61 Martense Street Condominium (Brooklyn Flats)
61 Martense Street, Brooklyn, NY 11226
Overview
Brooklyn Flats is a 36-unit condo conversion in Brooklyn.
- Offering plan: Accepted June 2018 · 554 pages · floor plans on page 68
- Finishes: Hardwood floors, granite kitchen countertops and Whirlpool appliances
- Prices: $855 a square foot on average, as first offered; $48.7 million in all ($47.3 million when first offered)
- Common charges: $329–$638 a month, the sponsor's first-year estimate
- Sponsor: 61 Martense Street LLC, represented by Stroock & Stroock & Lavan, LLP; principals Eliezer Jeremias and Moshe Greenzweig
- Neighborhood: Flatbush, Brooklyn
- Subway: 9-minute walk to Church Av (B, Q); 9 minutes to Church Av (2, 5)
- Amendments: 7, the latest in August 2022
- Units
- 36 residential
- Neighborhood
- Flatbush, Brooklyn
- Subway
- 9 min walk to Church Av B QChurch Av 2 5, 9 min
- Principals
- Eliezer Jeremias, Moshe Greenzweig
- Average $/sf
- $855Homes in Schedule A, as first offered
- Common charges
- $329–$638 a monthSponsor's first-year estimate in Schedule A, January 1, 2018 - December 31, 2018
- Offering price
- $48.7 million total $47.3 million when first offered
- Floor plans
- Page 68 of the plan
- SubmittedAugust 2018
- AcceptedJune 2018
- 7 amendments
- First sale
- Latest sale
Units & Prices
Sales
From city records (ACRIS), through Jul 31, 2026.
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.
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 5 closing costs in the plan, with their pagesSee it free →The Building
Amendments
Amendment 6 Jul 20, 2021
Sixth amendment updates sponsor financial disclosures, condominium board composition, reserve and working capital fund balances, 2021 budget, management agent details, and extends the plan's effective period.
- 33 unsold units listed as of April 1, 2021
- Sponsor's monthly real estate taxes on unsold units approximately $5,734.19
- Sponsor's monthly common charges on unsold units approximately $16,623.75
- Sponsor receives approximately $31,172.42 monthly income from rental of unsold residential units
- Mortgage loan principal balance approximately $4 million at 5.10% interest, due July 1, 2024
- Reserve Fund balance approximately $588,902.56 as of March 31, 2021
- Working Capital Fund balance approximately $19,543.60 as of March 31, 2021
- Choice NY Property Management, LLC appointed as managing agent with management fees of $36,000 for year one, $37,080 for year two, $38,192 for year three
Amendment 5 2020
Budget increased approximately 11% for 2020 with janitorial services replacing on-site superintendent; common charges updated accordingly.
- Common charges increased approximately 11% from 2019 budget based on actual operating expenses
- No on-site superintendent; janitorial services at approximately $4,500 per month for 24-hour coverage
- Updated 2020 budget effective July 1, 2020; first fiscal year under 2019 budget through June 30, 2020
- Aggregate monthly common charges for unsold units approximately $18,777.20 as of July 1, 2020
- Insurance costs increased to $59,805.91 (from $32,810.00)
- First Annual Meeting held April 20, 2020 via Zoom; 5-member board established with 3 sponsor-designees
Amendment 4 Mar 2, 2020
2020 budget reflects 18% increase in common charges based on actual operating expenses and updated assumptions.
- 2020 budget shows approximately 18% increase in common charges from 2019
- Common charges increased from $308,656.86 to $364,587.18 annually
- Parking space licenses reduced from 37 to 33 spaces
- Superintendent apartment rent added at $5,000 annually (no on-site superintendent)
- Insurance costs increased from $32,810.00 to $59,805.91
- Repairs, services and supplies increased from $13,600.00 to $27,494.59
- Reserve Fund balance as of December 31, 2019 is approximately $664,402.14
- Sponsor mortgage with Axos Bank approximately $4 million at 5.10% interest, due July 1, 2024
Team
- Sponsor
- 61 Martense Street LLC
- Principals
- Eliezer Jeremias, Moshe Greenzweig
- Tax estimate
- Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
- Property report
- Demerara Engineering, PLLCPrepared the plan's description of the property and its condition · Named on p. 192
- Interior designer
- Jasmine IssaReported by archinect.com
- Title agency
- Riverside Abstract Co., LLCThe sponsor's title company for buyers; you can choose another · Named on p. 491
From our research: What Does a Title Agency Do, and How Do You Pick One for a NYC Condo?
Zoning
- Zoning district
- R7A
Today's zoning, from city data (PLUTO 26v2).
Nearby
- 54 Martense Street Condominiumnext door · 8 units · 2021
- 2100 Bedford Avenue Condominium0.1 mi · 71 units · 36 parking · 2017
- 2107 Bedford Avenue Condominium0.1 mi · 36 units · 2015
- 70 Lenox Road0.1 mi · 1988
- 131 Martense Condominium0.1 mi · 8 units · 2021
- 757 Flatbush Avenue Condominium0.2 mi · 132 units · 2025
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