1 Powers Street

Kutnicki Bernstein Architects designed the building, per the DOB application and the architect's report in the offering plan. The sponsor's marketing described a gray-and-black exterior with setbacks; the architect's report specifies Trespa panel facing on the parapets. The ground floor holds the retail unit on the Union Avenue corner, the lobby and the garage. The residences run from the second floor to the sixth: seven apartments on each of floors two through five and three on the sixth.

The residences. Per the offering plan, apartments range from about 555 to 1,951 square feet. Most are one- and two-bedrooms, and many have balconies or terraces. Because these are condominium units, the Department of Finance records each one's area on the roll. Those figures run a little differently from the plan's and are worth checking for any specific unit.

The non-residential units. The retail unit is about 4,158 square feet on the ground floor, and the offering plan lets it be used for any lawful purpose with no board control over permitted uses. The community-facility unit has its own elevator, per the architect's report. The sponsor sold both, in 2012 and 2014, and each is held separately today. The plan allocates 17.5 percent of the property's taxes to the commercial unit and 3.5 percent to the community-facility unit, which lowers the residential share.

Parking. Sixteen parking units are on the ground level. They are separately deeded, and a buyer should confirm which lot a contract includes.

The 421-a clock. The Department of Finance exemption roll records code 5114 — 421-a, 25 years, no cap on all 49 lots, with a benefit start of 2012 and a base year of 2007, still at 100 percent of the benefit on the current roll. On the statutory 25-year schedule, the full exemption runs 21 years and then steps down 20 percent a year over the last four. On that reading the building keeps its full exemption through about fiscal 2032, steps down across fiscal 2033–2036, and pays full taxes from about fiscal 2037 (July 2036). The documents we reviewed do not say why the building qualified for the 25-year term rather than a shorter one, and we found no affordable-unit provisions in the plan text we could read. Confirm the schedule against the current bill. Because the exemption covers nearly all of the assessment, the increase at the end will be large.

Certificate of occupancy. DOB job records show the alteration job signed off in June 2010. The certificate itself is not in the city's online certificate dataset. A buyer's attorney should pull it from the DOB file.

Sponsor position. All 31 residences sold between 2010 and early 2011. The sponsor still holds two of the 16 parking units, per the Department of Finance roll. No sponsor-held residences remain.

Reserves and budget. We did not find recent financial statements on file. Ask for the current budget, the reserve balance and any planned assessment.

Recent sales

Recent closings at this building, from The Roebling Research Library. Prices are the transfer amounts recorded with the NYC Department of Finance; apartment-level detail is checked against the building’s own file in The Roebling Research Library before publishing.

Market read. $/sf is measured on the latest sales with reliable square footage (2025): a median $1,407/sf (recorded) across 3 sales. The building has traded as recently as 2026. Median listing discount -0.0% over ask.

Sales sourced from NYC Department of Finance recorded transfers (BBL 3-02773-7503; each condominium apartment is its own tax lot). Apartment-level facts (line, condition, asking-price context) curated and cross-verified in The Roebling Research Library. Not all transactions cross-verify with ACRIS records — sponsor and LLC purchases sometimes record at stipulated values rather than market price; square footage from recorded condo declarations and offering plans.

Model the whole tax clock. Today's bill reflects a nearly complete exemption. Run the True Monthly Carrying Cost at today's number and at the fully taxed number that arrives around fiscal 2037, and weigh it against how long you expect to own.

Check the deed for every lot. Apartment and parking unit are separate tax lots. Confirm which ones the contract conveys.

Get the certificate of occupancy. It is not in the online dataset. Have your attorney pull it before contract.

Ask for current financials. We found no recent budget or audited statements on file. Request them, along with the reserve balance and any open façade or roof work.

Plan for PTAC units. Heating comes from the central boilers, but air conditioning is room-by-room PTAC equipment, which ages and gets replaced at the owner's cost.

Sell the abatement with dates. Buyers discount what they don't understand. Show the current bill, the step-down schedule and the year full taxes arrive.

Price the parking unit separately. A deeded space has its own value. Showing it separately makes the apartment price easier to defend.

Correct the year built. Listing data that carries 1931 describes the old commercial building. The condominium is 2009–10 construction.

If you're considering 1 Powers Street, also evaluate:

• 14 Hope Street — a 23-residence condominium of the same vintage near Grand Street, also on a 25-year 421-a
• 80 Metropolitan Avenue — a 2008 condominium of the same era, closer to the waterfront
• 415 Leonard Street — a 2008 condominium with deeded parking at the northern edge of Williamsburg
• 147 Hope Street — newer east-side condominium with ground-floor retail
• 49 North 8th Street (North8) — a 2006–07 Northside condominium with deeded parking units
• 125 North 10th Street — a 2007 Northside condominium with garage parking
• NV (101 North 5th Street) — a condominium of the same era whose shorter 421-a has already expired
• 88 Withers Street (Element 88) — a newer small condominium in northern Williamsburg