THE CONDO BOOK PROJECT

825 39th Street Commercial Condominium

825 39th Street, Brooklyn, NY 11232

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Overview

825 39th Street Commercial is a condo in Brooklyn, with 12 commercial units.

  • Offering plan: Accepted June 2021 · 312 pages · floor plans on pages 201–204
  • Prices: $19.7 million in all ($18.8 million when first offered)
  • Sponsor: 823 39th Street Brooklyn, LLC, represented by Certilman Balin Adler & Hyman, LLP; principals Kuang Ming Kwok
  • Subway: 3-minute walk to 9 Av (D); 9 minutes to Fort Hamilton Pkwy (D)
  • Amendments: 3, the latest in October 2023
  1. SubmittedOctober 2022
  2. AcceptedJune 2021
  3. 3 amendments

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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Closing Costs

The buyer pays the NYC and NY State transfer taxes, which a seller usually pays.

All 10 closing costs in the plan, with their pagesSee it free →

Amendments

Amendment 3 Oct 4, 2023

Amendment updates unit inventory, sets first closing date, establishes condominium budget and common charges collection timeline.

  • Twelve (12) unsold Community Facility Units as of September 20, 2023, two of which in contract
  • First closing expected on or about March 1, 2024
  • Condominium budget for period commencing March 1, 2024 with total projected expenses of $152,814
  • Sponsor will pay monthly common charges for untitled units retained after first closing
  • Offering plan valid for six (6) months from amendment filing date

Amendment 2 2023

Amendment declares the offering plan effective after 2 of 12 commercial units were sold, updates the condominium budget and common charges for May 1, 2023 opening, and corrects a scrivener error in the purchase agreement address.

  • Plan declared effective February 24, 2023 with 2 of 12 commercial units sold (17%)
  • First closing anticipated May 1, 2023
  • Condominium budget for period commencing May 1, 2023; total projected expenses $152,814
  • Common charges commence collection with first unit closing
  • Sponsor will pay monthly common charges for untitled units it retains
  • Purchase Agreement corrected to list address as 825 39th Street
  • Offering plan extended for six months from amendment filing date

Amendment 1 Oct 11, 2022

Amendment updates unit pricing, building status, selling agent, closing timeline, and condominium budget.

  • Schedule A updated with current offering prices as of September 22, 2022
  • Building complete with Temporary Certificate of Occupancy issued April 18, 2022 and renewed July 11, 2022
  • Kevin Ma engaged as new Selling Agent at 165 Broadway, Suite 2326, New York, New York 10006
  • First unit closing anticipated on or about February 1, 2023
  • Common charges collection to commence with first closing
  • Condominium budget for period beginning February 1, 2023 totals $152,814
  • Unit count corrected to twelve (12) Community Facility Units and one (1) Parking Unit
  • Offering plan extended for six (6) months from amendment filing date
What each amendment changed, line by lineSee it free →

Team

Sponsor
823 39th Street Brooklyn, LLC
Principals
Kuang Ming Kwok
Tax estimate
Korngold Powers LLPPrepared the first-year real estate tax projection
Construction lender
The Berkshire Bank
General contractors
W & L Group Construction, Front Wave Construction*Held the general construction permit on DOB job 321023389
Title agency
Advantage Title Agency, Inc.The sponsor's title company for buyers; you can choose another · Named on p. 64

From our research: What Does a Title Agency Do, and How Do You Pick One for a NYC Condo?

Zoning

Zoning district
M1-2

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

Nearby

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