401 Rutland Road Condominium (The Rutland)
401 Rutland Road, Brooklyn, NY 11203
Overview
The Rutland is a 22-unit condo in Brooklyn, with 11 parking units, 14 storage units and 1 commercial unit.
- Offering plan: Accepted January 2020
- Prices: $1,007 a square foot on average, as first offered; $16 million in all
- Common charges: $370–$950 a month, the sponsor's first-year estimate
- Sponsor: NY Lefferts LLC, represented by Marans, Weisz & Newman LLC
- Subway: 6-minute walk to Winthrop St (2, 5); 8 minutes to Sterling St (2, 5)
- Amendments: 7, the latest in July 2023
- Units
- 22 residential · 11 parking · 14 storage · 1 commercial
- Subway
- 6 min walk to Winthrop St 2 5Sterling St 2 5, 8 min
- Average $/sf
- $1,007Homes in Schedule A, as first offered
- Common charges
- $370–$950 a monthSponsor's first-year estimate in Schedule A, September 1, 2021 - August 31, 2022
- Offering price
- $16 million total
- SubmittedJanuary 2020
- AcceptedJanuary 2020
- 7 amendments
- First sale
- Latest sale
Units & Prices
Sales
From city records (ACRIS), through Feb 28, 2026.
Property Taxes
The plan's first-year tax estimate, checked against the city's real bills for 11 homes.
Each home's estimate, city bills and tax breaksSee it free →The Building
Amendments
Amendment 5 Jan 25, 2022
This Fifth Amendment replaces the Sponsor's designated lender, updates the first-year property tax projections, sets advertised prices for Units 2A and 3D, and reports post-closing facts such as the First Unit Closing and the tolling of the projected commencement date under Executive Order 202.18.
- Sponsor Designated Lender/Broker Brian Scott Cohen replaced by Wells Fargo Home Mortgage; Citibank N.A. added as an additional preferred lender
- Advertised prices set: Unit 2A $765,000.00; Unit 3D $399,000.00
- First-year projected property tax for residential Units is $153,148.00 (Schedule A, Exhibit C); taxes may increase materially after the final Certificate of Occupancy
- Projected commencement of condominium operation tolled under Executive Order 202.18 (in effect April 16, 2020 to June 24, 2021, 554 days including the additional 120 days)
- First Unit Closing took place remotely on October 20, 2021; final Certificate of Occupancy issued September 16, 2021
- Units 2A, 2D, 3D, 3E, 4C, 5A, 5B, 5C, 6A, 6C, 6D remain unsold and held by Sponsor
- Working Capital Fund and Reserve Fund each held at $6,740.97 at Chase Bank
- Sponsor controls the Board of Managers until the earlier of 30 days after 100% of Units are conveyed or 5 years after the First Closing; first meeting of Unit Owners has not yet occurred and must occur within one year of the First Unit Closing
Amendment 4 Nov 3, 2020
The sponsor declares the plan effective after reaching 18% sales, replaces the sponsor-designated lenders/brokers with three named firms, and sets advertised purchase prices for Units 2C and 3C.
- Plan declared effective: purchase agreements accepted for 4 units (18% of the building), none subject to an outstanding right to rescind
- Sponsor Designated Lenders/Brokers replaced with Wells Fargo Home Mortgage, Bank of America, and FM Home Loans
- Advertised purchase price of Unit 2C set at $455,000.00
- Advertised purchase price of Unit 3C set at $470,000.00
- Units 2C, 3C, 3E and 4D counted toward effectiveness, with purchase agreement dates listed in the schedule
Amendment 3 Mar 5, 2020
This amendment lowers the projected first-year common charges for the 401 Rutland Road Condominium from $245,654 to $207,400, mainly through smaller payroll, utility, management fee and reserve estimates, and updates the utility report and Schedule A.
- Total first-year common charges lowered to $207,400 from $245,654
- Residential Units' common charges lowered to $193,573 from $229,549
- Payroll lowered to $38,640 from $51,231; superintendent now part-time at 30 hours per week instead of full-time
- Management fee lowered to $35,000 from $40,000
- Water & sewer lowered to $17,593 from $25,451
- Common electricity lowered to $8,071 from $13,843
- Reserve fund contribution lowered to $20,740 from $24,563
- Gas (cooking, heat and hot water) lowered to $5,556 from $6,765
Team
- Sponsor
- NY Lefferts LLC
- Counsel
- Marans, Weisz & Newman LLC
- General contractor
- County ConstructionHeld the general construction permit on DOB job 321080815
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
- 406 Midwood Street Condominiumnext door · 10 units · 2023
- Calvert Housenext door · 49 units · 2025
- Calvert Villasnext door · 10 units · 2024
- 373 Rutland Road Condominiumnext door · 9 units · 2026
- Hello New York0.1 mi · 40 units · 20 parking · 2016
- 421 Maple Street Condominium0.1 mi · 10 units · 2021
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