637 Madison Street Condominium
637 Madison Street, Brooklyn, NY 11221
Overview
637 Madison Street is an 8-unit condo in Brooklyn.
- Offering plan: Accepted January 2024 · 277 pages · floor plans on page 21
- Finishes: Hardwood floors, granite kitchen countertops, Formica cabinets, Blomberg appliances, washer/dryer hook-ups and split-system units for heating and cooling
- Prices: $1,225 a square foot on average, as first offered; $5.72 million in all ($5.76 million when first offered)
- Common charges: $225–$388 a month, the sponsor's first-year estimate
- Sponsor: 637 Madison Development LLC, represented by Eial Girtz, PC; principals Rotem Cohen, Eliran Cohen and Raanan Noy
- Neighborhood: Bedford-Stuyvesant, Brooklyn
- Subway: 12-minute walk to Utica Av (A, C); 13 minutes to Gates Av (J, Z)
- Amendments: 3, the latest in August 2024
- Units
- 8 residential
- Neighborhood
- Bedford-Stuyvesant, Brooklyn
- Subway
- 12 min walk to Utica Av A CGates Av J Z, 13 min
- Principals
- Rotem Cohen, Eliran Cohen, Raanan Noy
- Average $/sf
- $1,225Homes in Schedule A, as first offered
- Common charges
- $225–$388 a monthSponsor's first-year estimate in Schedule A, July 1, 2024 To June 30, 2025
- Offering price
- $5.72 million total $5.76 million when first offered
- Floor plans
- Page 21 of the plan
- SubmittedJanuary 2024
- AcceptedJanuary 2024
- 3 amendments
- First sale
- Latest sale
Units & Prices
Sales
From city records (ACRIS), through Oct 31, 2025.
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 buyer pays the NYC and NY State transfer taxes, which a seller usually pays.
All 6 closing costs in the plan, with their pagesSee it free →The Building
Amendments
Amendment 3 Aug 22, 2024
Amendment extends the offering plan for 6 months and updates status of unit closings, common charges, and sponsor financing.
- Plan extended for 6 months
- Final Certificate of Occupancy obtained July 8, 2024
- First closing (Unit 3R) occurred July 25, 2024; Units 2R, 3F, 4R also closed; Units 1F, 1R, 2F in contract; Unit 4F unsold
- Common charges and real estate taxes listed for unsold units (1F, 1R, 2F, 4F)
- Reserve account balance is $0.00; should be $3,000.00 with $250.00 monthly deposits from common charges
- Sponsor financing of $2,200,000.00 obtained; Units 2R, 3F, 3R, 4R released from pledge after closing
- Sponsor covering all operating costs and delaying common charges collection with 30-day notice right
Amendment 2 Apr 18, 2024
Plan declared effective after two units contracted; six unit prices adjusted; new escrow account established.
- Plan declared effective April 18, 2024 based on 2 units (24% of 8 units) under contract
- Unit 1F price decreased from $589,000.00 to $549,000.00
- Unit 1R price increased from $849,000.00 to $899,000.00
- Unit 3F price increased from $615,000.00 to $649,000.00
- Unit 3R price increased from $625,000.00 to $649,000.00
- Unit 4F price decreased from $885,000.00 to $839,000.00
- Unit 4R price decreased from $899,000.00 to $839,000.00
- New IOLA escrow account opened at Peapack-Gladstone Bank with signatories Eial Girtz and Lisa Kim
Amendment 1 Jan 17, 2024
Floor plans revised to reflect as-built building conditions with changes to limited common element square footage for multiple units.
- Unit 1F front yard decreased from 170 sq. ft. to 158 sq. ft.; lightwell decreased from 38 sq. ft. to 35 sq. ft.
- Unit 1R rear yard increased from 332 sq. ft. to 428 sq. ft.
- Unit 2F storage of 13 sq. ft. removed
- Unit 2R storage decreased from 13 sq. ft. to 12 sq. ft.; rear yard decreased from 358 sq. ft. to 262 sq. ft.
- Unit 4F storage decreased from 13 sq. ft. to 12 sq. ft.; terrace increased from 308 sq. ft. to 376 sq. ft.
- Unit 4R storage decreased from 13 sq. ft. to 12 sq. ft.; terrace increased from 326 sq. ft. to 420 sq. ft.
- No units in contract; no units leased
Team
- Sponsor
- 637 Madison Development LLC
- Principals
- Rotem Cohen, Eliran Cohen, Raanan Noy
- Counsel
- Eial Girtz, PC
- Tax estimate
- Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
- Construction lender
- Yk 2021$2.2 million recorded
- General contractor
- HP Building ManagementHeld the general construction permit on DOB NOW job B00719495
- Property report
- Demerara Engineering, PLLCPrepared the plan's description of the property and its condition · Named on p. 127
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
- 684 Madison Street Condominiumnext door · 8 units · 2019
- 165 Malcolm X Boulevard Condominium0.1 mi · 8 units · 2022
- 654 Katan Pavilion Condominium0.1 mi · 8 units · 2025
- 726a Quincy Street Condominium0.1 mi · 48 units · 2025
- Renaissance Condo. The Residential Unit0.1 mi · 240 units · 2000
- Katan Court Condominium0.1 mi · 7 units · 2024
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