53 Lincoln Condos Hit the Market
A new glassy addition to the brownstone block of Lincoln Place between 5th and 6th Avenues in Park Slope just hit the market this week. The modern building has four apartments—three floor-throughs and one duplex—ranging in price from $995,000 to $1,950,000. (It looks like Aguayo & Huebener is sharing the broker duties with Sotheby’s.) It’ll…
A new glassy addition to the brownstone block of Lincoln Place between 5th and 6th Avenues in Park Slope just hit the market this week. The modern building has four apartments—three floor-throughs and one duplex—ranging in price from $995,000 to $1,950,000. (It looks like Aguayo & Huebener is sharing the broker duties with Sotheby’s.) It’ll be interesting to see what the appetite is for spaces in this area that are priced at almost $1,000 between $800 and $900 a foot. What do you think?
53 Lincoln Place [StreetEasy] GMAP
Kensingtonian;
I live in a condo with a 25 year 421A tax abatement. For the first 20 years, the abatement is in full force, and then over the next 5 years it is phased out.
I pay property taxes, however. They are very low, but I pay them. They are the property tax on the property before it was improved by the Sponsor of our development.
I would check this out further. I am 99% sure that the 421A abatement works exactly as I stated above, meaning that you don’t pay taxes on the improvements to the property.
Benson, You might be right about water since it is a fairly small expense comparitively to say, heating costs.
On the other hand, I know people who pay absolutely NO real estate taxes on new condos since they bought and will not pay for first 10 years on their newly constructed condo(s). after that, its going to go up by 20% each year of the property taxes until fully maturing at 15 year mark.
I think it’s The 421a or 421b Tax Abatement Certificate that all of these newly constructed condos apply for. the certificate states that, usually, property taxes that were assessed to the building and its individual units will get relief for the first 10 years of occupancy.
Kensingtonian;
There are some errors in your statement:
-Individual units in a multi-family dwelling never pay individual water bills, be it a rental, a coop or a condo. The water is metered ONLY per building in NYC. So, the water is included in the common charges in both a coop and a condo.
-On the other hand, the property taxes ARE billed to the individual unit owners in a condo (because it is considered Real property by law), whereas in a coop the property taxes are included in the common charges (because one does own “real” property in a coop.
-A tax abatement does not mean you pay no taxes. It means that you do not pay the increased taxes due to the improvement of the property. You still pay the taxes based on the old assessment, prior to the construction of the new condo.
Yes It does help. Thanks Kensingtonian.
Ledbury, yeah the common charges sound correct. Most new constructions are around that price unless the new condo has a doorman and/or pool/gym. Common charges only cover garbage removal and small expenses like electric in the hallways. You have a 15 year tax-abatement so no paying real estate taxes for first 10 years and then partial payment for the following 5. You also have to pay for your own heat and water just like in any house while in co-ops, those charges are usually included in your maintenance. Hope that helps.
Until recently I lived on this block, watched this thing go up. I’m in contract and expect to close shortly on the 3 b.r. I am selling for about $600/s.f. I’m not happy with this number but realistic about the current market and will still make some nice change given the fact I own it since late 2001. Until spring the market was dead. Then had lookers but few bids. Folks are scared about their jobs, big down payments and perfect credit scores are required, and for the bucks this builder is asking this building will not move. Banks now require more than 50% (some 70%, and FNMA 90%) of units being sold in new structures. Resales of condos in the Slope on buildings constructed in the last 10 years are better deals, financing is possible and the tax exemptions and abatements have been finalized. Conclusion: too risky, too expensive and will ultimately sell in the $700-800/s.f. range. Competition at this price level is at Grand Army Plaza.
I’m sure we have, Lech. We should discuss the relative merits in persons. I’ll wear my Ween t-shirt next time. I’m usually on the morning shift while Wifey sleeps off her hangover.
Buy into a four unit condo?
Let me check weather.com for the forecast in Hell. Nope, still not frozen over.
Next contestant, please.
I like the under contrstruction show. Has anyone else seen the spin off “10 grand in your hand” ? I’m not so convinced it’s as easy as they say but some pointers.
As for these apartments – they do seem pricey but the high end finishes may distinguish them from other mediocre efforts locally. They’ll sell eventually – pricing point is up for debate.