Olive Park, 100 Maspeth Avenue

Seven stories of banded black-and-white masonry. The second floor has 15 apartments (2A–2O), the third 16 (3A–3P), the fourth through sixth 15 each, and the seventh 11 (7A–7K). The small lines dominate. The K through N lines run about 440 square feet, the B and D lines about 480 to 500, and the A line about 750. The C line, about 937 square feet, is the largest standard line. The seventh floor has the larger plans, up to about 1,146 square feet in 7B.

Per the offering plan, some units come with private outdoor space as limited common elements: balconies on designated units, patios on 2K, 2L, 2M and 2N, and roof terraces on 7H, 7I, 7J and 7K. There is also a common roof deck for all residential owners.

The building's unusual feature is the 39 roof units: separately deeded rooftop spaces reached by the common elevator or stair. Under the By-Laws only a residential unit owner may own one, a roof unit may be mortgaged only together with (and cross-defaulted to) the owner's apartment mortgage, and it may be leased only to another owner. The 2020 audited statements record 16 of the 39 as sold. Since 2024, ACRIS has recorded referee's deeds from city tax-lien foreclosures on several roof units that were still in the sponsor's name, followed by resales of those units at nominal prices. A buyer offered a roof unit, alone or with an apartment, should have its title and the ownership restriction reviewed with care.

The tax benefit is the key fact for a buyer. The Department of Finance carries a 25-year 421-a exemption (exemption code 5114) on the residential and roof units, with a benefit-start year of 2010 and a 2004 base year. The offering plan had projected a 20-year benefit. The Finance record controls. Under the 25-year schedule, the building has full exemption on the post-construction increase in assessed value for 21 years, then four years of phase-out. On Finance's start year, full exemption runs through the 2029/30 tax year. The exemption then drops to 80, 60, 40 and 20 percent from 2030/31 through 2033/34, and full taxes begin in 2034/35. Listing records say the benefit ends in July 2034, which agrees. Confirm the exact phase-out years against the Department of Finance's notice for the unit.

In practice, a roughly 750-square-foot apartment is now billed on about $2,800 of assessed value, a few hundred dollars a year. At the current assessment and a Class 2 rate of roughly 12.5 percent, the same apartment would pay about $14,000 a year at full tax. A 937-square-foot C-line apartment would pay about $21,000. These are our estimates from the 2026/27 roll, not bills. Assessments will keep moving before 2034.

Capital position, per the audited statements on file. In February 2019 the condominium borrowed $2 million from National Cooperative Bank on a ten-year loan at 5.25 percent to fund steel, masonry and façade repairs. About $1.8 million of that work was spent across 2019 and 2020, along with elevator and security work. The loan balance was about $1.7 million at the end of 2020 and amortizes to maturity in 2029. The condominium levied an assessment of about $100,000 in 2020, ended that year with negative members' equity after two years of capital spending, and held reserve cash of about $150,000. The approved 2022 budget projected income of about $1.2 million against operating costs, including loan interest, of about $900,000. Department of Buildings filings in 2026 cover two replacement boilers and new water heaters. Ask for the current financial statements, the loan balance and any assessment in place before you sign.

The two community units, about 5,500 and 2,200 square feet at grade, have been under one commercial owner since 2014. Department of Buildings filings since late 2023 convert the former ambulatory health-care space to school use. HPD records a large affordable-rental redevelopment of the former Greenpoint Hospital campus under way nearby on Maspeth Avenue since 2024.

Recent sales

Sales sourced from NYC Department of Finance recorded transfers (BBL 3-02907-7501) and verified listing data. Apartment-level facts (line, condition, asking-price context) curated and cross-verified by The Roebling Team research desk. Not all transactions cross-verify with ACRIS records — sponsor and LLC purchases sometimes record at stipulated values rather than market price.

Underwrite the full-tax bill, not today's. Model the four phase-out years and the full bill from 2034/35. For a one-bedroom, that is a five-figure annual increase within a normal holding period.

Get the capital file. Ask for the current statements, the balance on the 2019 loan (maturing 2029), reserve levels and any active assessment. Ask as well whether the 2013 construction-defect case has been resolved and on what terms.

Parking is licensed, not owned. Check that the license transfers with the unit, and the current fee.

Plan for the right of first refusal. The board has 45 days to match on a sale or lease, and that period has to be built into the contract timeline.

Sell the remaining abatement years. A 2026 buyer gets roughly four more years of near-zero taxes and a stepped phase-out after that. Show the numbers in the listing file.

Include any roof unit or parking license. Both can only be held by owners in the building, so they sell best with the apartment.

• 80 Metropolitan Avenue: a 2008 Williamsburg condominium with an indoor pool and a 25-year 421-a benefit; the closest comparison on the tax schedule
• 125 North 10th Street: an 86-unit 2007 Northside condominium with a garage, cabanas and a roof terrace
• 214 North 11th Street (Warehouse 11): a 120-unit condominium from the same 2007–2009 delivery cohort
• 20 Bayard Street (The Bayard Views): a 2007-declared condominium whose 15-year 421-a has already fully phased out; what the tax change looks like after
• 150 North 5th Street (The Rialto): another Williamsburg condominium through a 421-a expiry
• 318 Knickerbocker Avenue: a Bushwick condominium with an expiring abatement
• 101 Wyckoff Avenue: a 2006 Bushwick factory conversion from the same first wave of condominiums east of the BQE