171 North 1st Street

The building rises seven stories and 70 feet on a roughly 13,900-square-foot interior lot. Its gross area is about 51,800 square feet, and it has 94 feet of frontage on North 1st Street. Christopher Fogarty, R.A., is the registered architect on the Department of Buildings new-building application. We did not independently confirm a separate design-architect credit.

The recorded unit designations give the stacking plan. Three duplexes (DPLX1–DPLX3) and one residence (1A) occupy the ground level. Floor two has eight lines (A–H). Floors three and four have ten each (A–K, no I). Floors five and six have nine each (the F line is absent). The top floor has seven penthouses, PH A through PH G. That is a mid-rise double-loaded plan with a large number of compact residences on each floor. The duplexes and penthouses are the exceptions, and they should be priced as such.

The Department of Finance assessments point the same way. The duplexes and the largest penthouses assess at several times the value of the smallest line residences. Finish specification, ceiling heights and outdoor space were not available in the records reviewed. Confirm each against the offering plan and the unit's floor plan rather than relying on marketing descriptions.

This is a young condominium with a short operating history. The final certificate of occupancy dates only from November 2024. The reserve baseline is still being established, and the first full-year budgets have run while the sponsor has held a large share of the units.

The sponsor's 20 residences carry about a third of the common charges and a matching share of the vote. Before contract, ask for:

• the current operating budget and reserve balance;
• confirmation that the sponsor is current on common charges and taxes for its unsold residences;
• whether the sponsor still controls the board of managers, and when control passes to purchasers;
• whether any unsold residences are leased. Public records do not show this. None of the unit lots is classed as a condominium rental by the Department of Finance, but that classification does not rule out individual leases;
• the status of any open punch-list or construction-defect items, and whether the offering plan's warranty and escrow periods are still running.

No offering plan was located in The Roebling Research Library. That makes these requests more important.

Ownership form: Condominium. Resales close through the board of managers' right of first refusal rather than a cooperative board approval.

Real estate taxes: Full, unabated taxes on every residence. No exemption appears on any unit lot through the 2026/27 roll. The 421-a(16) homeownership option and 485-x are both inapplicable, for the reasons given above.

Parking and storage: None is deeded in this condominium. There are no parking or storage unit lots.

Pets, subletting, pied-à-terre and entity purchases: Not documented in the records reviewed. Confirm each in the by-laws and house rules.

Flip tax: Not documented. Confirm any resale contribution with the managing agent.

Recent sales

Sales sourced from NYC Department of Finance recorded transfers (BBL 3-02366-7502) 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.

Negotiate with the sponsor's inventory in view. Twenty unsold residences and no sponsor closing in eleven months is leverage. Ask what the sponsor has closed recently and on what terms before you make an offer.

Underwrite full taxes from day one. There is no 421-a, no 485-x and no J-51. When you compare this building with an abated resale nearby, compare the monthly carrying costs, not the list prices.

Get the offering plan and every amendment. We did not locate a plan. The amendments will show the current pricing schedule, the sponsor's unsold-unit obligations, the budget and the board-control schedule.

Ask about leasing of unsold units. A sponsor that rents its unsold units changes the owner-occupancy ratio, and that ratio can matter to some lenders. Get the answer in writing.

Use the DOB record, not PLUTO. PLUTO shows no year built, and the Department of Finance uses 2021. The building was completed in 2023–24, and valuation tools keyed to either figure will be wrong.

Your competition is the sponsor. Until the remaining 20 residences sell, every resale is priced against sponsor inventory in the same building. Know the sponsor's asking prices and concessions before you list.

Show the tax bill up front. Buyers will compare your unit with abated Williamsburg resales. Presenting the full tax figure with a True Monthly Carrying Cost projection works better than letting it surface in diligence.

Line and floor matter more than building averages. With compact line residences, three duplexes and seven penthouses, building-wide figures say little about any one unit. Price from the specific line.

If you're considering 171 North 1st Street, also evaluate:

• 110 North 1st Street — the 38-residence post-421-a condominium two blocks west on the same street, also fully taxed; the closest peer
• 510 Driggs Avenue — 44-residence Northside condominium completed 2022, sold out in 2023 and fully taxed with no 421-a
• 127 Kent Avenue — 43-unit Northside condominium that is mid-sellout; the other current sponsor-inventory comparison
• 280 Metropolitan Avenue — 28-residence condominium on the next block east, with a capped 421-a benefit; the abated counterpoint
• 80 Metropolitan Avenue — larger 2008 condominium with an indoor pool; the full-amenity alternative
• 70 Berry Street — 38-residence Northside condominium whose 421-a benefit has run off; a mature, fully taxed resale comparison
• 100 North 3rd Street — 24-residence duplex-loft condominium on the Northside; the smaller-building alternative
• One Domino Square (346 Kent Avenue) — the waterfront new-development tower; the view-premium comparison