577 5th Street Condominium
577 5th Street, Brooklyn, NY 11215
Overview
577 5th Street is a 2-unit condo conversion in Brooklyn.
- Offering plan: Accepted December 2020 · 235 pages · floor plans on page 3
- Finishes: Hardwood floors, quartzite kitchen countertops, Medallion cabinets, a washer and dryer in each apartment and a VRF heat pump system for heating and cooling
- Prices: $1,383 a square foot on average, as first offered; $6 million in all
- Common charges: $909 a month, the sponsor's first-year estimate
- Sponsor: Prospect Park Investments LLC, represented by The Law Office Of Claudia V. Murdoch, P.C.; principals David May
- Subway: 5-minute walk to 7 Av (F, G); 11 minutes to 15 St-Prospect Park (F, G)
- Amendments: 1, the latest in February 2022
- Units
- 2 residential
- Subway
- 5 min walk to 7 Av F G15 St-Prospect Park F G, 11 min
- Principals
- David May
- Average $/sf
- $1,383Homes in Schedule A, as first offered
- Common charges
- $909 a monthSponsor's first-year estimate in Schedule A, June 1, 2021 - May 31, 2022
- Offering price
- $6 million total
- Floor plans
- Page 3 of the plan
- SubmittedFebruary 2022
- AcceptedDecember 2020
- 1 amendment
Units & Prices
First-Year Budget
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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 1 Jan 12, 2022
Amendment updates the first year of operation dates, changes tax payment obligations to purchaser, and extends the offering plan.
- First year of condominium operation: June 1, 2022 through May 31, 2023
- Purchaser now responsible for New York State Transfer Tax (NYSTT) at $4.00 per $1,000 of purchase price
- Purchaser responsible for New York City Real Property Transfer Tax (NYCRPTT) at 1.425% of purchase price
- NYSTT will no longer be grossed up
- No units in contract as of January 10, 2022
- Updated Schedules A and B attached with new budget projections
- Offering plan extended for additional six months from amendment date
Team
- Sponsor
- Prospect Park Investments LLC
- Principals
- David May
- Tax estimate
- Mazursky GroupPrepared the first-year real estate tax projection
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Zoning
- Zoning district
- R7B
Today's zoning, from city data (PLUTO 26v2).
Nearby
- 561 5th Street Condominiumnext door · 4 units · 2003
- 501 8th Avenue Condominiumnext door · 4 units · 2026
- 539 4th Street Condominiumnext door · 8 units · 2018
- 590 6th Street Condominiumnext door · 8 units · 2022
- 570 7th Street Condominium0.1 mi · 16 units · 2004
- 808 8th Ave0.2 mi · 1988
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