342 Wallabout Street

Nine stories over a commercial and parking base, designed by Fischer + Makooi Architects, who drew all four Wallabout Street buildings. The residential stack starts small and widens as it rises. The third floor has just two apartments (E and F), the fourth has five, and the fifth through eighth floors each hold ten, lettered A through J. The three rental units take up the rest of the lower residential floors. Press coverage of one of their sales placed that unit on the third and fourth floors.

The unit mix is family-sized throughout. The E and B lines are about 1,276 square feet, the A and F lines about 1,527, the C and D lines about 1,547, and the G, H, I and J lines between about 1,673 and 1,709. With a spread that narrow, pricing within the building depends mostly on floor, exposure and outdoor space rather than size. Balcony and terrace allocations are set by the declaration and should be confirmed unit by unit.

The assessment roll shows no real-estate tax exemption on any lot in this condominium, and that is the most important carrying-cost fact. The Department of Finance exemption file shows no 421-a or other benefit on block 2265; abatements are applied on the bill, so the roll alone does not rule one out. At the 2026/27 assessments and a Class 2 rate of roughly 12.5 percent, unabated taxes work out to about $15,000 a year for a 1,276-square-foot apartment and about $20,000 for a 1,709-square-foot one. That is our estimate from the roll, not a bill. Taxes can still change as the Department of Finance reassesses the completed building and as rates change; state law has the city value Class 2 condominiums on an income basis, as if they were rentals, not from apartment sale prices. Check the current bill for the specific unit.

The building still operates under a temporary certificate of occupancy, renewed repeatedly since September 2024. That is common for a building in sell-out, but lenders and title companies will want to see it current at closing. The sponsor's affiliate owns the garage and the larger commercial unit, so how parking is allocated, whether by deeded space, license or rental, is a question to ask the sponsor and to check in the plan. The second commercial unit sold in March 2026 to an unrelated owner, and its intended use is not documented.

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 $1,002/sf (recorded) across 3 sales.

Sales sourced from NYC Department of Finance recorded transfers (BBL 3-02265-7502; 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.

You are buying alongside a sponsor that still holds a large stake in the building. With 20 of 47 apartments unsold plus the garage and main commercial unit, the sponsor likely holds a large share of the votes and the budget for some time; the exact percentages come from the declaration and offering plan. Ask for the sponsor's current unsold-unit schedule, its common-charge payment status and the date by which control of the board passes to purchasers.

Underwrite full taxes from the start. There is no abatement to burn off, but actual costs still depend on the assessed value, tax rate, common charges and assessments. Compare current bills and scheduled benefit changes for each alternative rather than assuming an abated building costs less overall.

Read the plan for the rental units. Thirteen of the 60 dwelling units are rentals owned outside the for-sale apartment pool. Their share of common charges, their voting weight and any restrictions on them all belong in the diligence file.

Confirm the certificate of occupancy and the lien release. Check that the temporary certificate is current and that the bond trustee's partial release is ordered for your unit.

Your competition is the sponsor. Twenty unsold apartments in the same lines set the price a resale buyer sees first. Price against the sponsor's current asking prices for the same line, not against the 2025 closings.

Sell the size. The documented floor plans show apartments exceeding 1,000 square feet; confirm the particular unit's measured area and layout. Present those dimensions alongside dated comparable inventory without assuming neighborhood-wide uniqueness.

• 330 Wallabout Street: the neighbouring condominium on the same block, same developer and architect, larger apartments, and also without abatement
• 147 Hope Street: a 38-residence Williamsburg condominium without tax abatement; the full-tax comparison
• 127 Kent Avenue: a 2025–26 Williamsburg delivery in mid-sellout; the other current sponsor-inventory case
• 480 Kent Avenue (One Williamsburg Wharf): South Williamsburg new development inside a multi-building master plan
• 429 Kent Avenue (The Oosten): a larger South Williamsburg condominium with family-sized apartments and townhouses
• 440 Kent Avenue (Schaefer Landing North): the established South Williamsburg waterfront alternative
• 28 Herbert Street: another 2025 delivery; a small-building contrast on sponsor exposure