Residences At Prospect Place
701 Prospect Place, Brooklyn, NY 11216
Overview
Residences At Prospect Place is a new 18-unit condo in Brooklyn, with 9 parking units.
- Offering plan: Accepted May 2025 · 357 pages · floor plans on pages 275–280
- Finishes: Hardwood floors, laminate kitchen countertops, Frigidaire appliances, washer/dryer hook-ups and American Standard bathroom fittings
- Prices: $1,428 a square foot on average, as first offered; $25.6 million in all
- Common charges: $260–$960 a month, the sponsor's first-year estimate
- Sponsor: Prospet Place Brooklyn LLC, represented by Marans Newman Tsolis & Nazinitsky LLC; principals Nigel Boyden
- Subway: 5-minute walk to Park Pl (S); 9 minutes to Nostrand Av (A, C)
- Amendments: 3, the latest in July 2026
- Units
- 18 residential · 9 parking
- Subway
- 5 min walk to Park Pl SNostrand Av A C, 9 min
- Principals
- Nigel Boyden
- Average $/sf
- $1,428Homes in Schedule A, as first offered
- Common charges
- $260–$960 a monthSponsor's first-year estimate in Schedule A, July 1, 2025 - June 30, 2026
- Offering price
- $25.6 million total
- Floor plans
- Pages 275–280 of the plan
- SubmittedJune 2025
- AcceptedMay 2025
- 3 amendments
- First sale
- Latest sale
Units & Prices
Sales
6 of 18homes sold (33%)
From city records (ACRIS), through Sep 30, 2026.
First-Year Budget
From our research: NYC Co-op and Condo Tax Abatement: Is It Worth Paying Prevailing Wage? (Board Calculator)
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 →Compare
| Figure | This building1 | 817 Classon219 units · 0.4 miaccepted 2026 | 755 Washington310 units · 0.5 miaccepted 2025 |
|---|---|---|---|
| Common ChargesPer Square Foot / Month | $0.65Below peers | $0.74 | $0.72 |
| Average Offering PricePer Apartment | $1.34MIn line | $1.37M | $1.26M |
| Average PricePer Square Foot | $1,428Below peers | $1,459 | $1,484 |
| Average Unit SizeSquare Feet | 942 SFLarger | 938 SF | 850 SF |
How We Got This
- Comps: the closest Brooklyn plans on size, $/SF and launch date, within 2 miles when possible.
- Figures: each building's own offering plan, filed with the NY Attorney General. Nothing is estimated.
- Checked: a price list publishes only when its math adds up, and building pages cite the plan pages.
- Labels: In line is between the comps; Below/Above peers is past both by up to 15%; Lowest/Highest by more.
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 2 Apr 21, 2026
Amendment declares the plan effective, updates building construction status and specifications, revises floor plans, sets price for Unit 101, and adds storage space information.
- Plan declared effective; 3 units (16%) under purchase agreements
- Building substantially completed as of April 21, 2026; temporary Certificate of Occupancy issued March 30, 2026
- General Construction permit B00873523-I1-GC valid through September 26, 2026
- Floor plans revised for units 201, 301, 401, 501, 601, 204, 304, 404 with single vanities; balcony area reduced from 123sf to 60sf for units 301, 401, 501
- Unit 101 price set at $495,000.00
- Building specifications include 18 residential units, 9 enclosed parking spaces (1 ADA), Butterfly MX intercom system, concrete stairs with wood handrails in units
- Schedule A prices decreased for 1 home (median -5.7%): 101 $525,000 → $495,000
Amendment 1 Jun 10, 2025
First closing date pushed from July 1, 2025 to January 1, 2026; budget and property tax projections updated for the delayed start.
- First Unit closing moved from July 1, 2025 to January 1, 2026
- First Year of Operations commencement date updated to January 1, 2026
- Property tax projection updated by MGNY Consulting Corp. dated June 3, 2025
- 2025/2026 tax year residential assessed value estimated at $336,157.00; projected taxes $42,020.00
- 2026/2027 tax year residential assessed value estimated at $1,999,688.00; projected taxes $249,961.00
- Blended First Year property tax liability for residential units: $145,991.00
- Term of offering extended by six (6) months from amendment filing date
- No Purchasers have signed Purchase Agreements as of amendment submission
Team
- Sponsor
- Prospet Place Brooklyn LLC
- Principals
- Nigel Boyden
- Tax estimate
- MGNY Consulting Corp.Prepared the first-year real estate tax projection
- Construction lender
- S3 Capital
- General contractors
- Ugb Construction, Ir ContractingHeld the general construction permit on DOB NOW job B00873523
From our research: What Does a Title Agency Do, and How Do You Pick One for a NYC Condo?
Zoning
- Zoning district
- R6A
- Commercial overlay
- C2-4
Today's zoning, from city data (PLUTO 26v2).
Nearby
- 608 St. Marks Avenue Condominiumnext door · 4 units · 2021
- 736 Prospect Place Condominiumnext door · 6 units · 2025
- 115 Rogers Avenue Condominiumnext door · 7 units · 2026
- 744 Park Place Condominiumnext door · 8 units · 2025
- 1006 Bergen Street Condominium0.1 mi · 4 units · 2023
- 762 Park Place Condominium0.1 mi · 23 units · 12 parking · 2016
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