488 Sterling Place

The building is a seven-story block on a 75-by-131-foot lot. The ground floor has two large units. The five typical floors each have a four-apartment plate. The top floor has three penthouses. By Department of Finance gross area, the D line is about 1,810 square feet, the B line about 1,270, the A line about 1,250 and the C line about 710. The penthouses are about 1,340, 1,380 and 2,280 square feet.

An amended declaration and new floor plans for PH-C were recorded in April 2023, after that unit's first sale. The records reviewed do not show what changed. A buyer looking at PH-C should read the amendment and confirm that the unit's current layout, outdoor space and common interest match it.

The architect of record on the Department of Buildings filing is Robert Litchfield, RA. No architectural press coverage of the design was found. Finishes, amenities and outdoor space are not documented in the city records reviewed. Confirm them against the offering plan and a current listing.

Parking. The fourteen parking spaces are separate condominium units with their own tax lots. Thirteen were conveyed with an apartment in the 2022 sponsor sales, and one was conveyed on its own. Check any purchase that includes a space against the deed, and confirm how parking costs appear in common charges.

Façade program. At seven stories, the building exceeds six stories and falls under the city's Façade Inspection and Safety Program (Local Law 11). A building finished in 2021 will reach its first inspection cycle within a few years. Ask the managing agent where it stands.

Documents. No offering plan, audited financial statements or budget is on file in The Roebling Research Library. Before contract, ask for the plan and its amendments, the by-laws, the last two audits, the reserve balance, and the status of any sponsor-warranty or construction-defect claims. Buildings completed in 2021 are usually still inside that window.

What the records show. Department of Finance exemption records carry no exemption on any unit lot at 488 Sterling Place. That includes no 421-a, no 421-a(16) (Affordable New York) and no J-51. The 2026/27 roll shows no exempt value on any residence. ACRIS shows no recorded regulatory agreement.

Why that is plausible. The homeownership option of 421-a(16) was available outside Manhattan, but only for units assessed at or below a per-unit ceiling of $65,000 at first assessment, and it came with owner-occupancy requirements. Every residence here is assessed well above that figure on the current roll. Whether the sponsor ever applied for a benefit is not documented in public records. Confirm it with the offering plan.

What it means for a buyer. The current tax bill is the starting point, not a fixed future carrying cost. No exemption phaseout was identified here, but taxes can change with assessments, rates and eligibility for any benefits; a comparison across the street also requires actual common charges and assessments. Compare the two with the True Monthly Carrying Cost Calculator over your expected holding period, not on this year's bill alone.

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 $1,622/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. Median listing discount -2.6% over ask.

Sales sourced from NYC Department of Finance recorded transfers (BBL 3-01174-7503; 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.

Compare total monthly cost, not price. Compare the specific unit with 475 Sterling or another 421-a building using actual taxes, common charges, assessments and the applicable benefit schedule. Model more than one assessment and rate path over the intended holding period; neither short-term nor long-term cost superiority follows from exemption status alone.

Confirm the space by deed. If the listing includes parking, make sure the parking lot number appears in the deed you are buying.

Ask about the warranty period. For a building this new, the managing agent and board minutes will tell you whether open construction issues are being pursued against the sponsor.

Make the tax position part of the case. Include the current unit tax bill and the exemption search when comparing this building with 421-a neighbors. Distinguish the absence of an identified exemption phaseout from other possible changes in assessments, rates and tax benefits.

Price the parking separately. A deeded space affects value at this location. Price it and show it separately.

If you're considering 488 Sterling Place, also evaluate:

• 475 Sterling Place — the 45-unit 2008 condominium directly across the street, with deeded parking and a 25-year 421-a running into the 2030s
• 834 Sterling Place (Hello Sterling) — 54-residence 2015 Crown Heights condominium, also with no 421-a
• 856 Washington Avenue — 26-unit 2017 condominium at Eastern Parkway, a few blocks south
• 280 Saint Marks Avenue — 31-unit 2016 Prospect Heights condominium still under a 15-year 421-a
• The Washington (35 Underhill Avenue) — 39-unit mid-2000s Prospect Heights condominium
• Isabella (545 Washington Avenue) — Washington Avenue condominium with an enclosed garage
• 450 Grand Avenue — 39-unit 2023 Clinton Hill condominium, also carrying full taxes from the start
• 550 Vanderbilt Avenue — full-service Pacific Park condominium for buyers weighing amenities against carrying cost