NV (101 North 5th Street)

Forty residences stand over the garage on a 15,000-square-foot lot, per PLUTO. The Digital Tax Map lays out the floors like this: two apartments on the first floor, nine on each of the second through fourth, seven on the fifth, and four larger units on the sixth. That top-floor tapering is where the building's largest residences sit. Department of Finance unit areas run from about 670 square feet for the smallest one-bedrooms to about 1,435 square feet at the top. Listing records describe ceilings near eleven feet and tall windows. Confirm both for a specific apartment against the floor plan in the offering plan.

The 22 parking units are separate condominium lots. ACRIS shows the sponsor selling most of them bundled with an apartment deed in 2009–2010. It also shows later transfers between owners on separate deeds. Parking here trades as a separate asset, and not every apartment has a space.

The 421-a benefit is over, and that is the most important carrying-cost fact in the building. The Department of Finance exemption roll records a 421-a exemption (code 5113) with a fifteen-year term, benefit start 2011, base year 2006. The roll shows the exemption declining each year from fiscal 2022 through fiscal 2025 and at zero from fiscal 2026 (the tax year beginning July 2025) onward, on all 62 lots. That matches the standard fifteen-year schedule: eleven years at full value, then four years stepping down. Anyone modeling ownership here should work from the current bill, not from a pre-2025 listing, a pre-2025 budget or a seller's recollection. A buyer comparing NV with a newer condominium that still carries an exemption is comparing a fully taxed building with a partially taxed one, and the monthly difference can be material.

The building has a construction-defect history on the public record. A 2013 Kings County Supreme Court decision (2013 NY Slip Op 50575(U)) records that the board of managers sued the sponsor and the architect in 2012. The complaints included leaks, HVAC problems, roofing, drainage, missing pavers and cracking in the concrete floors. The board had signed a settlement agreement and general release with the sponsor in July 2010. The court dismissed the claims against the sponsor and the architect in April 2013 on that release and on the Martin Act, New York's securities law that also governs condominium offering plans. The decision was published more than a decade ago and does not tell us the building's current condition. What it does tell a buyer is to ask the managing agent which of those items were remediated, at whose cost, and whether any related work or assessment is still open.

The sponsor finished its residential sell-out in 2010 and conveyed its last parking unit in 2014. There is no sponsor position left in the building. Staffing and the current common-charge budget are not documented in the public record. Confirm both with the managing agent.

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. Most recent trades (2026 to date) cleared a median $1,450/sf (floor-adjusted) across 1 sale. Floor-adjusted means each sale is restated to a constant mix of floors, so the figure can differ from the plain median of the sales listed above. Median listing discount 0.6% from the last ask — a recurring negotiation gap worth pricing into any offer or listing strategy.

Sales sourced from NYC Department of Finance recorded transfers (BBL 3-02334-7501; 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.

Underwrite full taxes. The 421-a exemption ended with fiscal 2025. Pull the current bill for the specific unit and its parking lot, and run True Monthly Carrying Cost on that number.

Ask about the defect history. The 2010 settlement and the 2012–2013 litigation are on the public record. Ask the managing agent what was repaired, whether the reserve was drawn down to pay for it, and whether any roofing, drainage or façade work is pending.

Confirm what the parking deed covers. A space is a separate lot with its own tax bill and deed. Make sure the contract names it.

Get the policy stack from the documents. The plan on file is not text-searchable. Leasing terms, pet rules, any right of first refusal and any transfer fee should come from the by-laws and house rules supplied by the managing agent.

Lead with the facts a buyer will check. A seller who can produce the current tax bill, the board's account of the post-construction repairs, and the parking deed sets the terms of the diligence conversation.

Price the space separately. A deeded space on the Northside is a scarce asset. Show buyers the apartment's value and the parking's value as two numbers.

Don't market the abatement. It has expired. Copy that still mentions it will be read as either stale or misleading.

If you're considering NV, also evaluate:

• The Rialto (150 North 5th Street) — the same street two blocks east; a loft conversion against NV's new construction
• 144 North 8th Street — a Northside condominium of the same development wave, three blocks north
• 49 North 8th Street (North8) — a mid-block Northside boutique condominium of the same era
• 125 North 10th Street — a six-story Northside condominium of the same generation, with garage parking
• 20 Bayard Street (The Bayard Views) — another Karl Fischer condominium, at McCarren Park
• 80 Metropolitan Avenue — a 2008 Northside condominium closer to the waterfront
• Warehouse 11 (214 North 11th Street) — a low-rise Northside alternative with a loft reference
• The Edge — South Tower (22 North 6th Street) — the waterfront amenity tower a few blocks west; scale and service against a small building