297 Wallabout Street

The new-building application was filed in October 2020 and fully permitted in January 2022. The original filing, by Jongmin Kim Architect, described a seven-story, 79-foot building with five apartments. The job was later amended to eight apartments at 75 feet, with Diego Aguilera Architects as applicant of record. City records describe a 63-by-100-foot lot and about 20,474 square feet of building area; the filings give 31,760 square feet of construction floor area, which includes the cellar.

Published construction reporting from September 2024 described a light gray brick facade with a grid of large windows and balcony doors in black frames, polished concrete accents at the window surrounds and cornice lines, a setback near the top with space for a private terrace, a cellar, a 30-foot rear yard and five enclosed parking spaces. That reporting counted five units and six stories, both superseded by the later filings and the plan. The Attorney General record lists no parking units, so ask how the parking spaces are held and assigned.

The condominium declaration creates eight unit lots: 1A, 2A, 3A, 4A, 5A, 5B, 6A and 6B. That pattern suggests full-floor homes on the lower floors and two homes each on floors five and six; confirm against Schedule A. Unit sizes, finishes and amenities have not been published in sources we could open.

The site was part of a row of low-rise commercial and warehouse buildings. A 2019 application to the New York State brownfield cleanup program covered 295–297 Wallabout Street; ask sponsor counsel for the program's completion status.

Per the offering plan filed with the New York State Attorney General (plan CD230058), the plan was submitted February 28, 2023 and accepted August 4, 2023 at $16,330,500 for eight residential units, with Wallabout 295 Group LLC as sponsor. Two amendments followed:

• Amendment 1 (accepted August 26, 2024): recorded a new sponsor principal and selling agent and moved the projected first year of condominium operation to January 1, 2025. It stated that no units were in contract at that time.
• Amendment 2 (accepted July 18, 2025): declared the plan effective by notice dated June 12, 2025, with three units, or 37%, in contract.

The total offering price has not changed. The record reports three units sold, which matches the contract count at effectiveness; it does not distinguish contracts from closings. We found no asking prices in listing records as of October 2026.

Ask why there are no closings. The plan has been effective for more than a year and the declaration is recorded, yet no deeds appear. Ask sponsor counsel for the certificate of occupancy status, the projected first closing date and whether any amendment has extended it.

The plan is effective. New contracts go to an effective plan. Read both amendments with the contract, and confirm the sponsor's current principals and selling agent.

Deposit and escrow. New-development contracts typically require a deposit of 10% at signing, held in escrow, with some sponsors asking for 20%. The plan sets this building's terms and states when the escrow is released.

Parking. Published reporting describes five enclosed spaces for eight homes. Ask whether they are sold, licensed or assigned, and at what cost.

Closing costs. In sponsor sales the buyer customarily pays the New York State transfer tax (0.4%) and the New York City real property transfer tax (1.425% above $500,000), plus the mansion tax of 1.25% from $2 million to $3 million. On a $2.04 million home that is about $37,300 in transfer taxes and $25,500 in mansion tax. Use the calculators below.

Carrying costs and abatement. No tax abatement has been disclosed. Confirm the first-year budget and tax projection in the plan.

Sponsor control. The sponsor controls the board until enough units close to turn it over. With no closings yet, that turnover is some way off.

If you're considering 297 Wallabout Street, also look at these South Williamsburg condominiums:

• 322 Wallabout Street — eight-story, 38-residence condominium in the Wallabout master plan, effective under its offering plan
• 352 Wallabout Street — eight-story, 58-residence condominium in the same master plan
• 330 Wallabout Street — 40-unit condominium on the former Pfizer site, with no tax abatement
• 342 Wallabout Street — 47-apartment condominium on the former Pfizer site
• 270 Wallabout Street — Garden Estates, 28 apartments in two seven-story buildings, sold out in 2006–07
• 136 Wallabout Street — sixteen-residence elevator condominium with an expired 421-a benefit