60 Tiffany Place

The lot runs about 165 feet along Tiffany Place and covers roughly 20,000 square feet, per the offering plan. The cellar service entrance opens onto Degraw Street. The lower three floors are the original loft: brick bearing walls, timber columns and beams. The fourth floor and mezzanine are new construction on steel, and from the street they read as a lighter band on top of the brick.

Apartment lines are lettered A through I on each floor. The ground floor has duplexes that use the cellar. The top has fourth-floor duplexes that climb to the mezzanine, and listing records describe ceilings of about 13 feet in some of those living rooms. Some units have private roof terraces. The 16 storage units are separate tax lots in the cellar. They are bought and sold on their own and usually conveyed with an apartment.

One classification is inconsistent. The Department of Finance classes the residences as walk-up condominium units (R2), but the offering plan describes one elevator. Confirm elevator service to the unit you are considering.

Capital posture. The latest audited statements on file cover 2014 and 2015. They show:

• No mortgage or other debt at the condominium.
• Reserves of about $253,000 at year-end 2015.
• Two assessments in 2014–15 totaling roughly $480,000. They funded building improvements of about $317,000 that the audit capitalized without describing the work. Without the 2014 assessment, the year would have closed at an operating deficit.
• No reserve study (a formal estimate of future repair costs) and no funding plan for future major repairs, per the auditor.

The statements are more than ten years old. Ask for the most recent audit and budget, and ask what the 2014–15 work covered and whether more is planned.

Staffing. The plan budgeted a part-time, non-resident superintendent. The 2011 budget in the amendments carries one superintendent. The 2015 audit shows a shuttle-service expense, and listing records describe a weekday shuttle to the Borough Hall subway. Confirm that the service is still running and what the building pays for it.

Property taxes. Amendment 2 to the plan, dated January 5, 2006, added J-51, the city's tax benefit for residential conversions:

• Exemption: a 14-year exemption of the added assessed value. It was full for 10 years from July 2007, then phased out over the final four.
• Abatement: an abatement of 8.33 percent of certified conversion cost each year, capped at 90 percent in total.

The Department of Finance's historical J-51 file shows the abatement exhausted in the 2017 tax year and the exemption in phase-out by 2018, where the file ends. On that schedule the exemption ended after 2020/21. The current roll carries no exemption on any lot in the condominium, so today's tax bill is the full bill.

Sponsor position. The sponsor closed its last residence in November 2011, per ACRIS, and holds no lots on the current Department of Finance roll.

Recent sales

Sales sourced from NYC Department of Finance recorded transfers (BBL 3-00319-7502) 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.

Underwrite the building's finances, not just the unit. Assessments funded major work in 2014–15, and the condominium had no reserve study then. Get current statements, the budget and any board minutes on capital planning before contract.

The tax bill is already the full bill. The J-51 benefit has run out, so there is no scheduled increase coming, unlike the 421-a buildings nearby.

Settle storage and terrace rights in writing. Storage units are separate lots, and roof terraces belong to specific units. Confirm what conveys with the apartment and what is common space.

Expect a real package. The purchase application asks for the contract, two years of tax returns and W-2s, and the mortgage commitment. The board has a right of first refusal. Allow two to three weeks.

Confirm elevator access and laundry. City records class the units as walk-up. Machines are the owner's responsibility.

Get the dates right in the listing. The building dates from 2005–06, not 2001, and it has 33 residences, not 40. Buyers who check ACRIS will notice the discrepancy.

Present storage and terrace as separate value. A deeded storage lot or a private roof terrace is a real adjustment in a building with no parking.

Have the financial file ready. Buyers will ask about the 2014–15 assessments and reserves. A current audit answers the question before it slows the deal.

If you're considering 60 Tiffany Place, also evaluate:

• 1 Tiffany Place: the 1986 factory-loft condominium across the street, larger and owner-run for close to forty years
• 110 Warren Street (Columbia Commons): the district's ground-up 2010 condominium, where an active 421-a benefit sets up the tax comparison
• 118 Union Street (Fifth Columbia Terrace): low-rise new-construction condominium in the same district
• 93 Rapelye Street (The Maritime): a 2004 condominium of similar size on the Carroll Gardens side, with an expired 421-a benefit
• 376 President Street (The Mill): a factory conversion in Carroll Gardens with a J-51 record
• 505 Court Street (Court Street Lofts): a 1918 factory converted to condominium in 2005, from the same cycle
• 501 Hicks Street (Cobble Hill School Condominium): an adaptive-reuse condominium across the trench
• 29 Tiffany Place, 42 Tiffany Place and 20 Tiffany Place: the other converted and new condominiums on the same block