320 Washington Avenue (The Graham)

The property holds two connected structures: the house rules define the building as "the front/Washington building and the back/Waverly building." The LPC building database carries both under the 1851 date and Glover's name, and one record notes a four-and-a-half-story addition. The exterior is brick, restored at conversion; historical accounts note that no original interior detail survived the motor-inn decades and the gut renovation.

The 25 apartments are laid out five to a floor on five floors, lines A through E. The second amendment, recorded in 2007, is the governing unit schedule: sizes run from about 1,020 to 1,457 square feet, with three-bedrooms in the C line and in the A line above the first floor, and two-bedrooms in the B, D and E lines and at 1A. Unit 2D is the only one-bedroom, the result of a 2005 reallocation of space from 2D into 2C approved by the association and cleared by the LPC. Five apartments carry limited common elements — private outdoor areas of roughly 46 to 205 square feet — and those units price at a premium. The twelve parking units are equal-sized outdoor spaces, each its own tax lot.

The walls, the courtyard and the driveway are all inside a historic district. Window replacements, rooftop mechanicals and anything visible from either street need LPC review.

Finances, per the audited statements on file. In fiscal 2021 (year ended June 30, 2021) the association billed about $185,500 in common charges, with small amounts of storage and sublet income. It reported an operating loss of about $31,700 after roughly $45,000 of depreciation, so cash operations were positive. Reserve cash stood at about $76,000 at year-end. The statements show no association-level mortgage. The auditor noted that the association has no reserve study and no funding plan for major repairs.

Capital history. In February 2010 the board levied a $73,000 special assessment, billed in four installments, to fund an exterior facade contract of about $106,000 plus architect fees. Capitalized improvements and equipment grew from about $215,000 at June 2010 to about $1.22 million at June 2021, so roughly $1 million of common-element work went in over that decade. The statements do not itemize it. Ask the managing agent for the capital history since 2021 and the current Local Law 11 facade cycle status; a masonry building of this age in a historic district carries real facade cost.

Governance. The board has kept the declaration current, recording amendments in 2006 and 2007, and further amendments to the declaration were recorded in 2012. We have not reviewed the 2012 amendments. Request them with the by-laws.

• Pets: No more than two per apartment, fish excepted, without board approval.
• Leasing: Article Seven of the by-laws governs sales and leases. Before signing a lease the owner must submit a credit check on the tenant and a statement that the owner remains responsible for common charges.
• Moves: $1,000 non-refundable move-in fee, paid to the reserve fund, plus a $1,000 refundable deposit against common-area damage. Forty-eight hours' notice for elevator use.
• Showings: Appointment only. The house rules prohibit open houses with unaccompanied visitors.
• Roof: Closed to owners; access for repairs and maintenance only.
• Working capital: $1,000 per purchase at closing, per the fiscal 2021 statements.

These rules date from 2008. Confirm the current version with the managing agent.

Recent sales

Sales sourced from NYC Department of Finance recorded transfers (BBL 3-01931-7501) 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.

Underwrite the full tax bill. The J-51 exemption ended after the 2016/17 tax year. Pull the Department of Finance bill for the specific unit.

Ask for the reserve position and the capital plan. Reserves were modest at the last statement on file and there is no reserve study. Request the three most recent years of financials, the current budget, and any assessment planned or in progress.

Confirm what comes with the unit. Parking spaces are separate tax lots, bought and sold on their own deeds. Private outdoor areas are limited common elements attached to specific units. Check the deed and Exhibit C of the second amendment.

Plan any work with the LPC in mind. The combination of 2C and 2D needed an LPC permit. Window, HVAC and exterior changes will too.

Lead with the building and the parking. An 1851 landmark-district building with a courtyard, an elevator and deeded parking has no direct competitor in Clinton Hill. Market all three.

Price off unabated comparables. Buyers' attorneys will pull the tax bill; a list price set from J-51-era sales invites renegotiation.

Have the paperwork ready. The board's Article Seven process and the move fees add time. A current house-rules copy and a recent financial statement shorten the buyer's diligence.

If you're considering The Graham, also evaluate:

• 475 Washington Avenue — a 60-unit prewar rental converted to condominium in 2021, two blocks south in the same historic district, with an unsold sponsor block
• 277 Washington Avenue — Francine Towers, a 1920s elevator co-op in the historic district; the tenure contrast on the same avenue
• 545 Washington Avenue — Isabella, a 63-unit 2011 new-construction condominium at the Fulton Street end of the avenue
• 372 DeKalb Avenue — Clinton Mews, a shoe factory on the Pratt block converted to a 78-unit co-op in 1987
• 10 Quincy Street — the 1899 Loeser warehouse, converted to 46 loft condominiums
• 360 Clinton Avenue — the 1920s full-block co-op in the historic district
• 532 Clinton Avenue — a 14-unit boutique condominium with no abatement and no LPC review
• 111 Steuben Street — The Absolute, a 35-residence 2009 condominium near Myrtle Avenue with its own completed 421-a phase-out
• 759 President Street — The Presidential in Park Slope, another conversion of a former institutional building