772 Condominium
772 50th Street, Brooklyn, NY 11220
Overview
772 is a 10-unit condo in Brooklyn, with 5 commercial units.
- Offering plan: Accepted October 2022 · 317 pages · floor plans on page 200
- Finishes: Tile floors, granite kitchen countertops, wood laminate cabinets and Midea and Whirlpool appliances
- Prices: $553 a square foot on average, as first offered; $8.62 million in all ($7.25 million when first offered)
- Common charges: $169–$521 a month, the sponsor's first-year estimate
- Sponsor: Lucky Group 772 Inc, represented by Lawrence Lixin Yang, P.C.; principals Li Lan Wu
- Neighborhood: Sunset Park, Brooklyn
- Subway: 12-minute walk to 8 Av (N); 13 minutes to 50 St (D)
- Amendments: 4, the latest in May 2024
- Units
- 10 residential · 5 commercial
- Neighborhood
- Sunset Park, Brooklyn
- Subway
- 12 min walk to 8 Av N50 St D, 13 min
- Principals
- Li Lan Wu
- Average $/sf
- $553Homes in Schedule A, as first offered
- Common charges
- $169–$521 a monthSponsor's first-year estimate in Schedule A, July 1, 2023 - June 30, 2024
- Offering price
- $8.62 million total $7.25 million when first offered
- Floor plans
- Page 200 of the plan
- SubmittedNovember 2022
- AcceptedOctober 2022
- 4 amendments
- First sale
- Latest sale
Units & Prices
Sales
From city records (ACRIS), through Dec 31, 2025.
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 772's common charges compare with similar buildings? →
Property Taxes
The plan's first-year tax estimate, checked against the city's real bills for 15 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 4 May 23, 2024
Fourth amendment extends the offering plan term with no changes to common charges or expenses for the fiscal year July 1, 2024 to June 30, 2025.
- Budget for July 1, 2024 to June 30, 2025 shows total projected common charges of $49,604.00 with no increase or decrease
- Sponsor owns 50.5104% of condominium (Units C1, C2, 1A, 1B, 2A, 2B)
- Sponsor's estimated aggregate monthly common charges: $2,087.93
- Sponsor's estimated aggregate monthly real estate tax: about $4,677.57
- Units C1, C2, 1A, 1B are rented to tenants
- No litigation affecting the offering or property
- First unit owners meeting not scheduled; will occur within 30 days after Initial Sponsor Control Period ends
Amendment 3 Oct 9, 2023
Post-closing amendment extending the offering plan term by six months and disclosing that seven units have closed, eight units remain unsold with two in contract, and the sponsor will relinquish board control within thirty days after the last unit closes or two years from first closing.
- First unit closed September 19, 2023 at Lawrence Lixin Yang, P.C., 136-20 38th Avenue, Suite 3A-1, Flushing, NY 11354
- Final Certificate of Occupancy issued September 8, 2023 by NYC Department of Buildings
- Seven units have closed; eight units remain unsold (Units C1, C2, 1A, 1B, 2A, 2B, 3C, 5A), with Units 3C and 5A currently in contract
- Working capital fund of $1,667.75 deposited with Chase Bank; escrow of $8,267.34 held by Lawrence Lixin Yang, P.C.
- Li Lan Wu (principal of Sponsor) is current Board member, President, and Treasurer
- Offering plan term extended by six months from filing date
- First unit owners meeting has not been scheduled; sponsor will surrender board control within thirty days of last unit closing or two years from first closing, whichever occurs first
Amendment 2 Nov 30, 2022
Sponsor declares the offering plan effective after obtaining purchase agreements for 3 units (15% of total units).
- Offering plan declared effective November 30, 2022
- 3 units under purchase agreement (15% of units offered)
- No closings will occur until this amendment is accepted by the Attorney General
- Units in contract: Unit 4A (agreement October 20, 2022), Unit 5A (agreement November 10, 2022), Unit 5B (agreement November 17, 2022)
Amendment 1 Nov 2, 2022
Offering prices for all 15 units increased, with total price rising from $7,248,000 to $8,618,000.
- Unit prices increased across all 15 units (10 residential, 3 community facility, 2 commercial)
- Total offering price increased from $7,248,000.00 to $8,618,000.00
- Largest price increases: Unit 1A from $907,000 to $1,107,000; Unit C1 from $782,000 to $982,000
- Schedule A(Amended)(A) Section F replaces original Schedule A
Team
- Sponsor
- Lucky Group 772 Inc
- Principals
- Li Lan Wu
- Counsel
- Lawrence Lixin Yang, P.C.
- Property report
- S M Tam Architect, PLLCPrepared the plan's description of the property and its condition · Named on p. 129
- Title agency
- Liberty Land Abstract, Inc.The sponsor's title company for buyers; you can choose another · Agent for Chicago Title Insurance Company · Named on p. 79
From our research: What Does a Title Agency Do, and How Do You Pick One for a NYC Condo?
Zoning
- Zoning districts
- R6B, R6The lot is split between two districts, the largest share first
- Commercial overlay
- C2-4
Today's zoning, from city data (PLUTO 26v2).
Nearby
- 861 Sun Condominium0.1 mi · 8 units · 2 parking · 2020
- 825 53rd Street Condominium0.1 mi · 8 units · 2019
- 81 Real Estate Condominium0.2 mi · 6 units · 2019
- Longevity Tower Condominium0.2 mi · 2023
- Hua Xing Condominium0.2 mi · 14 units · 2020
- Lucky Group Condominium0.2 mi · 6 units · 2 parking · 2017
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