55 Summit Street Housing Development Fund Corporation
55 Summit Street, Brooklyn, NY 11231
Overview
55 Summit Street Housing Development Fund Corporation is a 5-unit co-op in Brooklyn.
- Offering plan: Accepted October 2022 · 322 pages
- Prices: $199 a square foot on average, as first offered; $1.1 million in all
- Developer: RJ Capital; principals Rudolf Abramov
- Sponsor: Ss Dev Partners LLC, represented by Jeffrey Zwick & Associates, P.C.
- Subway: 13-minute walk to Carroll St (F, G); 16 minutes to Smith-9 Sts (F, G)
- Amendments: 2, the latest in December 2023
- Units
- 5 residential
- Subway
- 13 min walk to Carroll St F GSmith-9 Sts F G, 16 min
- Developer
- RJ Capital
- Principals
- Rudolf Abramov
- Average $/sf
- $199Homes in Schedule A, as first offered
- Offering price
- $1.1 million total
- SubmittedJanuary 2022
- AcceptedOctober 2022
- 2 amendments
Units & Prices
First-Year Budget
From our research: NYC Co-op and Condo Tax Abatement: Is It Worth Paying Prevailing Wage? (Board Calculator)
Property Taxes
The city's tax bill for this co-op building, and any tax breaks.
The estimate, city bills and tax breaksSee it free →Closing Costs
The sponsor pays the NYC and NY State transfer taxes.
All 1 closing cost in the plan, with their pagesSee it free →The Building
Amendments
Amendment 2 Dec 26, 2023
The amendment declares the Plan effective because purchase agreements for 3 of the 5 units offered (60%) were signed and accepted, and it states there are no other material changes.
- Plan declared effective based on purchase agreements for 3 of 5 units (60%)
- Units counted: Unit 1 (contract dated 11/2/2023), Unit 3 (10/26/2023), Unit 4 (10/24/2023)
- Sponsor's effectiveness affidavit annexed as Exhibit A
- No other material changes to the Offering Plan
Amendment 1 Sep 29, 2023
This amendment reports that two apartments are under contract after the HPD lottery, sets the first year of operations to begin January 1, 2024 with an attached budget, names a new Administering Agent, updates the Sponsor's attorney address, and changes the escrow bank from Signature Bank to Flagstar Bank.
- HPD lottery concluded and two apartments are under contract
- First year of operations to commence January 1, 2024; new budget annexed as Exhibit A with no changes to the budget
- New Administering Agent: Reside New York, 349 Keap Street, Brooklyn, NY 11211, a not-for-profit unrelated to Sponsor, serving indefinitely
- No funds budgeted to indemnify the Administering Agent
- Sponsor's attorney and escrow agent address changed to 2329 Nostrand Avenue, Suite 400, Brooklyn, NY 11210
- Escrow account bank changed from Signature Bank to Flagstar Bank; address, account name, account number and signatories unchanged
Team
- Sponsor
- Ss Dev Partners LLC
- Developer
- RJ Capital
- Principals
- Rudolf Abramov
- Tax estimate
- Metropolitan Realty ExemptionsPrepared the first-year real estate tax projection
- Construction lender
- Bankwell Bank
- General contractor
- RJ Capital ConstructionHeld the general construction permit on DOB job 321596787
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
- 37 Carroll Street Condominiumnext door · 4 units · 1 parking · 2019
- 74 Carroll Street Condominiumnext door · 3 units · 2025
- 102 Summit Street Condominiumnext door · 3 units · 2022
- 110 Summit Street Condominium0.1 mi · 3 units · 2020
- 112 Summit Street Condominium0.1 mi · 3 units · 2018
- 103 President Street Condominium0.1 mi · 3 units · 2022
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