50 1st Place Condominium
50 1st Place, Brooklyn, NY 11231
Overview
50 1st Place is a 5-unit condo in Brooklyn.
- Offering plan: Accepted April 2018 · 329 pages · floor plans on page 304
- Finishes: Wood floors, stone kitchen countertops, wood cabinets, Miele appliances, a washer and dryer in each apartment, Grohe bathroom fittings and a VRF heat pump system for heating and cooling
- Prices: $1,664 a square foot on average, as first offered; $14.6 million in all ($14.7 million when first offered)
- Common charges: $658–$1,143 a month, the sponsor's first-year estimate
- Sponsor: 50 1st Place Development, LLC, represented by Goldstick, Weinberger, Feldman & Grossman, PC
- Subway: 5-minute walk to Carroll St (F, G); 11 minutes to Smith-9 Sts (F, G)
- Amendments: 5, the latest in April 2021
- Units
- 5 residential
- Subway
- 5 min walk to Carroll St F GSmith-9 Sts F G, 11 min
- Average $/sf
- $1,664Homes in Schedule A, as first offered
- Common charges
- $658–$1,143 a monthSponsor's first-year estimate in Schedule A, January 1, 2018 - December 31, 2018
- Offering price
- $14.6 million total $14.7 million when first offered
- Floor plans
- Page 304 of the plan
- SubmittedMarch 2019
- AcceptedApril 2018
- 5 amendments
- First sale
- Latest sale
Units & Prices
Sales
From city records (ACRIS), through May 31, 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 50 1st Place'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 →The Building
Amendments
Amendment 4 Oct 22, 2020
Board elected, sponsor relinquished control, and unsold units listed with no changes to charges or taxes.
- Board elected August 20, 2020: Matt Freimuth (President), Stanka Ilova (Vice President), Tony Pyle (Treasurer), Ruben Damaghi (Secretary, Sponsor)
- Sponsor relinquished control of Board on August 20, 2020
- No change in common charges or real estate taxes since last amendment
- Sponsor current on all financial obligations including common charges and reserve/working capital contributions
- Unsold units: Unit 1, Unit 5, Garage B
- No financial statement for 2019; budget for July 1, 2020 through June 30, 2021 not yet available
Amendment 3 May 12, 2020
Amendment confirms unsold units list, board composition, and sponsor's current financial status with no material changes to the plan.
- First Unit Owners meeting scheduled for June 2020
- Jacob Shakarchy (Sponsor's real estate counsel) intends to resign at first Unit Owners meeting
- No financial statement for 2019; full year operation begins January 1, 2020
- Unsold units: Unit 1, Unit 5, Garage B
- Sponsor current on all financial obligations including common charges and reserve fund contributions
Amendment 2 Nov 7, 2019
Plan declared effective July 17, 2019 after 40% of units were purchased; first closing occurred August 19, 2019; new NY State transfer and supplemental taxes explained.
- Plan declared effective July 17, 2019
- First unit closing took place August 19, 2019
- Declaration recorded July 31, 2019
- Working Capital Fund of $2,890.44 collected and deposited
- New York State transfer tax and supplemental tax effective July 1, 2019 for most transactions
- Mansion Tax of 1% on purchase price over $1,000,000 applies
- All open permits signed off and Letter of Completion obtained before first closing
Amendment 1 Mar 4, 2019
Amendment revises first year of operation timing, architect's report, unit prices and square footage, operating budget, board control provisions, and management company.
- First year of operation changed to July 1, 2019 to June 30, 2020; First Closing anticipated by July 1, 2019
- Updated architect's report with minor square footage changes and material descriptions; pavers excluded from roof warranty
- New Schedule A with revised unit offering prices and common interest percentages
- Revised budget: Electricity reduced 71%, Insurance reduced 12%, Labor reduced 25%, Management fee increased 100%, Reserve increased to 10% of budget
- Sponsor entitled to designate 3 board members until units representing 50% of common interests close, not majority of units
- Board of Managers requirement for owner-occupancy deleted; non-resident owners now permitted
- First annual meeting timing changed to earlier of second anniversary of First Closing or date 51% of units in number and common interest have closed
- Management company changed to Awaye Realty Management, LLC with annual fee of $12,000.00
Team
- Sponsor
- 50 1st Place Development, LLC
- Tax estimate
- Tuchman, Korngold, Weiss, Liebman & Gelles, LLPPrepared the first-year real estate tax projection
- Title agency
- Counsel Abstract, Inc.The sponsor's title company for buyers; you can choose another · Agent for Stewart Title Insurance Company · Named on p. 49
From our research: What Does a Title Agency Do, and How Do You Pick One for a NYC Condo?
Zoning
- Zoning district
- R6A
Today's zoning, from city data (PLUTO 26v2).
Nearby
- 76 1st Place Condominiumnext door · 5 units · 2024
- 78 1st Place Condominiumnext door · 6 units · 2025
- 446 Clinton Street Condominiumnext door · 5 units · 2022
- 78 2nd Place Condominiumnext door · 4 units · 2021
- 99 2nd Place Condominiumnext door · 4 units · 2026
- 16 2nd Place Condominium0.1 mi · 4 units · 2021
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