531 Classon Avenue Condominium
531 Classon Avenue, Brooklyn, NY 11238
Overview
531 Classon Avenue is an 8-unit condo in Brooklyn.
- Offering plan: Accepted September 2023 · 300 pages · floor plans on page 4
- Finishes: Engineered wood floors, quartz kitchen countertops, Scavolini cabinets, Bertazzoni appliances, a washer and dryer in each apartment, Delta bathroom fittings and split-system units for heating and cooling
- Prices: $1,484 a square foot on average, as first offered; $10 million in all ($9.85 million when first offered)
- Common charges: $385–$1,227 a month, the sponsor's first-year estimate
- Sponsor: Y&L Classon Corp, represented by Tsyngauz & Associates, P.C.
- Subway: 4-minute walk to Franklin Av (C, S); 7 minutes to Nostrand Av (A, C)
- Amendments: 3, the latest in August 2024
- Units
- 8 residential
- Subway
- 4 min walk to Franklin Av C SNostrand Av A C, 7 min
- Average $/sf
- $1,484Homes in Schedule A, as first offered
- Common charges
- $385–$1,227 a monthSponsor's first-year estimate in Schedule A, July 1, 2024 - June 30, 2025
- Offering price
- $10 million total $9.85 million when first offered
- Floor plans
- Page 4 of the plan
- SubmittedJanuary 2024
- AcceptedSeptember 2023
- 3 amendments
- First sale
- Latest sale
Units & Prices
Sales
From city records (ACRIS), through Jan 31, 2025.
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 for 8 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 3 Aug 29, 2024
Amendment reports first closing occurred June 28, 2024, temporary certificate of occupancy issued June 11, 2024, and condominium declaration recorded June 13, 2024.
- First unit closed June 28, 2024 at TSYNGAUZ & ASSOCIATES, P.C.
- Temporary certificate of occupancy issued June 11, 2024
- Condominium declaration recorded June 13, 2024 in CRFN 2024000152197
- Final certificate of occupancy anticipated by end of 2024
- $2,000.00 deposited in escrow for final certificate of occupancy
- Operating account opened with $97.00; working capital fund account opened with $100.00; reserve fund account opened with $100.00
- One unsold unit (1B) held by Sponsor: 17.44% common interest, $888.22 monthly common charges, $1,198.04 monthly real estate taxes
- Sponsor will relinquish board control on September 26, 2024
Amendment 2 Apr 5, 2024
Amendment updates building completion status, storage and outdoor space assignments, and architectural specifications following substantial completion in April 2024.
- Temporary certificate of occupancy issued June 11, 2024; final certificate of occupancy anticipated by end of July 2024
- Construction substantially completed in April 2024
- Storage spaces in cellar reassigned: Unit 2A reduced to 56.00 sq ft, Unit 2B increased to 57.00 sq ft; Units 3A, 3B, 4A, 4B assigned 52.00, 42.00, 45.00, 45.00 sq ft respectively
- Light wells in cellar assigned to Units 1A (219.00 sq ft) and 1B (145.00 sq ft)
- Rear yards for Units 1A and 1B decreased; porches for Units 1A and 1B increased
- Balconies for Units 2B and 3B decreased
- Units 3A and 3B each assigned two balconies (front and rear); terraces removed for Units 3A and 3B
- Schedule A and Schedule B to the Declaration amended accordingly
Amendment 1 December 2023
Plan declared effective upon acceptance of purchase agreements for 2 units (25% of offering).
- Plan declared effective with 2 units sold (Units 2A and 2B)
- Units 2A and 2B purchase agreements accepted December 15 and December 11, 2023
Team
- Sponsor
- Y&L Classon Corp
- Counsel
- Tsyngauz & Associates, P.C.
- Tax estimate
- MGNY Consulting Corp.Prepared the first-year real estate tax projection
- Construction lender
- Golden BridgeLender on the mortgage and building loan agreement recorded December 2022 in ACRIS; $4.2 million recorded
- General contractor
- Accrete Construction GroupHeld the general construction permit on DOB job 322072519
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
- 516 Classon Avenue Condominiumnext door · 16 units · 2015
- 87 Irving Place Condominiumnext door · 24 units · 2024
- 103 Putnam Avenue Condominiumnext door · 7 units · 2025
- 65 Irving Place Condominiumnext door · 6 units · 2019
- 22 Jefferson Avenue Condominiumnext door · 2 units · 2022
- 127 Putnam Avenue Condominium0.1 mi · 6 units · 2020
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