415 Beverly Road0.2 mi · 1986
- East 3rd Residence0.2 mi · 3 units · 2026
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