The Portland Condos: What the Offering Plan Says
The Portland is a 1907 four-story walk-up in Fort Greene being converted from rentals to 44 condo apartments under a non-eviction plan. Its offering plan describes as-is apartments, a live-in super, coin laundry and a lean first-year budget of about $442,000.
In brief: The Portland at 104-112 South Portland Avenue, on the corner of Fulton Street in Fort Greene, is a 1907 four-story rental building being converted into 44 condo apartments over two stores. It's a non-eviction plan, so tenants who don't buy can stay. What sets it apart: there's no elevator, apartments are sold as-is in whatever condition they're in, many are occupied by market-rate tenants, and the sponsor can keep renting unsold units and may control the board indefinitely.
What's Specific to It
- A walk-up. The building has four residential entrances and stairs, but no elevator.
- Sold as-is. Apartments range from recently renovated to original finishes. The sponsor makes no promise about their condition beyond what the plan describes.
- Tenants in place. Many units are occupied by market-rate tenants. Buy an occupied unit and you buy it with the tenant.
- Tenants get first dibs. Current tenants had 90 days to buy their own apartments, then a six-month right to match any outside contract.
- The sponsor may keep control. It only needs to sell 51% of occupied units to tenants to declare the plan effective, and it can rent unsold units without limit, so it may hold a majority and control the board indefinitely.
- Some homes get a back yard or a recreational room. Certain units come with the exclusive use of a back yard or a recreational room, as listed in Schedule A.
Listing photos of The Portland show you the apartments. The offering plan, the document the sponsor filed with the New York Attorney General, tells you how the building will be run and what you agree to when you buy. New to these documents? Start with what a condo offering plan is.
At a Glance
- What it is: a four-story building with a cellar, built in 1907 and rehabilitated in the 1980s, being converted from rentals to condos. It spans four addresses: 104-106, 108-110 and 112-114 South Portland Avenue and 680-686 Fulton Street.
- Size: 44 apartments for sale on floors 1 to 4, plus a superintendent's apartment and two ground-floor stores the sponsor is keeping for now.
- Ceilings: about 12 feet on the first floor and about 9.5 feet on floors 2 to 4.
- Offering prices: the total offering is about $23.6 million for 44 apartments, an average of about $537,000 each. These are asking prices, not sales. Schedule A also lists separate insider prices for tenants.
- Common charges: residential owners carry about $394,000 a year in the first-year budget, or roughly $750 a month per apartment on average. Your share depends on your unit.
Finishes
Because this is a conversion, finishes vary by apartment. The plan says kitchen appliances and cabinets were replaced when apartments turned over, and appliances and bath fixtures are no more than 10 years old.
Kitchens
- Appliances: GE throughout, including a gas range, refrigerator, dishwasher, range hood and microwave.
- Counters: stone in renovated apartments, laminate in original kitchens.
- Included in the sale: refrigerator, kitchen cabinets and gas range.
See gas vs. induction stoves in NYC condos.
Bathrooms
Kohler toilets and tubs, Kraus sinks over custom vanities, and Grohe chrome tub and shower sets. Floors and walls are tile.
Floors, windows, heating and cooling
- Floors: solid oak strip in living rooms, bedrooms and closets. The plan warns that floors in a 1907 building may be uneven.
- Windows: double-glazed wood windows on the street side, to meet historic rehabilitation rules, and thermally broken aluminum windows in the back.
- Heat: hot water convectors under the windows, fed by gas boilers in the cellar.
- Air conditioning: none central. Owners buy and maintain their own window units.
- Electricity: each apartment is metered separately and you pay Con Ed directly.
Amenities
This is a basic building:
- Laundry: four coin-operated laundry rooms in the cellar, one per address, with six washers and six dryers in total.
- Bike room: one bicycle storage room in the cellar.
- Private outdoor space: some units have exclusive use of a back yard.
Good to know: the main roof is an exit route and can't be used as a roof deck. Compare with amenities by building size and walk-up condos in NYC.
Staffing and Services
The budget pays for a small, non-union staff:
- 1 full-time live-in superintendent, in Unit 1A
- 1 part-time porter, 32 hours a week
There's no doorman. Mail goes to mailboxes on the first floor. See where condo common charges go.
What It Costs to Run
The sponsor projects a first-year budget of about $442,000 (July 2026 to June 2027). Residential owners pay about 72% of shared costs and the stores about 28%, though the stores don't share in staff, water, gas or common-area electricity. Laundry brings in about $14,000. The biggest lines:
| Budget line | Approx. first-year cost |
|---|---|
| Staff wages, taxes and benefits | $112,000 |
| Management fee | $56,000 |
| Insurance | $41,000 |
| Replacement reserve | $40,000 |
| Repairs, maintenance and supplies | $40,000 |
| Gas (heat and hot water) | $37,000 |
| Contingency | $37,000 |
Staff is about a quarter of the budget. The condo also pays property tax on the super's apartment until it's sold. Read more on common charges and why operating costs differ.
Good to know: the budget sets aside 10% for a replacement reserve. Separately, the plan estimates a city-required reserve fund of about $673,000. At closing you pay a working capital contribution of two months' common charges. See the working capital contribution and condo reserve funds.
Fine Print Worth Knowing
- Limited sprinklers. Sprinklers cover only the public hallways and stairs at three of the addresses. No apartments have sprinklers, and the plan lists no standpipe system.
- Lead paint. Given its age, the plan says the building can be assumed to contain lead paint, though the sponsor knows of none needing repair.
- Sponsor's roof rights. The sponsor can put antennas and telecom equipment on the roof and keep the income.
- Stores downstairs. The two retail units can be used for any lawful purpose, and the board can't restrict how they operate. Residential owners get none of the rent.
- Right of first refusal. The board has a right of first refusal on sales and leases, and leases must be at least one year.
- Deposit and delays. You put down 10% at contract. If you're late to close, you pay 0.04% of the price per day.
- Local Law 97. The sponsor expects the building to meet emissions limits for the next 10 years. Fines would raise common charges.
Who's Behind It
- Sponsor and selling agent: Fulton Street Associates LP
- Architect: Design AIDD Architecture, DPC
- Managing agent: IBEC Building Corporation, an affiliate of the sponsor
- Sponsor's counsel: Holland & Knight LLP, with Goldberg Weprin Finkel Goldstein LLP on real estate taxes
Because the managing agent is affiliated with the sponsor, owners may want to review that contract once they control the board. See Brooklyn condo developers.
Common Questions
Does The Portland have an elevator?
No. It's a four-story walk-up with four separate entrances and staircases.
Will I have to evict a tenant if I buy at The Portland?
No. It's a non-eviction plan. If you buy an occupied apartment, the tenant can stay and you take over as landlord.
How much are common charges at The Portland?
The first-year budget has residential owners paying about $394,000 a year in total, roughly $750 a month per apartment on average. Your exact charge depends on your unit's share in Schedule A.
Where this comes from: the building's offering plan (CD240169), filed with the New York Attorney General, including its Schedule A price list and Schedule B first-year budget. Prices are the sponsor's offering prices, not sales. Updated October 2026.