THE CONDO BOOK PROJECT

702 Hancock Street Condominium

702 Hancock Street, Brooklyn, NY 11233

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Overview

702 Hancock Street is an 8-unit condo in Brooklyn.

  • Offering plan: Accepted March 2024 · 318 pages · floor plans on page 46
  • Finishes: 9'3" ceilings, engineered wood floors, Advanta cabinets, Blomberg and Samsung appliances, washer/dryer hook-ups, Delta bathroom fittings and a VRF heat pump system for heating and cooling
  • Prices: $1,295 a square foot on average, as first offered; $9.15 million in all
  • Common charges: $231–$460 a month, the sponsor's first-year estimate
  • Developers: D'Amico Realty and Planet Construction & Development Corp; principals Grayson Jordan, Paul Castrucci and Vita D’Amico
  • Sponsor: 702 Hancock Works LLC, represented by Marans Newman Tsolis & Nazinitsky LLC
  • Neighborhood: Bedford-Stuyvesant, Brooklyn
  • Subway: 11-minute walk to Utica Av (A, C); 12 minutes to Gates Av (J, Z)
  • Amendments: 4, the latest in August 2025
  1. SubmittedOctober 2024
  2. AcceptedMarch 2024
  3. 4 amendments
  4. First sale
  5. Latest sale

Sales

8 of 8homes sold (100%)
Every sale: 8 homes, with price and dateSee it free →

From city records (ACRIS), through May 31, 2026.

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 702 Hancock Street's common charges compare with similar buildings? →

Property Taxes

The plan's first-year tax estimate, checked against the city's real bills for 3 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 →

Amendments

Amendment 4 Aug 27, 2025

Plan extended by twelve months; Second Year budget provided; four units remain unsold; temporary occupancy certificate renewed; 485x tax benefits program disclosed with primary residence requirement.

  • Plan term extended by 12 months from filing date
  • Second Year of Operations budget provided (Exhibit A)
  • Units 1A, 2B, 3A, 3B unsold as of amendment submission
  • Temporary Certificate of Occupancy renewed May 15, 2025; permanent occupancy expected by end of 2025
  • 485x property tax benefits being pursued; future buyers during 20-year exemption must maintain primary residence for 5+ years
  • Sponsor retains board control until 30 days after 100% unit conveyance or 5 years after First Closing, whichever is earlier
  • Monthly common charges for unsold units: $1,083.29; monthly property taxes: $2,786.05
  • First Unit Owner meeting to occur no later than 1 year from First Unit Closing

Amendment 3 Mar 11, 2025

Amendment discloses first closing completed, temporary occupancy certificate issued, board composition, and extends offering plan term.

  • First Unit Closing (Unit 1B) occurred February 28, 2025
  • Temporary Certificate of Occupancy issued November 14, 2024, expires May 20, 2025
  • Sponsor expects permanent Certificate of Occupancy by end of calendar year
  • $7,000.00 held in escrow to obtain permanent Certificate of Occupancy
  • Declaration recorded January 15, 2025
  • Working Capital Fund and Reserve Fund each contain $886.41
  • Units 1A, 2A, 2B, 3A, 3B, and 4A unsold
  • Offering plan extended six months from filing date of this amendment

Amendment 2 Jan 31, 2025

Amendment implements potential 485-x property tax benefits program, updates tax projections and carrying costs, and offers rescission rights to prior purchasers.

  • 485-x tax benefit program: potential 100% exemption for 14 years, then 25% for 6 years; each purchaser must pay $4,000 HPD application fee at closing
  • Primary Residence Requirement: unit owners must maintain units as primary residence for at least 5 years from closing
  • Temporary Certificate of Occupancy issued November 14, 2024; set to expire May 30, 2025
  • Updated Schedule A with projected real estate taxes and monthly carrying costs with and without 485-x benefits
  • Tax Projection Letter dated February 19, 2025 projects $7,650 annual tax liability with 485-x benefits
  • Purchaser rescission right: 15-day window from amendment presentation to rescind purchase agreement and recover deposit with interest
  • Sponsor responsible for MRE fees; Board of Managers responsible for completing application process
  • 485-x application must be filed within 1 year of TCO issuance; all unit deeds must be executed within 12 months of TCO

Amendment 1 Oct 18, 2024

Amendment corrects typographical errors in 4th floor unit square footages and common interest percentages, and declares the plan effective.

  • Schedule A updated to correct 4th floor Unit square footages and common interest percentages
  • Plan declared effective with two units (25% of units offered) under purchase agreements
What each amendment changed, line by lineSee it free →

Team

Sponsor
702 Hancock Works LLC
Developers
D'Amico Realty, Planet Construction & Development Corp
Principals
Grayson Jordan, Paul Castrucci, Vita D’Amico
Tax estimate
MGNY Consulting Corp.Prepared the first-year real estate tax projection
Construction lender
Colorado Federal Savings Bank$2.1 million recorded
General contractor
Planet Construction & DevelopmentHeld the general construction permit on DOB NOW job B00640623

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Zoning

Zoning district
R6B

Today's zoning, from city data (PLUTO 26v2).

Nearby

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The Condo Book Project Are 702 Hancock Street's common charges high for the area? No, they're on the low side. 702 Hancock Street budgets $0.37 per square foot a month, against a $0.51 median for the 10 most similar Brooklyn plans.Schedule A Do you want to see the list of similar buildings?