THE CONDO BOOK PROJECT

389 Sumpter Street Condominium

389 Sumpter Street, Brooklyn, NY 11233

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Overview

389 Sumpter Street is an 8-unit condo in Brooklyn.

  • Offering plan: Accepted December 2020 · 343 pages · floor plans on page 36
  • Finishes: 9-foot ceilings, wood floors, quartz kitchen countertops, plywood cabinets, Samsung appliances and split-system units for heating and cooling
  • Prices: $927 a square foot on average, as first offered; $4.27 million in all ($4.29 million when first offered)
  • Common charges: $268–$509 a month, the sponsor's first-year estimate
  • Sponsor: 389 Sumpter St LLC, represented by The Law Office Of Jay Lichtman, P.C.; principals Eliahu Nahman
  • Neighborhood: Bedford-Stuyvesant, Brooklyn
  • Subway: 5-minute walk to Chauncey St (J, Z); 6 minutes to Rockaway Av (C)
  • Amendments: 3, the latest in March 2023
  1. SubmittedAugust 2021
  2. AcceptedDecember 2020
  3. 3 amendments

Sales

0 of 8homes sold (0%)

From city records (ACRIS), through Jun 30, 2023.

First-Year Budget

From our research: NYC Co-op and Condo Tax Abatement: Is It Worth Paying Prevailing Wage? (Board Calculator)

Ask Claude or ChatGPT: How do 389 Sumpter Street's common charges compare with similar buildings? →

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 plan lists what a buyer pays at closing.

All 7 closing costs in the plan, with their pagesSee it free →

Amendments

Amendment 2 Apr 7, 2022

Amendment updates FinCEN reporting requirements for certain cash purchases, raises prices for 2 units, and extends the plan term by 6 months.

  • FinCEN Geographic Targeting Order reporting required for certain cash purchases of $300,000+ without bank financing from Nov 1, 2021 to Apr 29, 2022
  • Unit 1A price raised to $499,000
  • Unit 3B price raised to $485,000
  • Plan declared effective as of April 7, 2022 with 2 units (25% of residential units) under executed Purchase Agreements
  • Plan term extended 6 months from amendment date

Amendment 1 Jun 16, 2021

Sponsor no longer represents building will qualify for 421-a tax abatement; tax estimates and Schedule A updated; FinCEN reporting requirements added; transfer tax law changes; plan term extended six months.

  • Building no longer eligible for 421-a tax abatement under Affordable New York Housing Program
  • 2021/22 assessed value set at $320,991; projected post-completion assessed value $423,852
  • Current tax liability $39,375.97 annually; projected liability $51,994 annually for entire building
  • FinCEN Currency Transaction Report required for certain business entity purchases over $300,000 without bank financing, effective May 5 through October 31, 2021
  • New York State Transfer Tax (paid by purchaser) excluded from grossed-up consideration calculation; gross-up applies to NYC Transfer Taxes only
  • Schedule A revised to reflect updated tax estimates
  • Sponsor retains unconditional right to rent rather than sell units; no commitment to sell more than 15% or two residential units
  • Plan term extended six months from amendment date
What each amendment changed, line by lineSee it free →

Team

Sponsor
389 Sumpter St LLC
Principals
Eliahu Nahman
Tax estimate
RE Tax Service, LLCPrepared the first-year real estate tax projection
Construction lender
Community Federal Savings Bank$1.88 million recorded
General contractor
Yedid BuildersHeld the general construction permit on DOB job 320910001
Buyer's lender
Wells FargoThe sponsor's preferred mortgage lender; you can use another, though the mortgage contingency is offered through the sponsor's lender · Named on p. 202

From our research: What Does a Title Agency Do, and How Do You Pick One for a NYC Condo?

Zoning

Zoning district
R6
Commercial overlay
C2-3

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

Nearby

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The Condo Book Project Are 389 Sumpter Street's common charges high for the area? Yes, they're on the high side. 389 Sumpter Street budgets $0.53 per square foot a month, against a $0.51 median for the 10 most similar Brooklyn plans.Schedule A Do you want to see the list of similar buildings?