54 Martense Street Condominium
54 Martense Street, Brooklyn, NY 11226
Overview
54 Martense Street is an 8-unit condo in Brooklyn.
- Offering plan: Accepted March 2021 · 287 pages · floor plans on page 191
- Finishes: Wood floors, granite kitchen countertops, white shaker cabinets, GE appliances, a washer and dryer in each apartment and Delta bathroom fittings
- Prices: $1,048 a square foot on average, as first offered; $5.01 million in all ($4.95 million when first offered)
- Common charges: $116–$449 a month, the sponsor's first-year estimate
- Sponsor: 54 Martense LLC, represented by Moritt Hock & Hamroff, LLP
- Neighborhood: Flatbush, Brooklyn
- Subway: 8-minute walk to Church Av (B, Q); 9 minutes to Church Av (2, 5)
- Amendments: 2, the latest in February 2022
- Units
- 8 residential
- Neighborhood
- Flatbush, Brooklyn
- Subway
- 8 min walk to Church Av B QChurch Av 2 5, 9 min
- Average $/sf
- $1,048Homes in Schedule A, as first offered
- Common charges
- $116–$449 a monthSponsor's first-year estimate in Schedule A, May 1, 2021 to April 30, 2022
- Offering price
- $5.01 million total $4.95 million when first offered
- Floor plans
- Page 191 of the plan
- SubmittedOctober 2021
- AcceptedMarch 2021
- 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)
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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 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 2022
Amendment declares the offering plan effective after 2 of 8 units were purchased, and sets first closing for May 1, 2022.
- Plan declared effective February 10, 2022 with 2 of 8 residential units under contract (25%)
- First closing anticipated on or about May 1, 2022
- Plan budget remains unchanged
- Plan valid for six (6) months from amendment filing date
Amendment 1 Oct 27, 2021
Amendment updates property description to match as-built plans, delays first closing to March 1, 2022, adjusts unit square footage and common interest percentages, changes storage from limited common elements to six individual storage rooms for $1,000 each, and shifts New York transfer tax obligations to purchasers.
- First unit closing moved to March 1, 2022 with rescission right if closing does not occur by November 5, 2023 due to COVID-19 executive order tolling period
- Unit square footage and Percentage of Common Interest (PCI) revised to match as-built plans; Units 2A-4B affected with PCI changes ranging from 9.35% to 15.89%
- Six individual storage rooms offered at $1,000 each with revocable license agreements, replacing limited common element storage in Units 1B, 4A, and 4B
- Estimated real estate taxes decreased on Schedule A due to updated March 1, 2022 start date
- Purchasers now responsible for New York State Transfer Tax (0.4%-0.65%), New York City Real Property Transfer Tax (1%-1.425%), and Mansion Tax (1% for units $1,000,000 or more)
- Tax law amendment eliminates grossed-up consideration for New York State Real Estate Transfer Tax calculations
- Engineer's Description of Property updated; building described as existing 1930s three-story structure with new 4th floor and bulkhead, construction substantially completed as of September 2021
Team
- Sponsor
- 54 Martense LLC
- Counsel
- Moritt Hock & Hamroff, LLP
- Tax estimate
- Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
- MEP engineer
- Demerara Engineering, PLLCMechanical, electrical and plumbing · Named on p. 123
- Property report
- Demerara Engineering, PLLCPrepared the plan's description of the property and its condition · Named on p. 123
- Title agency
- Langdon Title Agency, LLCThe sponsor's title company for buyers; you can choose another · Named on p. 64
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
- 61 Martense Street Condominiumnext door · 36 units · 2018
- 131 Martense Condominium0.1 mi · 8 units · 2021
- 2100 Bedford Avenue Condominium0.1 mi · 71 units · 36 parking · 2017
- 2107 Bedford Avenue Condominium0.2 mi · 36 units · 2015
- 70 Lenox Road0.2 mi · 1988
- 567 Ocean Condominium0.2 mi · 108 units · 54 parking · 2019
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