Willart Condominium
707 Willoughby Avenue, Brooklyn, NY 11206
Overview
Willart is a 20-unit condo in Brooklyn.
- Offering plan: Accepted June 2020 · 363 pages · floor plans on pages 164–169
- Finishes: 8'8" ceilings and GE appliances
- Prices: $1,052 a square foot on average, as first offered; $16.7 million in all ($16.4 million when first offered)
- Common charges: $313–$697 a month, the sponsor's first-year estimate
- Sponsor: The Willart LLC, represented by The Law Office Of Jay Lichtman, P.C.; principals Baruch Guttman and Binyomin Ribiat
- Subway: 8-minute walk to Myrtle Av (J, M, Z); 9 minutes to Flushing Av (J, M)
- Amendments: 3, the latest in January 2022
- Units
- 20 residential
- Subway
- 8 min walk to Myrtle Av J M ZFlushing Av J M, 9 min
- Principals
- Baruch Guttman, Binyomin Ribiat
- Average $/sf
- $1,052Homes in Schedule A, as first offered
- Common charges
- $313–$697 a monthSponsor's first-year estimate in Schedule A, October 1, 2020- September 30, 2021
- Offering price
- $16.7 million total $16.4 million when first offered
- Floor plans
- Pages 164–169 of the plan
- SubmittedMarch 2021
- AcceptedJune 2020
- 3 amendments
- First sale
- Latest sale
Units & Prices
Sales
From city records (ACRIS), through Sep 30, 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 20 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 9 closing costs in the plan, with their pagesSee it free →The Building
Amendments
Amendment 3 Jan 19, 2022
Amendment updates FinCEN reporting requirements for certain cash purchases, clarifies transfer tax calculation, and provides financial and occupancy status.
- FinCEN Geographic Targeting Order reporting required for certain business entity cash purchases of $300,000+ effective November 1, 2021 through April 29, 2022
- New York State Transfer Tax exclusion from 'gross up' calculation; gross up applies only to NYC transfer taxes
- First unit closing occurred November 10, 2021
- Final Certificate of Occupancy issued October 14, 2021
- Condominium Declaration recorded September 17, 2021
- Sponsor owns 16 unsold units
- Working capital fund of $3,957.00 at Chase Bank
- Reserve fund of $1,703.00 at Chase Bank
Amendment 2 May 2021
Amendment adds FinCEN reporting requirements for certain cash purchases, declares plan effective with 3 units sold, corrects Unit 7B bedroom count, and extends plan term by 6 months.
- FinCEN Currency Transaction Report required for entity purchases of $300,000+ without bank financing, using cash or check, in NYC through October 31, 2021
- Plan declared effective May 10, 2021 with 3 executed purchase agreements (15% of units)
- Unit 7B corrected from 1-bedroom to 2-bedroom
- Building substantially completed January 2021; Temporary Certificate of Occupancy anticipated August 2021
- Closings anticipated to commence September 2021
- Plan term extended 6 months from amendment date
- Schedule A prices increased for 15 homes (median +7.1%): 1A $1,050,000 → $1,100,000; 1B $1,100,000 → $1,150,000; 2C $900,000 → $950,000; 2D $650,000 → $750,000; ...
Amendment 1 Mar 22, 2021
Amendment updates FinCEN reporting requirements, adjusts prices for 15 residential units and 8 parking licenses, adds 8 new licenses for sale, changes attorney representation and escrow procedures, and revises architectural specifications.
- Offering prices amended for 15 units, ranging from $600,000 to $1,150,000
- Parking license prices amended for S1-S8 at $20,000 each
- 8 new licenses added for sale: S9-S11 at $20,000-$25,000; RT1-RT2 at $45,000-$55,000
- Sponsor's attorney changed to The Law Office of Jay Lichtman P.C. for declaration; The Silverman Law Firm PLLC for sales and closings
- Escrow agent is now The Silverman Law Firm PLLC at 16 Squadron Boulevard, New City, NY 10956
- Closing fees to attorney: $2,500 for document prep; $350 for off-site closing or mortgage; $250 for e-forms; $350 per reschedule
- Sponsor's Preferred Mortgagee changed to party at Sponsor's discretion
- FinCEN Geographic Targeting Order reporting requirement added for cash purchases $300,000+ by legal entities in NYC, effective November 6, 2020 through May 4, 2021
Team
- Sponsor
- The Willart LLC
- Principals
- Baruch Guttman, Binyomin Ribiat
- Tax estimate
- Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
- Construction lender
- S3 Capital$8.1 million recorded
- General contractors
- Abm Construction 1, Snbd EnterprisesHeld the general construction permit on DOB job 321764104
- Buyer's lender
- Wells FargoThe sponsor's preferred mortgage lender; you can use another, though the mortgage contingency is offered through the sponsor's lender · Named on p. 220
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
- 120 Marcus Garvey Condominiumnext door · 2 units · 2022
- 682 Willoughby Avenue Condominiumnext door · 7 units · 2019
- 257 Throop Avenue Condominium0.1 mi · 4 units · 2020
- 311 Hart Street Condominium0.1 mi · 10 units · 2018
- 948 Myrtle Avenue Condominium0.2 mi · 77 units · 24 parking · 2020
- Pulaski Gardens Condominium0.2 mi · 7 units · 2025
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