470 Second Street Condominium
470 2nd Street, Brooklyn, NY 11215
Overview
470 Second Street is a 2-unit condo in Brooklyn.
- Offering plan: Accepted March 2023 · 304 pages · floor plans on pages 225–226
- Finishes: Wood floors, quartz kitchen countertops, laminate and wood cabinets, Fisher & Paykel and Bosch appliances, a washer and dryer in each apartment and split-system units for heating and cooling
- Prices: $1,490 a square foot on average, as first offered; $7.09 million in all
- Sponsor: 470 Second Street Condominium LLC / Se Second Street LLC, represented by Marans Newman Tsolis & Nazinitsky LLC; principals Carlos Saavedra
- Subway: 8-minute walk to 7 Av (F, G); 11 minutes to Union St (R)
- Amendments: 3, the latest in January 2024
- Units
- 2 residential
- Subway
- 8 min walk to 7 Av F GUnion St R, 11 min
- Principals
- Carlos Saavedra
- Average $/sf
- $1,490Homes in Schedule A, as first offered
- Offering price
- $7.09 million total
- Floor plans
- Pages 225–226 of the plan
- SubmittedJune 2023
- AcceptedMarch 2023
- 3 amendments
- First sale
- Latest sale
Units & Prices
Sales
From city records (ACRIS), through Jan 31, 2024.
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.
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 3 Jan 29, 2024
Amendment confirms all units sold, sponsor relinquished board control, and provides post-closing documentation including Certificate of Occupancy and fund balances.
- All units sold as of amendment submission date
- Sponsor relinquished board control on November 14, 2023
- First Unit Closing occurred September 11, 2023
- Final Certificate of Occupancy issued August 9, 2023
- Working Capital Fund balance: $1,568.15 as of November 14, 2023
- Reserve Fund balance: $1,994.47 as of November 14, 2023
- Declaration recorded August 3, 2023 with City Register
Amendment 2 Aug 29, 2023
Floor plans for Units 1 and 2 were reconfigured, with updated square footages, finishes, and amenities; construction completion and Certificate of Occupancy issued.
- Unit 1 basement floor now 1014 SF, first floor now 917 SF
- Unit 2 now includes 37 SF of stairwell on 1st Floor; master bathroom now has bathtub
- Unit 2 storage closet removed and combined into larger laundry room
- Construction completed June 30, 2023; Final Certificate of Occupancy #3020999-0000001 issued August 9, 2023
- Unit 1 rear yard now includes Kentucky Bluegrass turf grass and artificial grass; no electric barbeque grill on roof
- Unit 2 roof terrace maximum occupancy 5 persons; roof terrace 750 SF with stair bulkhead 160 SF
- Two new A.O. Smith Signature Select electric water heaters, 50-Gallons each, Model #PNT-50 130, with 10-year warranty
- Plan term extended by six months from amendment date
Amendment 1 Jun 2, 2023
Plan declared effective after sponsor obtained purchase agreement for one unit constituting 50% of offered units.
- Plan declared effective
- Sponsor accepted purchase agreement for one (1) unit constituting 50% of units offered
- No outstanding rescission rights on purchase agreements counted toward effectiveness
Team
- Sponsor
- 470 Second Street Condominium LLC / Se Second Street LLC
- Principals
- Carlos Saavedra
- Tax estimate
- MGNY Consulting Corp.Prepared the first-year real estate tax projection
- Construction lender
- S3 Capital$3.3 million recorded
- Property report
- HPL Engineering P.C.Prepared the plan's description of the property and its condition · Named on p. 154
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).
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