373 Palmetto Street Condominium
373 Palmetto Street, Brooklyn, NY 11237
Overview
373 Palmetto Street is an 8-unit condo in Brooklyn.
- Offering plan: Accepted October 2021 · 262 pages
- Finishes: Wood floors, marble kitchen countertops, wood cabinets, washer/dryer hook-ups, American Standard bathroom fittings and split-system units for heating and cooling
- Prices: $1,156 a square foot on average, as first offered; $6.24 million in all ($5.35 million when first offered)
- Common charges: $197–$375 a month, the sponsor's first-year estimate
- Sponsor: 373 Palmetto LLC, represented by Eial Girtz, PC
- Subway: 2-minute walk to Myrtle-Wyckoff Avs (L, M); 8 minutes to Seneca Av (M)
- Amendments: 4, the latest in April 2023
- Units
- 8 residential
- Subway
- 2 min walk to Myrtle-Wyckoff Avs L MSeneca Av M, 8 min
- Average $/sf
- $1,156Homes in Schedule A, as first offered
- Common charges
- $197–$375 a monthSponsor's first-year estimate in Schedule A, July 1, 2022 To June 30, 2023
- Offering price
- $6.24 million total $5.35 million when first offered
- SubmittedJune 2022
- AcceptedOctober 2021
- 4 amendments
- First sale
- Latest sale
Units & Prices
Sales
From city records (ACRIS), through Sep 30, 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 for 8 homes.
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 →The Building
Amendments
Amendment 4 Apr 14, 2023
Escrow account moved from First Republic Bank to TD Bank due to banking crisis, with updated escrow agreement terms.
- Units 2A, 2B, 3A, 3B, 4A, 4B closed; Unit 1B in contract; Unit 1A unsold
- Escrow account transferred from First Republic Bank to TD Bank (475 Port Washington Boulevard, Port Washington, NY) on March 21, 2023
- New IOLA escrow account signatories: Eial Girtz and Lisa Kim
- Escrow deposits must be placed within 5 business days of Purchase Agreement tender
- Purchaser must receive deposit confirmation within 10 business days or may cancel within 90 days
- FDIC insurance coverage up to $250,000 per deposit
- No interest paid on deposits; Sponsor bears all account maintenance costs
Amendment 3 Nov 30, 2022
Amendment extends the plan for 6 months and updates closing status, financing, and common charges.
- Plan extended for 6 months
- Final Certificate of Occupancy issued August 22, 2022
- Declaration of Condominium recorded October 21, 2022
- First closing (Unit 4B) occurred November 10, 2022; Units 3B and 4A also closed
- Units 1A, 2A, 2B and 3A in contract; Unit 1B unsold
- Common charges and real estate taxes listed for unsold units
- Construction financing of $2,966,000.00 from Goldman Sachs Bank USA; Units 3B, 4A, 4B released from mortgage
Amendment 2 Aug 3, 2022
The condominium plan is declared effective after two units (25% of eight offered) were placed under contract.
- Plan declared effective by notice dated August 3, 2022
- Two residential units in contract satisfy 25% threshold to declare plan effective
- Units 1A, 3B, 4A and 4B are in contract
- Final Certificate of Occupancy issued on 08/22/2022 (Certificate No. 3823650-0000001)
- Roof warranty: 10-year limited manufacturer's warranty on material, 3-year limited labor warranty by installer
Amendment 1 Jun 3, 2022
Amendment updates floor plans to reflect as-built conditions, raises prices on all 8 units, adjusts square footage of cellars and common elements, and notes Unit 4B is in contract.
- Prices increased: Unit 1A $525,000→$649,000, Unit 1B $875,000→$1,100,000, Unit 2A $595,000→$679,000, Unit 2B $595,000→$679,000, Unit 3A $615,000→$696,000, Unit 3B $615,000→$696,000, Unit 4A $615,000→$689,000, Unit 4B $945,000→$1,050,000
- Revised floor plans reflect as-built condition with engineer's report addendum
- Square footage changes: Unit 1A cellar 306→298 sq ft, Unit 1B cellar 403→393 sq ft, Unit 2A storage 14→13 sq ft, Unit 2B storage 15→13 sq ft, Unit 4A 641→630 sq ft, Unit 4B penthouse 348→325 sq ft
- Unit 4B penthouse terrace increased from 297 sq ft to 320 sq ft
- Unit 4B in contract; no units leased
- Construction substantially completed as of April 2022
- Temporary Certificate of Occupancy anticipated prior to first closing; Final Certificate of Occupancy anticipated by September 2022
- Schedule A prices increased for 7 homes (median +14.1%): 1A $525,000 → $649,000; 1B $875,000 → $1,100,000; 2A $595,000 → $679,000; 2B $595,000 → $679,000; ...
Team
- Sponsor
- 373 Palmetto LLC
- Counsel
- Eial Girtz, PC
- Tax estimate
- Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
- Construction lender
- Goldman Sachs BankLender on the mortgage and building loan agreement recorded March 2021 in ACRIS; $3.24 million recorded
- Interior designer
- Abell DesignReported by mannpublications.com
From our research: What Does a Title Agency Do, and How Do You Pick One for a NYC Condo?
Zoning
- Zoning district
- R6
Today's zoning, from city data (PLUTO 26v2).
Nearby
- Ridgewood Place Condominiumnext door · 4 units · 2016
- Ridgewood Place Condominiumnext door · 2 units · 2025
- 358 Grove Street Condominium0.1 mi · 59 units · 50 parking · 2007
- 400 Linden Street Condominium0.1 mi · 6 units · 2021
- Josephine Condominium0.2 mi · 10 units · 2024
- 248 Palmetto Street Condominium0.3 mi · 3 units · 2024
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