2 Bayard Street (The Lotus)

Nineteen apartments sit on five floors: four each on floors one through four (A–D lines) and three on the fifth floor (5A–5C). The second- through fourth-floor apartments are the largest, at about 930 square feet each per the Department of Finance roll. Listing records describe the original program as one-bedroom apartments, several with mezzanine levels, and describe a penthouse with a large planted deck. Confirm any individual layout against the floor plan in the offering plan.

The façade is the building's most discussed feature. Architectural records note a geometric front with painted relief panels and patterned railings that drew divided commentary when the building was new.

The R units. Three small units, R1, R2 and R3, are separately tax-lotted. At the first sale R3 was conveyed together with apartment 4B. R1 and R2 went to the board of managers. The records we reviewed do not say what the R units are. A buyer of an apartment that claims one should see it in the deed and confirm its use in the declaration.

Parking. The eight parking spaces, P1 through P8, are each separate tax lots. In March 2011 the sponsor sold all eight, together with R1 and R2, to the board of managers in a single deed, per ACRIS. The board still holds them. That means no apartment owner holds a deeded space. Parking is a building-controlled asset, and access, allocation and fees are set by the board.

The 421-a has expired. The Department of Finance exemption roll records code 5113, "421-a, 15 years, no cap," on the condominium's lots, with a benefit start of 2008. On the standard 15-year schedule the benefit runs at full value for 11 years and then steps down 20 percent a year over the last four. The roll shows the phase-down in its last years: a partial exemption on the 2020/21 and 2021/22 rolls and none from 2022/23. Owners have paid full real-estate taxes since July 2022.

Board-held assets. The board of managers owns the eight parking lots and two of the R units. Those lots carry their own taxes and generate whatever income the board charges for them. Ask the managing agent how they are budgeted and whether they are leased to owners.

Sponsor position. All 19 apartments sold between November 2006 and June 2007. The sponsor transferred its remaining parking and R lots to the board in 2011. No sponsor-held residences remain, per the Department of Finance roll and ACRIS.

Staffing. Not documented in the records we reviewed. Confirm staffing and package handling 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 (2025) cleared a median $1,389/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 2.4% 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 3-02721-7501; 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.

Price the apartment on the full tax bill. There is no abatement left. The current bill is the bill.

Ask about parking before you assume it. No apartment owner holds a deeded space. Ask the managing agent whether spaces are leased, at what rate, and whether there is a waiting list.

Check the deed for an R unit. If a listing claims roof space or storage, confirm the lot is in the contract and what the declaration allows.

Get the building documents. No offering plan or financial statements were found in The Roebling Research Library. A buyer's attorney should review the declaration, bylaws, current budget and any planned assessment.

Lead with the park. Direct McCarren Park frontage is the building's clearest advantage. Show it.

Present the carrying cost plainly. Buyers comparing against abated buildings will focus on taxes. A clean statement of common charges and the current tax bill avoids a discount for uncertainty.

Document any appurtenant rights. If the apartment comes with an R unit or a parking arrangement, have the paperwork ready.

If you're considering 2 Bayard Street, also evaluate:

• 20 Bayard Street (The Bayard Views) — the larger Karl Fischer condominium on the same block, also facing McCarren Park
• 65 Eckford Street — a recent 22-apartment condominium near the park on the Greenpoint side
• 36 Eckford Street — a 2007 condominium near the park with deeded parking and an expired 15-year 421-a
• 88 Withers Street (Element 88) — a newer small condominium a few blocks south
• 526 Union Avenue — a 2023 condominium farther south on Union Avenue, fully taxed with no 421-a
• 161 North 4th Street — a Northside condominium of similar era whose 421-a has also run out
• 70 Berry Street — a Northside condominium with deeded parking and an expired 421-a