434 Union Street Condominium
434 Union Street, Brooklyn, NY 11231
Overview
434 Union Street is a 3-unit condo in Brooklyn.
- Offering plan: Accepted February 2020 · 263 pages
- Finishes: Sub-Zero, Wolf and Bosch appliances, a washer and dryer in each apartment, Kohler bathroom fittings and split-system units for heating and cooling
- Prices: $1,537 a square foot on average, as first offered; $6.33 million in all ($6.28 million when first offered)
- Common charges: $431–$861 a month, the sponsor's first-year estimate
- Developer: National Realty Investment Advisors LLC; principals Rey Grabato
- Sponsor: Union Street Capital 434, LLC, represented by Gabor & Marotta LLC
- Subway: 5-minute walk to Carroll St (F, G); 9 minutes to Union St (R)
- Amendments: 4, the latest in September 2021
- Other filings: C870601 (co-op plan, filed 1987)
- Units
- 3 residential
- Subway
- 5 min walk to Carroll St F GUnion St R, 9 min
- Principals
- Rey Grabato
- Average $/sf
- $1,537Homes in Schedule A, as first offered
- Common charges
- $431–$861 a monthSponsor's first-year estimate in Schedule A, June 1, 2020 through May 31, 2021
- Offering price
- $6.33 million total $6.28 million when first offered
- SubmittedJuly 2020
- AcceptedFebruary 2020
- 4 amendments
- First sale
- Latest sale
Units & Prices
Sales
From city records (ACRIS), through Dec 31, 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 434 Union Street's common charges compare with similar buildings? →
Property Taxes
The plan's first-year tax estimate, checked against the city's real bills for 3 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 4 closing costs in the plan, with their pagesSee it free →The Building
Amendments
Amendment 4 Feb 10, 2022
Post-closing amendment reporting first sale, fund deposits, sponsor financial status, and tax law changes affecting purchaser transfer tax obligations.
- First closing occurred August 12, 2021 for Unit B; one unsold unit (Unit A) remains
- Plan declared effective March 26, 2021 with Unit B counting toward 15% minimum requirement
- Final Certificate of Occupancy issued April 22, 2021
- Reserve fund of $155.56 and working capital fund of $861.12 deposited at PNC Bank
- J-51 tax abatement program expired June 30, 2020; purchasers should not rely on projected tax benefits
- Transfer tax provisions amended: purchaser-paid transfer taxes excluded from tax calculation under Tax Law §1404(a) effective July 1, 2021
- Sponsor mortgage paid off; sponsor current on all financial obligations
- Sponsor address changed to 1 Harmon Plaza, 9th floor, Secaucus, NJ
Amendment 3 Feb 12, 2021
Roof deck split between units B and C, Unit B price increased, new terrace added to Unit A.
- Unit B price raised from $1,500,000 to $1,550,000 ($50,000 increase)
- Roof deck split: Unit C reduced from 970 sq. ft. to 415 sq. ft.
- Unit B assigned new 486 sq. ft. roof deck as exclusive limited common element
- Unit A assigned new 163 sq. ft. terrace on first floor with stairs to rear yard
- Total offering price increased from $6,325,000 to $6,375,000
Amendment 2 Jun 11, 2020
Allows closings to proceed with a Temporary Certificate of Occupancy instead of waiting for a Permanent Certificate of Occupancy.
- Closings may now occur with Temporary Certificate of Occupancy (TCO) instead of requiring Final Certificate of Occupancy (FCO)
- Sponsor obligated to obtain FCO for entire building and exercise best efforts within two-year period
- Sponsor responsible for extending TCO prior to expiration
- No closings or interim leasing until TCO is obtained
- Common elements must be completed before first unit closes
- Purchasers advised TCO typically expires 90 days after issuance and may affect insurance, refinancing, and resale
Amendment 1 Mar 20, 2020
Unit C price raised by $50,000; projected taxes amended per revised J-51 tax opinion; Unit A room count corrected; Schedule A amended.
- Unit C price increased from $1,600,000 to $1,650,000 ($50,000 increase)
- Projected taxes for all units amended per revised J-51 tax opinion letter
- Unit A room count corrected on Schedule A
- Schedule A amended as attached
Team
- Sponsor
- Union Street Capital 434, LLC
- Principals
- Rey Grabato
- Counsel
- Gabor & Marotta LLC
- Tax estimate
- Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
- Construction lender
- Toorak Repo Seller Trust 1$3.99 million loan stated in the plan
- Title agency
- Princeton Abstract, Inc.The sponsor's title company for buyers; you can choose another · Agent for Washington Title Insurance Company · Named on p. 103
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
- 477 Sackett Street Condominiumnext door · 2 units · 2026
- Degraw Gardens Condominiumnext door · 13 units · 2021
- Carroll Street Condominiums0.1 mi · 3 units · 2017
- 349 Hoyt Street Condominium0.1 mi · 4 units · 2021
- 415 Degraw Street Condominium0.1 mi · 6 units · 1 parking · 2023
- 262 Bond Street Condominium0.1 mi · 2 units · 2006
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