ADDRESS...........120 bergen street unit 1
NEIGHBORHOOD.....Boerum hill
                                 
PRICE....................$850,000
MAINTENANCE......$641/MO

BEDROOMS................2
BATHROOMS..............1
SQUARE FEET..............741 ($1,147/SF)

NOTES

• HDFC COOPERATIVE

• GROUND FLOOR WALK-UP

• COMMON GARDEN

FIRST TIME AVAILABLE IN 30+ YEARS!

INCOME LIMITS
HDFC Cooperative with income restrictions set at 165% of Area Median Income (AMI)—this is based on buyer’s income on their two (2) most recent tax returns and current paystubs. See details below.

APARTMENT
Currently constructed as 2-bed/1-bath (plus 60sf of basement storage)—please see floor plan.

The apartment is located on the “ground” floor of a walk-up building features a great Southern exposure in the kitchen/dining room, large bedrooms, exposed brick, and high ceilings (9’ 10”).

The shared garden in the rear of the building is accessed via the basement and sits ~8 feet below the kitchen/dining room windows so privacy is not an issue.

APARTMENT CONDITION
Overall the apartment is in livable condition as-is but being listed without photos and as “Estate Condition” due to the amount of personal belongings in the unit which will be removed prior to closing.

The drywall, brick, flooring, appliances, and bathroomhave not been renovated since the early 2000’s and have general wear.

We assume Buyer’s will want to make changes either cosmetic or reconfiguring the apartment entirely—the board is supportive of this as long as contractors are licensed and insured.

BUILDING
This HDFC cooperative consists of 8 units. The building includes a common garden and an allotment of basement space for storage (approx. 60sf). The building has good financials and engaged shareholders that actively maintain the property allowing for consistently low maintenance.

This apartment must be used as the owner’s primary residence.

Parents gifting down payment and bank financing are allowed. Dishwashers and pets are allowed with board approval.

INCOME LIMITS and FLIP TAX EXPLAINED
Both years tax returns and current paystub must be below the income limit stated below; if you are self employed an accountant’s letter stating current years expected income will be acceptable. The income limit is only for incoming purchasers; there are no asset limits for buyers or future income limits once you’ve purchased.

165% AMI is based on the following family sizes:
-Family of 1: $187,110
-Family of 2: $213,840
-Family of 3: $240,570
-Family of 4: $267,300
-Family of 5: $288,750

Flip tax is structured as:
-0 to 5 Years of Ownership 90% of profit
-5 to 7 Years of Ownership 50% of profit
-7 to 10 Years of Ownership 30% of profit
-10+ Years of Ownership 10% of profit

(Sale Price minus Purchase Price) times Tax % based on ownership length