446 Marcy Avenue

Seven stories on the corner of Marcy and Flushing Avenues. The Department of Finance attributes about 50,500 gross square feet to the building. The plan shrinks as it rises:

• Ground floor: 1A (about 3,114 square feet) and 1B (about 3,305), plus the community-facility unit (about 3,926). The ground-floor areas are large enough that they probably include cellar or lower-level space. Confirm from the floor plans
• Floors 2 and 3: three apartments each. The A line is about 2,359 square feet, B about 2,092 and C about 1,740
• Floors 4 through 6: four apartments each. A is about 1,332, B about 1,652, C about 1,822 and D about 1,377
• Floor 7: three apartments. 7A is about 1,256, 7B about 1,358 and 7C about 2,028

The seven parking spaces (P1 to P7, about 160 to 255 square feet each) are separate unit lots, and all seven are held by a single owner. A buyer who wants parking should not assume a space comes with an apartment. Department of Buildings filings include a curb cut and builder's-pavement plan along 233 feet of frontage, completed in 2011.

Bedroom counts, exposures and outdoor space are not documented in the records reviewed.

The 421-a has expired. The Department of Finance exemption file shows a 15-year 421-a exemption (code 5113) on every residential and parking unit lot, with a benefit start of 2012 and a 2006 base year. The file follows the standard 15-year pattern: full exemption through the 2022 tax year, a step-down across 2023 to 2026 (the exempt amount fell by roughly a quarter to a half each year), and no exemption on the 2027 roll, the tax year that began July 1, 2026. Owners now pay full Class 2 taxes.

At the 2027 assessments and a Class 2 rate of roughly 12.5 percent, that works out to about $8,000 to $17,000 a year, from the smaller upper-floor units to the 2,000-plus-square-foot lines. These are our estimates from the roll, not bills. A buyer comparing a 2026 tax bill with a 2027 bill will see a real jump, and a seller's carrying-cost figures should be on the 2027 basis.

The community-facility unit is separately exempt. The ground-floor unit (lot 2801) is held by a not-for-profit and carries its own not-for-profit exemption (code 1021) on the roll. It pays nothing toward the building's real-estate taxes on that basis, but it does pay common charges under the declaration. Ask how its common-charge share was set and what uses the declaration permits in it.

Common-charge liens are on the record. ACRIS shows the board of managers recording liens for unpaid common charges against the two sponsor-held ground-floor units in 2015, released in 2018 when those units sold. It also shows further liens against individual units in 2019 and 2020. Most were later terminated. Two recorded against 1B, in December 2019 and December 2020, show no recorded termination in ACRIS. On a purchase, the title report and the managing agent's estoppel letter will show whether anything is outstanding. Ask the managing agent for the building's current arrears position.

Staffing, the operating budget, reserves, assessments and the capital record are not documented in the records reviewed. The building is 15 years old. Ask about roof, facade and boiler condition, and whether the building has scheduled any major work.

Recent sales

Sales sourced from NYC Department of Finance recorded transfers (BBL 3-02264-7516) 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.

Use the 2027 tax bill. Any carrying-cost figure built on a pre-2027 bill understates the tax by the whole of the old exemption.

Clear the lien question in writing. Get an estoppel letter from the managing agent confirming that nothing is owed on the unit. Have title confirm that any recorded common-charge lien has been satisfied or terminated.

Ask what the sponsor's units did while unsold. Several apartments stayed with the sponsor for six to eleven years. Ask whether they were leased and whether any leases are still in place.

Expect lender questions. A number of units are held in LLCs or trusts. A lender reviewing entity ownership and owner occupancy may not offer a limited review.

Parking is not bundled. All seven spaces are held by one owner. If you need a space, negotiate it separately.

Get the policy stack. Leasing minimums, pets, move fees and any right of first refusal are not documented in the records reviewed.

Lead with the square footage. Apartments this large are uncommon in new construction here, and the floor plan is the main selling point.

Put the current tax bill in the package. Buyers will find the expired 421-a on their own. Showing the full-tax figure up front is cleaner than having the buyer's attorney raise it.

Have your estoppel ready. With liens on the building's record, a buyer's attorney will ask. A clean estoppel letter shortens the contract period.

If you're considering 446 Marcy Avenue, also evaluate:

• 434 Marcy Avenue — two Karl Fischer buildings a few doors north on the same block; large apartments, a 15-year 421-a that expired earlier
• 330 Wallabout Street — a 40-unit 2022 condominium on the former Pfizer site; large-format apartments and no abatement
• 342 Wallabout Street — its 47-apartment neighbor, with a sponsor sell-out still under way
• 859 Myrtle Avenue — the Cascade F Condominium in northern Bedford-Stuyvesant; similar unit sizes with a 25-year 421-a still running
• 970 Kent Avenue (The Kent) — a large loft conversion on the Bedford-Stuyvesant–Clinton Hill edge
• 525 Myrtle Avenue — a 22-residence 2017 Clinton Hill condominium in the middle of its 421-a step-down
• 111 Steuben Street (The Absolute) — a Clinton Hill condominium whose 421-a phase-out is complete; the same full-tax position