434 Marcy Avenue

Two buildings designed by Karl Fischer, filed on the same day in 2002 and completed together in 2006. The corner building rises seven stories with two apartments per floor. On floors two through six the A line is about 1,686 square feet and the B line about 1,840. On the ground floor, 1A (the unit carried as 434 Marcy Avenue) is about 1,686 and 1B about 1,631. The top floor is slightly smaller: 7A at about 1,436 and 7B at about 1,380. The 442 Marcy building stacks one apartment per floor, about 1,456 square feet on floors two through six and about 1,246 on the first.

Bedroom counts, exposures and outdoor space are not documented in the records reviewed and should be read from the floor plans. A 2009 Department of Buildings alteration filing for a parking space and curb cut at the corner building shows a permit issued but no sign-off. The building has no deeded parking.

A PLUTO note. PLUTO gives the billing lot an irregular area of about 5,400 square feet but credits it with about 32,300 square feet of floor area across two buildings. That simple ratio comes out near 6, above R7-1's residential FAR, but it does not establish legal zoning floor area. PLUTO's lot dimensions here should not be relied on; use the tax map and the survey.

The 421-a has run off completely. The Department of Finance exemption file shows a 15-year 421-a exemption (code 5113) on all 20 unit lots, with benefits starting in fiscal 2008 from a 2002 base year. The step-down is visible in the file: the exempt amount on each unit roughly halved between the fiscal 2021 and fiscal 2022 rolls, and it is zero from fiscal 2023 onward. Owners have paid full Class 2 taxes for several years, and the fiscal 2027 roll shows no exemption of any kind.

At the fiscal 2027 assessments and a Class 2 rate of roughly 12.5 percent, that works out to about $10,000 to $15,000 a year at 434 Marcy / 298 Wallabout and about $17,000 to $19,000 at 442 Marcy, whose units are assessed higher despite being smaller. These are our estimates from the roll, not bills. The gap between the two buildings is worth asking the Department of Finance or a tax certiorari attorney about.

Operating detail — staffing, the budget, reserves, any assessments, and the capital record of a 20-year-old building — is not documented in the records reviewed. On a building of this age, ask specifically about roof, facade and mechanical replacement cycles.

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 (2026 to date) cleared a median $885/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.

Sales sourced from NYC Department of Finance recorded transfers (BBL 3-02264-7515; 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.

Identify the lot, not the name. Several condominiums on this block share the Garden Estates name, and this one spans two addresses and two buildings. Your contract, title report and lender file should all carry billing lot 7515 and the specific unit lot.

The abatement has already expired. No phase-out remains, but the bill still moves with assessments and tax rates, and common charges and assessments can change.

Get the documents from the managing agent. No offering plan was located. Pets, leasing rules, any resale contribution, the budget and reserves all have to come from the managing agent and the governing documents.

Confirm the certificate of occupancy. The digitized record does not include it. Your attorney should pull it.

Sell the square footage. Apartments of 1,600 to 1,800 square feet are rare in Brooklyn condominium resale inventory. The floor plan is the listing.

Present the tax bill plainly. Buyers comparing against abated buildings will ask. A fully expired 421-a leaves no phase-out step-up ahead; future bills still change with assessments and rates.

• 330 Wallabout Street: a 40-unit condominium on the next block east on Wallabout Street, with large-format apartments and no tax abatement; the new-construction alternative
• 342 Wallabout Street: its neighbor on the same block, still in sponsor sell-out, with apartments of about 1,276 to 1,709 square feet
• 429 Kent Avenue (The Oosten): a larger South Williamsburg condominium with large apartments and townhouses
• 440 Kent Avenue (Schaefer Landing North): the established South Williamsburg waterfront alternative of the same era
• 480 Kent Avenue (One Williamsburg Wharf): South Williamsburg new development inside a multi-building master plan
• 20 Bayard Street (The Bayard Views): a Karl Fischer condominium whose 15-year 421-a reached zero on the fiscal 2025 roll; the same tax position, a few years later
• 415 Leonard Street: a seven-story Williamsburg condominium with an expired 421-a; the same tax position in a different part of the neighborhood