500 Waverly Avenue (Waverly Brooklyn)
500 Waverly Avenue, Brooklyn, NY 11238
BBL 3020117502 · BIN 3426479
- Year built
- 2017
- Type
- Condominium
- Units
- 48
- Floors
- 7
- Landmark
- No
Own an apartment here? See what it would sell for.
A Private Pricing Opinion — what your apartment at Waverly Brooklyn; the declaration is recorded as the 500 Waverly Condominium would likely sell for today, what it costs to sell, and what you’d walk away with — reviewed personally against condition, exposures, renovation quality, and the competition actually on the market.
The single most important fact about 500 Waverly is its tax bill. Every unit lot carries a 25-year 421-a exemption, and the Department of Finance records it at 100 percent today. In a Brooklyn condominium that means real estate taxes are paid only on the building's pre-construction assessed value for most of the next two decades, and that is what makes this building's monthly carrying cost read differently from almost any unabated condominium nearby. Listing records have described the benefit as a J-51 abatement running to 2042. That is incorrect: the offering plan and the DOF record both identify it as 421-a, 25 years.
The benefit is tied to the building's affordable component. Eleven of the 48 apartments are Inclusionary Housing units — permanently affordable homeownership condominiums sold through an HPD-supervised lottery, ten priced for households at 60 percent of Area Median Income and unit 5J at 80 percent, per the offering plan. They generated the zoning bonus that allowed the building's size and qualified the project for 421-a. The other 37 apartments are market-rate and trade freely.
The location is the third fact. The building sits at the Fulton Street corner, steps from the Clinton–Washington Avenues station on the C line, at the southern edge of Clinton Hill where the neighborhood meets Fulton Street's retail. It is a transit and convenience address rather than a mansion-row address, and it prices accordingly.
Finally, the building has a real operating history. It opened in 2017, the sponsor sold its last residential unit in April 2018, and it has now run for nine years under owner control. The audited financial statements on file show what that history looked like in the early years, and the building's current façade program shows what it looks like now.
Architecture and unit composition
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.
Building operations
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.
Policy framework
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). Not documented in the records reviewed beyond the declaration's general framework. Confirm with the managing agent.
Recent sales
The retrade record
Lines that have traded more than once in the public record — the building’s appreciation arc, apartment by apartment.
Recent closings at this building, sourced from NYC Department of Finance records. Apartment-level detail (line, condition, asking-price context) verified upon consultation request.
| Date | Unit | Price |
|---|---|---|
| Jul 22, 2026 | 3D | $900,000 |
| Jul 30, 2026 | 3A | $1,965,000 |
| Jun 25, 2026 | PH5 | $1,700,000 |
| Mar 23, 2026 | 5C | $1,633,000 |
| Sep 2, 2025 | 4A | $1,925,000 |
| Aug 27, 2025 | 5A | $1,906,000 |
Full closing history with price-per-square-foot over time, the complete retrade record, and every line that has traded.
Sales sourced from NYC Department of Finance recorded transfers (BBL 3-02011-7502) 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.
At the recent median sale of $1.7M (9 sales since 2024), a buyer putting 25% down would pay about $70,864 to close, or 4.2% of the price.
- Mansion tax: $17,000
- Mortgage recording tax: $24,544
- Title insurance: $7,650
- Attorneys, lender, building fees, reserves and filings: $21,670
Assumes a resale (the seller pays transfer taxes), a $4,500 attorney fee and a mortgage on the rest.
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What to know if you’re buying
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.
What to know if you’re selling
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.
Comparable buildings
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
More Clinton Hill buildings
- 4 Downing Street — 1920 condominium
- 450 Grand Avenue (Four Fifty Grand) — 2023 condominium by Isaac & Stern Architects
- 475 Washington Avenue — 1907 condop
- 525 Myrtle Avenue — 2017 condominium
- 532 Clinton Avenue — 2017 condominium
- 545 Washington Avenue (Isabella) — 2009 condominium by Stephen B. Jacobs Group
The neighborhood
For the full neighborhood — its buildings, character, and market — read The Roebling Team Guide to Clinton Hill.
How to read the facts on this page. Items attributed to an offering plan describe the building as it was offered at that filing — unit mix, square footage, the amenity program as planned. They are not a statement about how the building operates today. Tax and compliance figures are sourced separately to current City records and carry their own dates. House rules, staffing and fee policy can change by board resolution without any public filing: treat every policy line here as a starting point for diligence and confirm it with the managing agent. Where this page compares one building or neighborhood to another, that is our analysis of the recorded record — it names the measure, the period and the sample it rests on, and it is an observation about medians rather than a prediction about any particular apartment.
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