THE CONDO BOOK PROJECT

532 Lorimer Street Condominium

532 Lorimer Street, Brooklyn, NY 11211

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Overview

532 Lorimer Street is a 9-unit condo in Brooklyn, with 1 parking unit.

  • Offering plan: Accepted February 2021 · 304 pages · floor plans on pages 209–212
  • Finishes: Engineered wood floors, quartz kitchen countertops, European laminate cabinets, Liebherr and Bertazzoni appliances and a washer and dryer in each apartment
  • Prices: $1,428 a square foot on average, as first offered; $15.8 million in all ($14.1 million when first offered)
  • Common charges: $289–$460 a month, the sponsor's first-year estimate
  • Developer: HESY, LLC; principals Junghe Kim, Junie Jung and Han Soon Yorn
  • Sponsor: Bcbs Lorimer, LLC, represented by Moritt Hock & Hamroff, LLP
  • Neighborhood: Williamsburg, Brooklyn
  • Subway: 2-minute walk to Metropolitan Av/Lorimer St (G, L); 7 minutes to Graham Av (L)
  • Amendments: 7, the latest in January 2023
  1. SubmittedOctober 2021
  2. AcceptedFebruary 2021
  3. 7 amendments
  4. First sale
  5. Latest sale

Sales

9 of 9homes sold (100%)
Every sale: 9 homes, with price and dateSee it free →

From city records (ACRIS), through Sep 30, 2026.

First-Year Budget

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Ask Claude or ChatGPT: How do 532 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 →

Amendments

Amendment 7 Jan 9, 2023

Building completed with Certificate of Occupancy issued; all units sold; condominium operating account and reserve fund established; real estate tax estimates provided.

  • Final Certificate of Occupancy received on March 3, 2023
  • Declaration of Condominium and By-Laws recorded July 25, 2022
  • All 9 units sold as of June 7, 2023
  • Operating account balance of $7,905.96 as of June 7, 2023
  • Reserve fund balance of $5,789.87 as of January 9, 2023
  • First full year estimated real estate taxes of $143,113.44 on assessed value of $1,166,654
  • Corrected Schedule A for Unit 5A square footage typographical error (no actual change in square footage)
  • Storage bin floorplan added as Exhibit B
  • Schedule A prices increased for 9 homes (median +6.2%): 1A $1,775,000 → $2,195,000; 1B $1,100,000 → $1,295,000; 2A $1,425,000 → $1,498,000; 2B $1,435,000 → $1,550,000; ...

Amendment 6 Aug 22, 2022

Amendment updates sales status, first closing date, and confirms budget has not changed since Amendment No. 2.

  • Seven residential units have entered into Purchase Agreements as of August 19, 2022
  • First residential unit closing anticipated on or about September 1, 2022
  • Budget unchanged from Amendment No. 2; includes certification from MRE Property Management LLC
  • Plan extended for six months from amendment filing date

Amendment 5 Mar 9, 2022

Amendment increases prices of several residential units effective immediately.

  • Prices of multiple residential units increased; detailed pricing in Exhibit A
  • Schedule A updated with new estimated monthly common charges and real estate taxes for March 1, 2022 to February 28, 2023
  • No price changes for units currently under contract

Amendment 4 Jan 21, 2022

Amendment increases prices for several residential units and updates Schedule A with new common charges and real estate tax estimates for the period March 1, 2022 to February 28, 2023.

  • Prices increased for several residential units; no price changes for units under contract
  • Schedule A updated for period March 1, 2022 to February 28, 2023
  • Monthly common charges range from $27.77 to $569.10 depending on unit
  • Annual real estate taxes range from $1,231.71 to $14,137.50 depending on unit

Amendment 3 Jan 5, 2022

Plan declared effective with 3 units sold, Schedule A square footage corrected for typographical errors, and plan extension granted.

  • Plan declared effective on January 3, 2022 after 3 of 19 units sold (33.367%)
  • Schedule A corrected for de minimis typographical errors in unit square footage
  • No change to condominium budget from Amendment No. 2
  • Plan extended for six (6) months from amendment filing date

Amendment 2 Oct 13, 2021

Amendment updates property description, delays first closing to March 1, 2022, increases budget by over 25%, and modifies mortgage contingency terms to require use of Preferred Lender.

  • Engineer's Description of Property Report amended to conform to as-built plans
  • First Unit closing date moved to March 1, 2022; first year of condominium operation starts March 1, 2022
  • Rescission right extended to July 8, 2023 due to Executive Order tolling period
  • Budget for March 1, 2022 to February 28, 2023 increased by more than 25%
  • Existing purchasers offered rescission right within 15 days of amendment
  • Common Charges in Schedule A updated per revised budget
  • Mortgage contingency now available only through Preferred Lender (Guaranteed Rate Affinity)
  • Loan terms: 80% of purchase price, 30+ year term, 45-day commitment deadline

Amendment 1 Oct 6, 2021

Amendment increases prices of several residential units effective immediately.

  • Prices increased for several residential units; see Exhibit A for updated pricing
  • Prices unchanged for units currently under contract
  • Schedule A shows estimated individual expenses for January 1, 2022 to December 31, 2022
What each amendment changed, line by lineSee it free →

Team

Sponsor
Bcbs Lorimer, LLC
Developer
HESY, LLC
Principals
Junghe Kim, Junie Jung, Han Soon Yorn
Tax estimate
Highpoint Incentive Inc.Prepared the first-year real estate tax projection
Construction lender
Alpine Capital Bank$4.5 million recorded
General contractors
DCD Construction, Coci Construction, Custombuilt HomesHeld the general construction permit on DOB job 321197094

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Zoning

Zoning district
R6B

Today's zoning, from city data (PLUTO 26v2).

Nearby

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The Condo Book Project Are 532 Lorimer Street's common charges high for the area? No, they're on the low side. 532 Lorimer Street budgets $0.28 per square foot a month, against a $0.46 median for the 10 most similar Brooklyn plans.Schedule A Do you want to see the list of similar buildings?