500 Waverly Avenue (Waverly Brooklyn)

GKV's design puts ground-floor retail, a residential entrance and the entry to an automated parking garage at street level, with apartments on floors two through six and a penthouse level of five units (PH1 through PH5) at the top. The façade is the building's visual signature: architectural concrete frames that group the windows into larger compositions, set against Norman brick laid by hand, a deliberately modernist reading of the neighborhood's masonry.

The residential mix runs from studios through three-bedroom and penthouse units. The eleven inclusionary units — one studio, four one-bedrooms and six two-bedrooms, per the 2017 lottery — are distributed across floors two through six rather than grouped. Unit sizes on the Department of Finance roll run from about 520 to 1,750 square feet. Line-by-line layouts and the offering plan's floor plans are maintained in The Roebling Research Library and shared with clients during diligence.

The condominium is a four-part regime: residential units, a retail unit, a garage unit and licensed storage lockers. The retail and garage units were sold by the sponsor to separate commercial owners in 2017. Common charges are allocated among the three unit types under the declaration, and the audited statements track surpluses and deficits by type — worth understanding, because retail and garage owners pay into the building but have their own interests.

The building is professionally managed with porter and part-time concierge staffing. The audited financial statements for 2019 on file show a young condominium that was underfunded in its first years: operating expenses exceeded common-charge income, the reserve fund was modest, and the board levied two special assessments on the 37 market-rate units — an operating assessment payable from December 2019 through May 2020, and a larger capital and reserve assessment payable from June 2020 through May 2025. The inclusionary units were not assessed; a separate reserve, funded by the sponsor and held for their benefit under HPD terms, covers their share of capital and operating costs.

An independent engineer's reserve study in February 2020 put the building's largest long-range items as façade restoration, sidewalk protection and scaffolding, and mechanical, electrical and plumbing work. That work is now underway. Department of Buildings permits issued in 2026 cover façade repairs under the city's façade inspection program — concrete eyebrow repairs, masonry repointing, selective brick replacement and sealant replacement — with a sidewalk shed and scaffolding in place. A buyer should ask for the current reserve balance, the cost and funding of the façade work, and whether any further assessment is planned.

Two classes of residential owner. The 37 market-rate units are ordinary condominiums. The 11 inclusionary units are subject to an HPD regulatory agreement for as long as the building uses the Inclusionary Housing floor area: each must be the owner's primary residence, leasing is limited to no more than two years in any four, resale prices are regulated and must be approved by an HPD-approved administering agent, and resale is limited to income-eligible purchasers. ACRIS records the individual affordability agreements with the City of New York.

Taxes. 421-a, 25 years, code 5114 on the DOF roll. The exemption applies to the increase in assessed value from construction, not to the pre-construction base, so every unit pays some tax from the start. On the DOF-recorded 2020 start year, the full benefit runs through roughly 2040, the step-down follows, and the exemption expires in the mid-2040s; confirm the exact tax-year schedule for a specific unit against the DOF exemption record before contract.

Pets, subletting, pied-à-terre (market-rate units). Governed by the declaration and bylaws; specific rules are set by the board.

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 $1,385/sf (floor-adjusted) across 3 sales. 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 0.0% from the last ask.

Sales sourced from NYC Department of Finance recorded transfers (BBL 3-02011-7502; 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.

Value the abatement, then value the phase-out. The benefit is worth the most today and declines to zero over years 22 through 25. Price the monthly on both the current bill and the fully phased-in bill.

Know which kind of unit you are looking at. A market-rate unit and an inclusionary unit in the same building are different legal products. Inclusionary units require income eligibility, primary residence and administering-agent approval at resale.

Ask about the façade program and the reserve. The 2026 façade work is exactly what the 2020 reserve study anticipated. Find out what it costs, how it is funded, and whether any assessment is pending.

Understand the retail and garage owners. They are separate owners inside the condominium. Parking is in the separately owned garage unit, not a residential amenity.

Put the tax bill in the first line. An active 421-a benefit with most of its full-exemption years remaining is the strongest single selling point in the building. State it exactly, and correct the J-51 description if a buyer has seen it elsewhere.

Sell the transit. A building at the Clinton–Washington C station competes on convenience with buildings much closer to Downtown Brooklyn.

Have the capital story documented. A buyer's attorney will ask about the façade work and the reserve. Having the board's answer in hand shortens diligence.

If you're considering 500 Waverly Avenue, also evaluate:

• 532 Clinton Avenue — boutique ground-up condominium nearby on Clinton Avenue between Fulton Street and Atlantic Avenue; the same location at 14 units
• 87 Irving Place — Clinton Hill condominium near Fulton Street, sold out in 2025; newer product without a documented abatement
• 144 Vanderbilt Avenue — Fort Greene mixed-use condominium at Myrtle Avenue with commercial and storage units in the regime
• 35 Underhill Avenue (The Washington) — Prospect Heights condominium of similar unit count with a ground-floor commercial unit
• 550 Vanderbilt Avenue — Prospect Heights new construction with full staff; the higher-service alternative
• 75 Greene Avenue — Clinton Hill adaptive-reuse condominium; older fabric, smaller scale
• 10 Quincy Street — Clinton Hill loft conversion sold out in 2023; full-rate taxes against this building's abated bill
• 360 Clinton Avenue — the landmarked prewar elevator cooperative on Clinton Avenue; the co-op alternative