THE CONDO BOOK PROJECT

88 Marion Street Condominium

88 Marion Street, Brooklyn, NY 11233

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Overview

88 Marion Street is an 8-unit condo in Brooklyn.

  • Offering plan: Accepted May 2021 · 320 pages · floor plans on pages 22–23
  • Finishes: Wood floors, wood cabinets, Blomberg, GE Café and Whirlpool appliances, a washer and dryer in each apartment and split-system units for heating and cooling
  • Prices: $950 a square foot on average, as first offered; $5.2 million in all
  • Common charges: $331–$577 a month, the sponsor's first-year estimate
  • Developer: Skyland Equities
  • Sponsor: 88 Marion Street LLC, represented by Jeffrey Zwick & Associates, P.C.
  • Neighborhood: Bedford-Stuyvesant, Brooklyn
  • Subway: 3-minute walk to Utica Av (A, C); 8 minutes to Ralph Av (C)
  • Amendments: 6, the latest in June 2026
  1. SubmittedOctober 2022
  2. AcceptedMay 2021
  3. 6 amendments
  4. First sale
  5. Latest sale

Sales

5 of 8homes sold (63%)
Every sale: 5 homes, with price and dateSee it free →

From city records (ACRIS), through Aug 31, 2026.

First-Year Budget

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Ask Claude or ChatGPT: How do 88 Marion 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 5 closing costs in the plan, with their pagesSee it free →

Amendments

Amendment 6 Jun 18, 2026

Sixth amendment updates lender forbearance agreement, reports first closing completed in May 2026, and provides post-closing disclosures including Certificate of Occupancy and condominium declaration.

  • Lender forbearance agreement extended through December 1, 2026; sponsor must pay additional fee from closing proceeds
  • First unit closed May 12, 2026 at Jeffrey Zwick & Associates, PC
  • Certificate of Occupancy issued August 20, 2024 (CO #3426550-0000002)
  • Declaration of Condominium recorded March 17, 2026 (CRFN #2026000075047)
  • Working capital fund contains $1468.12; reserve account contains $163.12
  • Sponsor retains six unsold units (75% of residential units)
  • Unit 1A common interest percentage increased by .01% due to calculation error

Amendment 5 Dec 30, 2025

Plan declared effective based on execution of purchase agreements for two residential units representing 20% of eight units offered.

  • Plan declared effective upon purchase of 2 residential units (20% of 8 units offered)
  • Units 3A and 2A counted for effectiveness, with purchase agreement dates of 6-16-25 and 12-15-25

Amendment 4 Aug 14, 2025

Forbearance agreement extended through February 20, 2026; lawsuit at different building dismissed; Unit 3A under contract.

  • Lender forbearance agreement extended through February 20, 2026 with additional payment due from Sponsor at closing
  • Lawsuit at 11A Somers Street (different building) dismissed for failure to bring default proceedings
  • AG investigation regarding 11A Somers Street not officially closed but no recent communications; repair work completed
  • Unit 3A under contract

Amendment 3 Jul 29, 2024

Sponsor faced foreclosure and bankruptcy; forbearance agreement requires 3 unit sales by May 20, 2025; no closings until then; architect changes and PCI adjustments made; commencement date moved to July 1, 2025.

  • Sponsor declared Chapter 11 bankruptcy January 18, 2024; forbearance agreement with Toorak Capital Partners requires 3 unit sales by May 20, 2025
  • No unit closings permitted until at least 3 units are under contract
  • General contractor Edge Enterprises Management Inc. guarantees sponsor obligations for unsold units
  • Sponsor also has foreclosed property at 26 Goodwin Street under same forbearance agreement
  • Sponsor principal subject to lawsuit (Index 534777/2023) and NY Attorney General investigation regarding construction defects at 11A Somers Street
  • Unit 1A PCI decreased from 12.68% to 11.48%; Unit 1B PCI increased from 14.08% to 15.28%
  • Commencement date moved to July 1, 2025; final certificate of occupancy issued 08/20/2024
  • Architect changes: electric room enlarged, storage #2 reduced to 30.09 SF, exterior stair removed, rear yard allocation changed from 1A to 1B, master bathroom in 4B reconfigured for two sinks

Amendment 2 2023

Plan declared effective based on purchase agreements for two units representing 25% of eight units offered.

  • Plan declared effective
  • Two units (1B and 4A) purchased and accepted by Sponsor
  • Purchase agreements dated 5/5/2023 and 6/12/2023

Amendment 1 Oct 27, 2022

Amendment revises first closing date to December 1, 2022, updates operating budget and projected tax assessment, and clarifies transfer tax law changes.

  • First Closing date changed to December 1, 2022
  • Assessed valuation increased from $421,309.00 to $500,278.00
  • Projected annual taxes increased to approximately $61,369.00
  • First year budget (Dec 1, 2022–Nov 30, 2023) projects $37,199 common charges and matching expenses
  • Transfer tax law clarified: NYS taxable consideration now includes NYC transfer taxes paid by purchaser
  • No units under contract; any units under contract would have rescission rights due to closing date change
What each amendment changed, line by lineSee it free →

Team

Sponsor
88 Marion Street LLC
Tax estimate
Metropolitan Realty ExemptionsPrepared the first-year real estate tax projection
Construction lender
FM Home LoansLender on the mortgage and building loan agreement recorded March 2021 in ACRIS; $3.44 million recorded
General contractors
W & L Group Construction, Morgan Services Group, Bold EnterprisesHeld the general construction permit on DOB job 321186783
Property report
Flavio Barros, P.E.Prepared the plan's description of the property and its condition · Named on p. 154

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Zoning

Zoning districts
R6B, R7DThe lot is split between two districts, the largest share first
Commercial overlay
C2-4

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

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The Condo Book Project Are 88 Marion Street's common charges high for the area? Yes, they're on the high side. 88 Marion Street budgets $0.57 per square foot a month, against a $0.52 median for the 10 most similar Brooklyn plans.Schedule A Do you want to see the list of similar buildings?