447 Prospect Place: 8 likely condos under construction

Where Things Stand

There is a construction fence on Prospect Place between Grand and Classon. It went up in August.

The building behind it sold in April for $2.5 million, and the buyer took out financing to support the renovation and enhancement of the building.

What the Paperwork Says

447 Prospect Place is a four-story, eight-unit walk-up built in 1907. Thirty feet wide, 8,884 square feet of building on a 3,855 square foot lot, zoned R6A. Building class C1, which is the city’s code for a walk-up apartment house with no stores. Thirty feet wide is the unique element here- most blocks are 20 feet wide in Brooklyn. I’m curious to see if these are built with 4 front units and 4 back units- that width would be very interesting.

The main job, filed in July, describes horizontal and vertical enlargement of the existing building and an application for a brand-new certificate of occupancy. A new C of O means the finished building is legally a different building than the one standing there now.

The numbers are the interesting part. 8,884 square feet becoming 12,461, which is roughly forty percent more building. Four stories staying four stories. Eight apartments staying eight apartments, but with an average size of 1,557; these will be pretty spacious. No Elevator

No elevator filings exist at this address, past or pending, and no elevator devices are on record (for now). At four stories under an alteration, nothing requires one, but there may still be time to include one if the numbers work.

Where It Stands Right Now

The enlargement job is still in plan examiner review, and its structural and foundation sub-filings are sitting in objections. What is actually permitted and moving is a $350,000 interior renovation, approved August 6, and the construction fence, approved August 20.

So: work has started inside, and the big exterior job is not approved yet.

What the Ownership Structure Tells Us

The buyer is Habitat on Prospect LLC, one of a family of single-purpose entities run by Eli Scharf under Habitat Living NYC. The naming convention is effectively a project list: Habitat on Degraw, Habitat on President, Habitat on 6th, Habitat on Garfield, Habitat on State, and now Habitat on Prospect.

Here is what happened to the finished ones. This is from the tax rolls, not from anybody’s marketing.

708 Degraw Street, 3 units, now a condominium.

239 President Street, 4 units, now a condominium.

340 6th Avenue, 4 units, now a condominium.

42 Garfield Place, 4 units, now a condominium.

436 State Street, 2 units, still under construction.

This predicts pretty nicely for 447 Prospect Place.

What We Do Not Know Yet

No offering plan has been filed with the Attorney General. Until a CPS-1 or a plan shows up there, there is no legal condominium here: no unit breakdown, no pricing, no projected closing date. Anyone telling you otherwise is guessing.

Sources: Everything above comes from public records: NYC Department of Buildings job filings and permits, ACRIS deed and mortgage records, PLUTO tax lot data, and the Department of Finance tax rolls.

Want to follow what happens next?

I’ll be tracking every step of the way. Enter your email below for updates related to 447 Prospect Place.