267–273 1st Street

The DOB application describes a five-story, nine-dwelling-unit residential building 55 feet tall. The condominium declaration, recorded in February 2010, creates nine residential units numbered 1 through 9 and a tenth unit indexed in ACRIS as a parking space. That parking unit conveyed with Unit 5 at the first sale in 2010 and again on resale in 2024. Listing records describe seven parking spaces in the cellar and rear yard. Only one is a separate tax lot, so the status of the others has to be read in the declaration.

Listing records describe one- to three-bedroom-plus layouts, each with private outdoor space: decks, patios or balconies. The house rules provide for a common laundry room and common storage rooms and bar owners from the roof. The site is mapped R6B today; the 2003 DOB filing lists R6.

The 421-a schedule. Every unit lot, including the parking unit, carries DOF code 5114, "421A 25 YR NO CAP," with a 25-year term and a 2009 start. The seventh amendment confirms the benefit was in effect when the tax lots were apportioned for 2010/11. Under the statute's 25-year schedule, the exemption stays at 100 percent for 21 years, then drops 20 points a year for four years. Read against DOF's start year, the full exemption runs through 2028/29, the phase-out runs 2029/30 through 2032/33, and full taxes begin with 2033/34. That is our reading of the statute against the DOF record, not a DOF-published schedule. Listing records say "tax abatement in place until 2033," which matches. ACRIS indexes no regulatory agreement against the unit lots or the former lot.

Capital record and reserves. The 2021 financial statements on file show $300,000 of capital repairs, funded by special assessments of about $293,000. The statements do not say what the work was, and the managing agent should. The reserve fund stood at about $108,000 at December 31, 2021, up from about $57,000 a year earlier after an operating-to-reserve transfer. The operating fund ended 2021 in deficit. Recurring costs include elevator service, sprinkler maintenance, insurance, water and sewer, landscaping and a management fee. The statements are compiled, not audited, and omit the standard disclosures, including information on future major repairs. Ask for the current budget and anything issued after 2021.

Governance. The board is owner-controlled; the sponsor has sold out. A November 2022 amendment to the by-laws, approved by more than two-thirds of owners, lets the board levy fines of up to $250 per incident or per day for rule violations. It also makes an owner who sues the board or the condominium and loses liable for the board's legal fees. Both charges are collectible as common charges.

• Pets: No animal without the board's express written permission, revocable at the board's discretion; animals leashed or carried in common areas (house rules)
• Floors: At least 80 percent of floor area outside kitchens, pantries, baths, closets and foyers covered with rugs or equivalent sound-deadening material unless the board authorizes otherwise
• Renovation hours: Weekdays 8:00 a.m. to 5:00 p.m., excluding legal holidays
• Roof: No owner access
• Fines and fee-shifting: Per the 2022 by-law amendment above
• Leasing, right of first refusal, move-in fees: Not documented in the materials reviewed; confirm 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 (2024) cleared a median $1,350/sf (recorded) across 3 sales. Median listing discount -5.4% over ask.

Sales sourced from NYC Department of Finance recorded transfers (BBL 3-00964-7503; 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.

Get the capital story. Ask what the 2021 work was, whether it is complete, and whether any further assessment is planned or under discussion. In a nine-unit building, one project lands hard on each owner.

Model the tax phase-out. Full benefit today, four step-up years from 2029/30, full taxes from 2033/34. Have your attorney pull the DOF exemption record.

Pin down parking in writing. If a space is part of the deal, confirm whether it is the separately deeded parking unit or a limited common element, and what the declaration says about it.

Read the 2022 amendment. The fine and fee-shifting provisions are enforceable as common charges.

Lead with the elevator and the tax years. An elevator in a nine-unit side-street building, plus several years of full 421-a benefit remaining, separates this from walk-up peers and from newer, unabated product.

Have the capital file ready. Buyers' attorneys will ask about the 2021 assessment. A clean summary from the managing agent of the work done and the current reserve shortens diligence.

If you're considering 267–273 1st Street, also evaluate:

• 251 1st Street — 44-residence terraced condominium at the Fourth Avenue corner of the same block
• 269 4th Avenue (Six Garfield) — 33-residence condominium on the same block, with no abatement
• 267–269 8th Street — 16-residence two-building condominium between Fourth and Fifth Avenues on the same 25-year 421-a code
• 309 2nd Street (The Heritage) — 21-residence condominium nearby with a 25-year 421-a
• 243 4th Avenue (Parlour) — nineteen-residence Fourth Avenue condominium nearby
• 560 Carroll Street — 44-residence condominium at Fourth Avenue with a 25-year 421-a and a capital-assessment history
• 205 12th Street — six-unit 2019 condominium; the unabated, small-building comparison