THE CONDO BOOK PROJECT

838 Quincy Street Condominium

838 Quincy Street, Brooklyn, NY 11221

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Overview

838 Quincy Street is a 7-unit condo in Brooklyn.

  • Offering plan: Accepted April 2019 · 343 pages · floor plans on page 26
  • Finishes: 8'8" ceilings, engineered wood floors, stone kitchen countertops, wood cabinets, Blomberg appliances, a washer and dryer in each apartment and split-system units for heating and cooling
  • Prices: $1,017 a square foot on average, as first offered; $4.78 million in all ($4.48 million when first offered)
  • Common charges: $293–$768 a month, the sponsor's first-year estimate
  • Sponsor: R & D Equity LLC, represented by The Law Office Of Jay Lichtman, P.C.; principals Rotem Cohen, Dean Mizrahi and Don Mizrahi
  • Neighborhood: Bedford-Stuyvesant, Brooklyn
  • Subway: 3-minute walk to Gates Av (J, Z); 7 minutes to Kosciuszko St (J)
  • Amendments: 4, the latest in March 2020
  1. SubmittedMay 2019
  2. AcceptedApril 2019
  3. 4 amendments
  4. First sale
  5. Latest sale

Sales

7 of 7homes sold (100%)
Every sale: 7 homes, with price and dateSee it free →

From city records (ACRIS), through May 31, 2024.

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 838 Quincy Street's common charges compare with similar buildings? →

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

Amendments

Amendment 4 Mar 12, 2020

Amendment adds disclosure of FinCEN reporting requirements and new New York State transfer tax rules, confirms all units sold and building completion, and extends plan term by six months.

  • FinCEN Geographic Targeting Order requires title companies to report certain cash purchases of $300,000 or more from November 12, 2019 through May 9, 2020
  • Base Transfer Tax rate increased to 0.65% for purchases of $3,000,000 or more (from 0.4%)
  • New Supplemental Tax on Mansion Tax transactions: 0.25% to 2.90% depending on purchase price ($2,000,000 and up)
  • All units conveyed; no unsold units remain
  • Final Certificate of Occupancy issued October 10, 2019
  • Condominium Declaration recorded October 15, 2019
  • First closing occurred October 25, 2019
  • Plan term extended six months from amendment date

Amendment 3 Jul 8, 2019

The plan is declared effective with 2 units sold (28% of residential units) and the offering period extended by 6 months.

  • Plan declared effective as of July 8, 2019
  • 2 units sold (Units 2F and 4R), representing 28% of residential units
  • Offering period extended 6 months from amendment date

Amendment 2 May 30, 2019

Budget revised with updated common charges, management company identified, and floor plan changes made; plan term extended six months.

  • Janitorial Services fee set at $450.00 per month
  • Management by MRE Property Management LLC at $6,300.00 annual fee for first year
  • Electricity estimated at $3,000.00 based on May 16, 2019 survey with 10% increase
  • Repairs and Maintenance budgeted at $2,000.00 total with breakdown: Exterminating $500, Plumbing $500, Electrical $500, Services & Supplies $500
  • Floor plans amended: bathroom door swing changed in Cellar, rear bedroom closet removed on First Floor, closet door type and parapet wall added to Penthouse, condensers rearranged on Roof
  • Building substantially completed May 1, 2019; Final Certificate of Occupancy anticipated by June 1, 2019
  • Schedule A revised to reflect updated common charges
  • Plan term extended six months from amendment date unless earlier than April 15, 2020
  • Schedule A prices increased for 7 homes (median +6.4%): 1 $1,149,000 → $1,150,000; 2F $499,000 → $553,000; 2R $499,000 → $553,000; 3F $529,000 → $553,000; ...

Amendment 1 May 1, 2019

Offering prices for seven units are updated.

  • Unit 1: $1,150,000.00
  • Unit 2F: $553,000.00
  • Unit 2R: $553,000.00
  • Unit 3F: $553,000.00
  • Unit 3R: $563,000.00
  • Unit 4F: $547,000.00
  • Unit 4R: $863,000.00
What each amendment changed, line by lineSee it free →

Team

Sponsor
R & D Equity LLC
Principals
Rotem Cohen, Dean Mizrahi, Don Mizrahi
Tax estimate
Metropolitan Realty Exemptions, IncPrepared the first-year real estate tax projection
Construction lender
Manhattan Bridge Capital$1.2 million recorded
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. 202

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

Zoning

Zoning district
R6B

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

Nearby

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The Condo Book Project Are 838 Quincy Street's common charges high for the area? Yes, they're on the high side. 838 Quincy Street budgets $0.59 per square foot a month, against a $0.53 median for the 10 most similar Brooklyn plans.Schedule A Do you want to see the list of similar buildings?