THE CONDO BOOK PROJECT

82 Real Estate Condominium

935 57th Street, Brooklyn, NY 11219

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Overview

82 Real Estate is a 9-unit condo in Brooklyn, with 2 commercial units.

  • Offering plan: Accepted March 2022 · 335 pages · floor plans on page 186
  • Finishes: Wood floors and Haier and Whirlpool appliances
  • Prices: $664 a square foot on average, as first offered; $3.83 million in all ($4.42 million when first offered)
  • Common charges: $291–$570 a month, the sponsor's first-year estimate
  • Sponsor: 82 Management LLC, represented by Lawrence Lixin Yang, P.C.; principals Li Zhu
  • Neighborhood: Borough Park, Brooklyn
  • Subway: 7-minute walk to Fort Hamilton Pkwy (N); 9 minutes to 8 Av (N)
  • Amendments: 5, the latest in June 2024
  1. SubmittedOctober 2022
  2. AcceptedMarch 2022
  3. 5 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 Sep 30, 2026.

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 82 Real Estate's common charges compare with similar buildings? →

Property Taxes

The plan's first-year tax estimate, checked against the city's real bills for 8 homes.

Each home's estimate, city bills and tax breaksSee it free →

Closing Costs

The plan lists what a buyer pays at closing.

All 5 closing costs in the plan, with their pagesSee it free →

Amendments

Amendment 5 Jun 4, 2024

Offering prices for all 10 units reduced

  • Unit C1 price reduced from $488,000.00 to $420,000.00
  • Unit 1A price reduced from $737,000.00 to $650,000.00
  • Unit 2A price reduced from $465,000.00 to $390,000.00
  • Unit 2B price reduced from $399,000.00 to $330,000.00
  • Unit 3A price reduced from $296,000.00 to $250,000.00
  • Unit 3B price reduced from $307,000.00 to $260,000.00
  • Unit 3C price reduced from $399,000.00 to $350,000.00
  • Total offering price reduced from $4,418,000.00 to $3,830,000.00

Amendment 4 May 9, 2024

Fourth amendment extends the offering plan term by six months and discloses post-closing status including nine closed units, one unsold unit, and board composition.

  • Offering plan term extended by six months
  • Nine of ten units have closed; one unit (3C) remains unsold and held by Sponsor
  • First unit closed April 22, 2024
  • Final Certificate of Occupancy issued October 3, 2022
  • Working capital fund of $3,952.39 deposited with Cathay Bank
  • Escrow account of $8,690.50 held by Lawrence Lixin Yang, P.C.
  • Li Zhu is sole Board member and Sponsor principal; Board will transfer to three elected members within 30 days after last unit closes or two years from first closing, whichever occurs first

Amendment 3 Jan 30, 2024

Third amendment extends the offering plan term for 82 Real Estate Condominium with no changes to common charges or sponsor obligations.

  • Offering plan term extended
  • Estimated aggregate monthly common charge payments for sponsor's units: $4,345.25
  • Estimated aggregate monthly real estate tax for sponsor's units: about $4,278.17
  • Mortgage held by Yolanda Cheng; unpaid principal as of January 1, 2024 redacted; sponsor current on payments
  • No lawsuits or administrative proceedings affecting the offering
  • Condominium declaration not yet recorded; base tax lot not apportioned as of amendment submission

Amendment 2 May 15, 2023

Amendment extends the offering plan term, sets first closing for July 1, 2023, and provides rescission rights if closing is delayed 12 months.

  • First closing anticipated July 1, 2023; condominium operation to commence thereafter
  • Purchasers have right to rescind if actual first closing occurs 12 months after projected date
  • Budget for July 1, 2023 to June 30, 2024: total income and expenses $52,143.00
  • No increase or decrease in common charges
  • Sponsor owns 100% of condominium interest; estimated monthly common charges $4,345.25, real estate taxes $4,278.17
  • Mortgage: lender Yolanda Cheng, unpaid principal $245,742.57 as of May 1, 2023, monthly payment ~$7,500.00
  • No lawsuits or administrative proceedings affecting the offering

Amendment 1 Sep 30, 2022

Sponsor declares the offering plan effective after two units were placed into contract, meeting the 15% threshold requirement.

  • Offering plan declared effective by sponsor on September 30, 2022
  • Two units in contract (3B and 4B at 935 57th Street), both agreements dated September 14, 2022
  • 15% of units offered now in contract, meeting effectiveness requirement
  • No closings will occur until amendment is accepted for filing by New York State Attorney General
What each amendment changed, line by lineSee it free →

Team

Sponsor
82 Management LLC
Principals
Li Zhu
Tax estimate
LAWRENCE LIXIN YANG, P.C.Prepared the first-year real estate tax projection
Property report
Lam & Lam Engineering D.P.C.Prepared the plan's description of the property and its condition · Named on p. 128
Title agency
Liberty Land Abstract, Inc.The sponsor's title company for buyers; you can choose another · Agent for Chicago Title Insurance Company · Named on p. 79

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

Zoning

Zoning district
R6

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

Nearby

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The Condo Book Project Are 82 Real Estate's common charges high for the area? Yes, they're on the high side. 82 Real Estate budgets $0.65 per square foot a month, against a $0.51 median for the 10 most similar Brooklyn plans.Schedule A Do you want to see the list of similar buildings?