657 Baltic Condominium
657 Baltic Street, Brooklyn, NY 11217
Overview
657 Baltic is a 4-unit condo in Brooklyn.
- Offering plan: Accepted October 2022 · 480 pages · floor plans on page 54
- Finishes: Hardwood floors, Bertazzoni appliances, a washer and dryer in each apartment and split-system units for heating and cooling
- Prices: $1,764 a square foot on average, as first offered; $7.3 million in all ($6.9 million when first offered)
- Common charges: $494–$778 a month, the sponsor's first-year estimate
- Sponsor: 657 Baltic LLC, represented by Starr Associates, LLP; principals Robin Damaghi
- Subway: 5-minute walk to Bergen St (2, 3); 7 minutes to Atlantic Av-Barclays Ctr (2, 3, 4, 5, B, D, N, Q, R)
- Amendments: 4, the latest in April 2024
- Units
- 4 residential
- Subway
- 5 min walk to Bergen St 2 3Atlantic Av-Barclays Ctr 2 3 4 5 B D N Q R, 7 min
- Principals
- Robin Damaghi
- Average $/sf
- $1,764Homes in Schedule A, as first offered
- Common charges
- $494–$778 a monthSponsor's first-year estimate in Schedule A, January 1, 2023 - December 31, 2023
- Offering price
- $7.3 million total $6.9 million when first offered
- Floor plans
- Page 54 of the plan
- SubmittedMarch 2023
- AcceptedOctober 2022
- 4 amendments
- First sale
- Latest sale
Units & Prices
Sales
From city records (ACRIS), through Nov 30, 2024.
First-Year Budget
From our research: NYC Co-op and Condo Tax Abatement: Is It Worth Paying Prevailing Wage? (Board Calculator)
Ask Claude or ChatGPT: How do 657 Baltic's common charges compare with similar buildings? →
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 2 closing costs in the plan, with their pagesSee it free →The Building
Amendments
Amendment 4 Apr 24, 2024
Amendment updates financial disclosures, working capital fund status, managing agent address, and condominium operations information as of early 2024.
- Working Capital Account balance: approximately $3,150 as of March 1, 2024
- Managing Agent address changed to 244 Water Street, Suite C1, Brooklyn, NY 11201
- Sponsor owns 1 unsold unit; sold 3 units
- Monthly Common Charges for unsold unit: approximately $2,309
- Monthly real estate taxes for unsold unit: approximately $716
- First Annual Meeting to be held approximately 30 days after second anniversary of First Closing (September 13, 2023)
Amendment 3 Oct 25, 2023
Third Amendment establishes first closing details, condominium board, financial disclosures, and offers unsold units for sale.
- First Closing occurred September 13, 2023 for Unit 2
- Condominium Declaration recorded September 6, 2023, CRFN 2023000227140
- Working Capital Account of approximately $1,896 established at Citizens Bank
- Sponsor deposited $4,213.96 for real estate tax escrow
- Sponsor deposited $1,500 for Permanent Certificate of Occupancy escrow
- Monarch Realty Group Holdings, LLC appointed as Managing Agent
- 2 units sold, 2 units remain unsold
- Outstanding loan balance with CREIF II Lender WA LLC is $366,000
Amendment 2 May 23, 2023
Plan declared effective upon receipt of one purchase agreement representing 25% of the four units offered.
- Plan declared effective based on one purchase agreement for 25% of four units
- FinCEN Geographic Targeting Order disclosure: $300,000 reporting threshold for residential real property purchases
- FinCEN Order currently in effect until October 21, 2023, subject to extension
Amendment 1 Mar 14, 2023
Updated floor plans, unit configurations, mechanical systems, and resolved building code discrepancies.
- Unit 1: increased accessory cellar space, replaced exterior stair with code-compliant interior stair
- Unit 4: reconfigured as 3-bedroom unit with expansion into Penthouse/Bulkhead, added interior stairway
- Penthouse/Bulkhead: new structure containing portions of Unit 4 and common stairwell
- Removed common interior stair from cellar to first floor
- Reconfigurations of kitchenette and bathroom layouts in floors 1 through 4
- Increased balcony sizes at floors 2 through 4; window size and type changes
- Mechanical Closets and HVAC units: unit-specific equipment with owner maintenance obligations and Required Service Agreements
- Deleted Special Risk #49 (bedroom-count discrepancies) and Special Risk 41(c) (non-code-compliant winder stair)
Team
- Sponsor
- 657 Baltic LLC
- Principals
- Robin Damaghi
- Counsel
- Starr Associates, LLP
- Tax estimate
- Korngold Powers LLPPrepared the first-year real estate tax projection
- Construction lender
- Baltic Street 657
- Structural engineer
- R and O Engineering, P.C.Named on p. 44
- MEP engineers
- Fabian Cruz PE, FABIAN CRUZ PE PLLCMechanical, electrical and plumbing · Named on p. 44, p. 167
- Property report
- Anthony Cucich R.A.Prepared the plan's description of the property and its condition · Named on p. 167
- Title agency
- Counsel Abstract, Inc.The sponsor's title company for buyers; you can choose another · Named on p. 42
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
- 659 Baltic Condominiumnext door · 4 units · 2023
- 655 Baltic Street Condominiumnext door · 4 units · 2026
- 643 Baltic Street Condominiumnext door · 3 units · 2025
- 668 Baltic Street Condominiumnext door · 3 units · 2024
- 640 Baltic Street Condominiumnext door · 2 units · 2020
- 625 Warren Street Condominiumnext door · 4 units · 2021
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