THE CONDO BOOK PROJECT

399 Gates Avenue Condominium

399-401 Gates Avenue, Brooklyn, NY 11216

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Overview

399 Gates Avenue is a 16-unit condo in Brooklyn, with 8 parking units.

  • Offering plan: Accepted August 2017 · 332 pages · floor plans on pages 169–171
  • Finishes: Hardwood floors, granite kitchen countertops, Frigidaire appliances, washer/dryer hook-ups and through-wall PTAC units for heating and cooling
  • Prices: $1,043 a square foot on average, as first offered; $12 million in all ($9.9 million when first offered)
  • Common charges: $338–$721 a month, the sponsor's first-year estimate
  • Sponsor: 401 Gates Avenue LLC, represented by The Law Office Of Jay Lichtman, P.C.; principals Nadav Hamo
  • Subway: 6-minute walk to Bedford-Nostrand Avs (G); 8 minutes to Nostrand Av (A, C)
  • Amendments: 8, the latest in September 2022
  1. SubmittedAugust 2018
  2. AcceptedAugust 2017
  3. 8 amendments
  4. First sale
  5. Latest sale

Sales

16 of 16homes sold (100%)
Every sale: 16 homes, with price and dateSee it free →

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)

Ask Claude or ChatGPT: How do 399 Gates Avenue'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 buyer pays the NYC and NY State transfer taxes, which a seller usually pays.

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

Amendments

Amendment 7 Sep 25, 2020

Amendment updates Special Risks section with FinCEN reporting requirements, confirms Final Certificate of Occupancy issued May 15, 2020, and provides sponsor financial disclosures.

  • FinCEN Geographic Targeting Order reporting required for certain cash purchases of $300,000+ by legal entities through November 5, 2020
  • Final Certificate of Occupancy issued May 15, 2020; fourth Temporary Certificate of Occupancy issued March 20, 2020
  • Units separately assessed for NYC Real Property tax purposes as of June 6, 2020
  • Sponsor owns 10 residential unsold units and 6 parking units
  • First Unit Owners meeting projected for October 15, 2020
  • Unsold units subject to $2,784,617.65 mortgage from Terra Solid Capital LTD, maturity December 5, 2020
  • Sponsor aggregate monthly common charges approximately $4,074.28; monthly real estate taxes approximately $7,333.62
  • Plan term extended 12 months from amendment date

Amendment 3 Jan 24, 2019

Amendment adds FinCEN reporting requirements for certain cash purchases, establishes a building-wide smoking policy, updates the first year of condominium operation to begin April 1, 2019, and revises the tax budget and assessed valuation.

  • FinCEN Currency Transaction Report required for cash purchases of $300,000+ by non-individual entities
  • Smoking prohibited everywhere except inside units or connected outdoor Limited Common Elements
  • First year of condominium operation projected to begin April 1, 2019 (ending March 31, 2020)
  • First year blended taxes forecasted at $105,489 for all units
  • Full annual taxes after completion estimated at approximately $130,898
  • Assessed value after completion estimated at $1,037,880
  • Offering plan term extended six months from amendment date
  • Schedule A prices increased for 16 homes (median +23.6%): 2A $493,000 → $615,000; 2B $502,350 → $615,000; 2C $521,900 → $625,000; 2D $527,000 → $625,000; ...

Amendment 2 Dec 18, 2018

Offering prices for 16 units across floors 2-6 are amended.

  • Unit 2A, 2B prices set to $615,000
  • Units 2C, 2D, 3A, 3B prices set to $625,000
  • Units 3C, 3D, 4A, 4B prices set to $635,000
  • Units 4C, 4D prices set to $645,000
  • Units 5A, 5B prices set to $1,220,000
  • Units 6A, 6B prices set to $680,000

Amendment 1 Jul 31, 2018

Amendment updates tax deductions under the Tax Cuts and Jobs Act of 2017, revises the first year operating budget and tax projections, and extends the plan term.

  • Tax deductions capped at $10,000.00/year for combined NY State, NY City, and real estate taxes
  • Mortgage interest deduction limited to $750,000.00 acquisition indebtedness
  • First year of condominium operation begins January 1, 2019 and ends December 31, 2019
  • First year blended real estate taxes forecasted at $59,812 for all units
  • Full annual taxes after completion estimated at $90,114 based on $708,500 assessed value
  • New Schedule A attached reflecting updated projections
  • Plan term extended for six (6) months from amendment date
What each amendment changed, line by lineSee it free →

Team

Sponsor
401 Gates Avenue LLC
Principals
Nadav Hamo
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Terra Solid Capital$5.85 million recorded
General contractors
Brooklyn B Company Group, Ile Construction GroupHeld the general construction permit on DOB job 321190974
Property report
INFOCUSPrepared the plan's description of the property and its condition · Named on p. 130
Buyer's lender
Wells FargoThe sponsor's preferred mortgage lender; you can use another · Named on p. 6

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

Zoning

Zoning district
R6A
Commercial overlay
C2-4

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

Nearby

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The Condo Book Project Are 399 Gates Avenue's common charges high for the area? No, they're on the low side. 399 Gates Avenue budgets $0.59 per square foot a month, against a $0.61 median for the 10 most similar Brooklyn plans.Schedule A Do you want to see the list of similar buildings?
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