349 Prospect Place Condominium
349 Prospect Place, Brooklyn, NY 11238
Overview
349 Prospect Place is a 6-unit condo in Brooklyn.
- Offering plan: Accepted November 2021 · 378 pages · floor plans on page 35
- Finishes: 8'8" ceilings, hardwood floors, quartz kitchen countertops, Frigidaire appliances, a washer and dryer in each apartment, Kohler bathroom fittings and split-system units for heating and cooling
- Prices: $8.41 million in all ($7.24 million when first offered)
- Sponsor: 349 Prospect Pl LLC, represented by The Law Office Of Jay Lichtman, P.C.; principals Arie Bar Chaim
- Subway: 8-minute walk to Park Pl (S); 9 minutes to Grand Army Plaza (2, 3)
- Amendments: 3, the latest in November 2022
- Units
- 6 residential
- Subway
- 8 min walk to Park Pl SGrand Army Plaza 2 3, 9 min
- Principals
- Arie Bar Chaim
- Offering price
- $8.41 million total $7.24 million when first offered
- Floor plans
- Page 35 of the plan
- SubmittedMarch 2022
- AcceptedNovember 2021
- 3 amendments
- First sale
- Latest sale
Units & Prices
Sales
From city records (ACRIS), through Aug 31, 2025.
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 plan lists what a buyer pays at closing.
All 8 closing costs in the plan, with their pagesSee it free →The Building
Amendments
Amendment 3 Nov 23, 2022
Amendment updates special risks for FinCEN reporting requirements, sets first year of condominium operation to January 1, 2023, and revises budget and projected real estate taxes.
- FinCEN Currency Transaction Report required for certain residential cash purchases of $300,000+ without bank financing
- First year of condominium operation projected to begin January 1, 2023
- Projected real estate taxes for first year: $33,944.53 (6 months at Tax Class 1 rate of 19.963%, 6 months at Tax Class 2 rate of 12.267%)
- Estimated assessed value after completion: $522,080.00 for 2023/2024 tax year
- Budget remains unchanged except for new projected start date
- Term of the Plan extended six (6) months
- Schedule A and Schedule B revised to reflect new budget start date and revised taxes
- Schedule A prices increased for 6 homes (median +12.6%): 1 $1,950,000 → $2,195,000; 2 $1,650,000 → $1,995,000; 3F $795,000 → $865,000; 3R $795,000 → $895,000; ...
Amendment 2 Sep 28, 2022
Amendment adds FinCEN reporting requirements for certain business entity purchases, declares the plan effective as of September 21, 2022, and extends the plan term by six months.
- FinCEN Geographic Targeting Order reporting required for business entity purchases of $300,000+ paid without bank financing, April 30–October 26, 2022
- Plan declared effective September 21, 2022 with one unit (16% of residential units) under executed purchase agreement
- Plan term extended six months from amendment date
- First unit closing cannot occur until amendment is accepted for filing by Department of Law
Amendment 1 Mar 9, 2022
Amendment updates offering prices for six units, revises engineer's report with construction completion and equipment details, and extends the plan term by six months.
- Unit 1 price: $2,195,000; Unit 2: $1,995,000; Unit 3F: $865,000; Unit 3R: $895,000; Unit 4F: $995,000; Unit 4R: $1,395,000
- Construction substantially complete by June 2022; Temporary Certificate of Occupancy expected June 2022
- All unit square footages reduced; rear yard sizes for Units 1 and 2 increased
- Natural gas for cooking only; Units 1, 2, 3R, 4R have gas hot water heaters and dryers; Units 3F, 4F have electric
- Heating and cooling equipment specified by Gree with minimum 16 SEER efficiency rating
- Laundry equipment: LG washer and gas dryer for Units 1, 2, 3R, 4R; GE washer and electric dryer for Units 3F, 4F
- Kitchen appliances by Fisher & Paykel; bathroom fixtures by Duravit, Maax, Plumbing Décor; flooring by Flooring Expo 29 Corp.
- Plan term extended six months; FinCEN Geographic Targeting Order reporting requirements added for certain transactions
Team
- Sponsor
- 349 Prospect Pl LLC
- Principals
- Arie Bar Chaim
- Tax estimate
- Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
- Construction lender
- Cross River Bank$2.34 million recorded
- Buyer's lender
- loanDepotThe sponsor's preferred mortgage lender; you can use another, though the mortgage contingency is offered through the sponsor's lender · Named on p. 229
From our research: What Does a Title Agency Do, and How Do You Pick One for a NYC Condo?
Zoning
- Zoning district
- R6B
Today's zoning, from city data (PLUTO 26v2).
Nearby
- Villas At Prospect Placenext door · 6 units · 2017
- 319 Prospect Place Condominiumnext door · 8 units · 2024
- 373 Prospect Place Condominiumnext door · 6 units · 2022
- 309 Prospect Place Condominiumnext door · 4 units · 1 parking · 2021
- 655 Washington Avenue Condominiumnext door · 10 units · 2 parking · 2008
- 630 Grand Avenue Condominiumnext door · 32 units · 2025
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