490 Lorimer Street Condominium
490 Lorimer Street, Brooklyn, NY 11211
Overview
490 Lorimer Street is a 9-unit condo in Brooklyn, with 1 parking unit.
- Offering plan: Accepted July 2023 · 328 pages · floor plans on page 73
- Finishes: Engineered wood floors, quartz kitchen countertops, oak wood cabinets, Liebherr and Bertazzoni appliances and a washer and dryer in each apartment
- Prices: $1,602 a square foot on average, as first offered; $11.7 million in all
- Common charges: $319–$795 a month, the sponsor's first-year estimate
- Developer: HESY, LLC; principals Junghe Kim, Junie Jung and Han Soon Yom
- Sponsor: Hesy Diamond, LLC, represented by Moritt Hock & Hamroff, LLP
- Neighborhood: Williamsburg, Brooklyn
- Subway: 3-minute walk to Metropolitan Av/Lorimer St (G, L); 9 minutes to Graham Av (L)
- Amendments: 2, the latest in June 2024
- Units
- 9 residential · 1 parking
- Neighborhood
- Williamsburg, Brooklyn
- Subway
- 3 min walk to Metropolitan Av/Lorimer St G LGraham Av L, 9 min
- Developer
- HESY, LLC
- Principals
- Junghe Kim, Junie Jung, Han Soon Yom
- Average $/sf
- $1,602Homes in Schedule A, as first offered
- Common charges
- $319–$795 a monthSponsor's first-year estimate in Schedule A, July 1, 2023 to June 30, 2024
- Offering price
- $11.7 million total
- Floor plans
- Page 73 of the plan
- SubmittedAugust 2023
- AcceptedJuly 2023
- 2 amendments
- First sale
- Latest sale
Units & Prices
Sales
From city records (ACRIS), through Oct 31, 2024.
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 490 Lorimer 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 8 homes.
Each home's estimate, city bills and tax breaksSee it free →Closing Costs
The plan lists what a buyer pays at closing.
All 5 closing costs in the plan, with their pagesSee it free →The Building
Amendments
Amendment 2 Jun 10, 2024
Amendment updates closing status, financial accounts, unsold units, and sponsor information as of June 10, 2024.
- First residential unit closed December 1, 2023 (Unit 4B)
- Final Certificate of Occupancy issued November 28, 2023
- 3 residential units and 1 parking space remain unsold as of June 10, 2024
- Operating account balance $4,876.76 at Chase Bank
- Working capital $5,076.66 at Chase Bank
- Reserve Fund balance $2,928.92 at Chase Bank
- Plan valid for 6 months from amendment acceptance date
Amendment 1 Aug 17, 2023
Plan declared effective after 5 of 9 residential units sold, with first closing anticipated in October 2023.
- Plan declared effective on August 15, 2023 with 5 of 9 units under contract (55.55%)
- First closing anticipated on or about October 16, 2023
- Budget unchanged; no material changes to offering plan
- Plan may be used for six (6) months from amendment filing date
Team
- Sponsor
- Hesy Diamond, LLC
- Developer
- HESY, LLC
- Principals
- Junghe Kim, Junie Jung, Han Soon Yom
- Counsel
- Moritt Hock & Hamroff, LLP
- Tax estimate
- Highpoint Incentive Inc.Prepared the first-year real estate tax projection
- Construction lender
- Alpine Capital BankLender on the mortgage and building loan agreement recorded February 2018 in ACRIS; $3.92 million recorded
- General contractors
- DCD Construction, Coci Construction, Custombuilt Homes, Ramanand ChandrabaliHeld the general construction permit on DOB job 321197129
- Title agency
- Evergreen Land Title Services, Inc.The sponsor's title company for buyers; you can choose another · Named on p. 72
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
- 79 Powers Street Condominiumnext door · 7 units · 2021
- 81 Powers Street Condominiumnext door · 7 units · 2021
- 527 Grand Condominiumnext door · 11 units · 2017
- 21 Powers Street Condominiumnext door · 14 units · 7 parking · 2018
- 532 Lorimer Street Condominiumnext door · 9 units · 1 parking · 2021
- One Powers Street Condominium0.1 mi · 31 units · 16 parking · 2008
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