Cobble Hill House F/K/A 78 Amity Street Condominium
78 Amity Street, Brooklyn, NY 11201
Overview
Cobble Hill House F/K/A 78 Amity Street is a 27-unit condo in Brooklyn, with 29 parking units and 1 commercial unit.
- Offering plan: Accepted February 2018 · 494 pages · floor plans on page 18
- Finishes: Engineered wood floors, marble kitchen countertops, Miele appliances, a washer and dryer in each apartment and a VRF heat pump system for heating and cooling
- Prices: $1,762 a square foot on average, as first offered; $76.1 million in all ($75.3 million when first offered)
- Common charges: $203–$888 a month, the sponsor's first-year estimate
- Developer: Vega Management; principals Brandon Hornbeck
- Sponsor: Vega 12, LLC, represented by Lester Bleckner & Shaw LLP
- Subway: 10-minute walk to Bergen St (F, G); 12 minutes to Borough Hall/Court St (2, 3, 4, 5, R)
- Amendments: 7, the latest in October 2021
- Units
- 27 residential · 29 parking · 1 commercial
- Subway
- 10 min walk to Bergen St F GBorough Hall/Court St 2 3 4 5 R, 12 min
- Developer
- Vega Management
- Principals
- Brandon Hornbeck
- Average $/sf
- $1,762Homes in Schedule A, as first offered
- Common charges
- $203–$888 a monthSponsor's first-year estimate in Schedule A, 8/1/2018 - 7/31/2019
- Offering price
- $76.1 million total $75.3 million when first offered
- Floor plans
- Page 18 of the plan
- SubmittedApril 2018
- AcceptedFebruary 2018
- 7 amendments
- First sale
- Latest sale
Units & Prices
Sales
27 of 27homes sold (100%)
From city records (ACRIS), through Jun 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 →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 7 2022
Escrow bank changed, units closed, new budget adopted, transfer tax law updated so purchasers no longer pay grossed-up taxes.
- Escrow account moved from Signature Bank to First Republic Bank at 1230 Avenue of the Americas
- 27 Residential Units, 4 Cabana Units, 16 Parking Units have closed; 1 Community Facility Unit, 2 Cabana Units, 9 Parking Units remain unsold
- Board of Managers retained by Sponsor until 100% residential units sold or five years from first unit closing
- 2021 budget adopted for fiscal year January 1 – December 31, 2021
- Working Capital Fund holds $66,840.62; Reserve Fund holds $42,608.65
- Sponsor owns unsold units, pays $3,166.00 monthly common charges, rents one unit for approximately $25,750 monthly
- NYC Real Property Transfer Tax: 1% for purchases ≤$500,000; 1.425% for purchases >$500,000, plus $50 filing fee
- New York State deed document stamps: .4% of total consideration; purchasers no longer responsible for grossed-up transfer taxes
Amendment 6 2020
Final Certificate of Occupancy issued; escrowed funds disbursed to Sponsor.
- Final Certificate of Occupancy issued on October 2, 2019
- FCO Funds of $3,000.00 released to Sponsor
- Sponsor owns 2 unsold residential units, 1 unsold community facility unit, 2 unsold cabana units, and 12 unsold parking units
- Working Capital Fund holds $45,466.62
- Reserve Fund holds $56,444.16
- Sponsor monthly common charges: $4,795.00 for unsold units
- Sponsor monthly real estate tax liability: $8,518.00 for 2020/2021 fiscal year
- Sponsor rents 1 unsold unit and collects approximately $25,750 monthly rent
Amendment 5 2019
Amendment discloses first unit closing on April 21, 2019 and updates condominium registration, occupancy status, and fund balances.
- First unit closing occurred on April 21, 2019 for Residential Unit 4D and Parking Unit 15
- 19 Residential Units, 4 Cabana Units, and 12 Parking Units have closed title to date
- Temporary Certificate of Occupancy issued July 16, 2019; Final Certificate of Occupancy projected for December 2019
- Sponsor owns 7 unsold Residential Units, 1 unsold Community Facility Unit, 4 unsold Cabana Units, and 17 unsold Parking Units
- Sponsor retains Board control until 100% of Residential Units sold or 5 years from first closing, whichever is first
- $3,000.00 in FCO Funds deposited in escrow with Sponsor's attorney
- Working Capital Fund Account holds $19,996.00
- Reserve Fund Account holds $20,502.00
Amendment 2 2018
All parking space unit prices increased, raising the total offering amount by $875,000.
- Parking spaces #01–#12 prices raised from $150,000 to $195,000 each
- Parking spaces #13–#17 and #24–#29 prices raised from $125,000 to $150,000 each
- Parking spaces #18–#23 prices raised from $125,000 to $135,000 each
- Total offering amount increased from $75,260,000 to $76,135,000
Amendment 1 2018
Amendment changes first year of condominium operations to January 1, 2019–December 31, 2019, adds tax law disclosure, updates floor plans and unit square footages, and adjusts pricing for two cabana units.
- First year of condominium operations moved from August 1, 2018–July 31, 2019 to January 1, 2019–December 31, 2019
- First unit closing date moved from August 1, 2018 to January 1, 2019
- New special risk disclosure: Tax Cuts and Jobs Act of 2017 may affect tax projections in offering plan
- Outdoor cooling and heating schedule added to Architect's Report
- Floor plans revised with changes to storage units, residential units, community facility, cabanas, and parking spaces
- Unit 1C square footage decreased from 634 to 615 square feet
- Cabana Unit 7 price increased from $95,000 to $150,000; Cabana Unit 8 price decreased from $150,000 to $95,000
- Community Facility square footage decreased from 6,330 to 6,241 square feet
Team
- Sponsor
- Vega 12, LLC
- Developer
- Vega ManagementReported by web.archive.org
- Principals
- Brandon Hornbeck
- Counsel
- Lester Bleckner & Shaw LLP
- Tax estimate
- SJP Tax Consultants Inc.Prepared the first-year real estate tax projection
- Construction lender
- Eagle Vega Investments$15 million loan stated in the plan
- General contractor
- New Empire BuilderHeld the general construction permit on DOB job 321183740
- Property report
- Shiming TamPrepared the plan's description of the property and its condition · Named on p. 262
- Interior designer
- The Meshberg GroupReported by cityrealty.com
- Title agency
- Royal Abstract of New York LLCThe sponsor's title company for buyers; you can choose another · Named on p. 198
From our research: What Does a Title Agency Do, and How Do You Pick One for a NYC Condo?
Zoning
- Zoning district
- R6
- Limited height district
- LH-1
Today's zoning, from city data (PLUTO 26v2).
Nearby
- 119 Congress Street Condominiumnext door · 3 units · 2020
- Polhemus Residences Condominiumnext door · 17 units · 2016
- Govley Condominiumnext door · 10 units · 8 parking · 2023
- 5 River Park Condominium0.1 mi · 25 units · 18 parking · 2018
- 63 Columbia Street Condominium0.1 mi · 10 units · 3 parking · 2022
- 75 Columbia Street Condominium0.1 mi · 11 units · 9 parking · 2012
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