THE CONDO BOOK PROJECT

854 Putnam Avenue Condominium

854 Putnam Avenue, Brooklyn, NY 11221

Compare

Overview

854 Putnam Avenue is an 8-unit condo in Brooklyn.

  • Offering plan: Accepted July 2017 · 227 pages · floor plans on page 4
  • Finishes: 9-foot ceilings, tile floors, quartz kitchen countertops, Miton cabinets, Fisher & Paykel and Bosch appliances and washer/dryer hook-ups
  • Prices: $1,055 a square foot on average, as first offered; $8.03 million in all ($8 million when first offered)
  • Common charges: $254–$331 a month, the sponsor's first-year estimate
  • Sponsor: Lior 854 Putnam Property LLC, represented by Eial Girtz, PC; principals Tomer Erlich
  • Neighborhood: Bedford-Stuyvesant, Brooklyn
  • Subway: 10-minute walk to Gates Av (J, Z); 10 minutes to Kosciuszko St (J)
  • Amendments: 4, the latest in April 2019
  1. SubmittedAugust 2017
  2. AcceptedJuly 2017
  3. 4 amendments
  4. First sale
  5. Latest sale

Sales

8 of 8homes sold (100%)
Every sale: 8 homes, with price and dateSee it free →

From city records (ACRIS), through May 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 854 Putnam Avenue'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 6 closing costs in the plan, with their pagesSee it free →

Amendments

Amendment 4 Apr 29, 2019

Amendment adds 421(a) tax abatement requirements including a restrictive declaration and primary residence obligation for unit owners.

  • Unit owners must maintain their unit as primary residence for minimum five years from acquisition
  • Restrictive Declaration must be recorded for 421(a) tax exemption eligibility
  • Each unit owner must sign 421(a) Addendum to Contract
  • Property subject to affordability requirements for 35 years from completion date
  • Average assessed value capped at $65,000 per unit on first post-completion assessment
  • Building must contain 6 to 35 dwelling units during restriction period
  • Property prohibited from operating as hotel during restriction period

Amendment 3 May 31, 2018

Amendment reports building occupancy status, unit closings, common charges, and board control provisions.

  • Temporary Certificate of Occupancy issued May 08, 2018; Permanent Certificate of Occupancy expected within six months
  • First unit closing (Unit #4B) occurred May 21, 2018; Units 1B, 2B, 3B also closed; Units 2A, 3A, 4A in contract
  • Common charges range from $253.53 to $330.53 per unit; quarterly real estate taxes range from $178.12 to $229.33
  • $10,000 held in escrow to guarantee obtaining Permanent Certificate of Occupancy
  • Board of Managers controlled by Sponsor for five years after first closing or until unsold units less than 25%, whichever sooner
  • Condominium Declaration recorded February 6, 2018; plan declared effective September 5, 2017
  • Working Capital Fund established; purchasers pay one month common charges at closing plus two months to reserve fund

Amendment 2 Sep 12, 2017

Sponsor will apply for 421-a tax abatement; plan declared effective with two units sold representing 25% of eight units offered.

  • Sponsor applying for 421-a tax abatement with estimated assessed value of $21,363.00 and projected tax levy of $2,754.18 if approved
  • Plan declared effective September 5, 2017 based on two residential unit purchase agreements
  • Updated Schedule A attached as Exhibit B
  • No guarantee 421-a abatement will be granted; if denied, units subject to full taxation at $53,127.93 annually
  • Purchasers cannot rescind if 421-a benefits not received
  • Building service employees must receive prevailing wages for duration of benefits
  • 21-year exemption structure: 100% exemption for 14 years, then 25% for 6 years

Amendment 1 Aug 11, 2017

Sponsor amended the purchase prices of all units as shown in the revised Schedule A.

  • Unit 1A price: $1,195,000.00
  • Unit 1B price: $1,225,000.00
  • Unit 2A price: $794,000.00
  • Unit 2B price: $794,000.00
  • Unit 3A price: $825,000.00
  • Unit 3B price: $815,000.00
  • Unit 4A price: $1,195,000.00
  • Unit 4B price: $1,185,000.00
  • Schedule A prices increased for 2 homes (median +2.5%): 2A $785,000 → $794,000; 2B $775,000 → $794,000
What each amendment changed, line by lineSee it free →

Team

Sponsor
Lior 854 Putnam Property LLC
Principals
Tomer Erlich
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
AFP New York Investments$2.56 million loan stated in the plan
General contractors
Emma Group Management, Top Notch Building ConstructionHeld the general construction permit on DOB job 321190368
Property report
Demerara Engineering, PLLCPrepared the plan's description of the property and its condition · Named on p. 26
Title agency
Downtown Abstract Corp.The sponsor's title company for buyers; you can choose another · Agent for First American Title Insurance Company of New York, Inc. · Named on p. 57

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

Free in ChatGPT or Claude

Ask Claude or ChatGPT about 854 Putnam Avenue

The fastest way to know any condo or co-op

Get Connected →
The Condo Book Project Are 854 Putnam Avenue's common charges high for the area? No, they're on the low side. 854 Putnam Avenue budgets $0.29 per square foot a month, against a $0.39 median for the 10 most similar Brooklyn plans.Schedule A Do you want to see the list of similar buildings?