THE CONDO BOOK PROJECT

Portland Condominium

104-112 South Portland Avenue, Brooklyn, NY 11217

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Overview

The Portland is a 1907 four-story walk-up in Fort Greene being converted from rentals to 44 condo apartments under a non-eviction plan. Its offering plan describes as-is apartments, a live-in super, coin laundry and a lean first-year budget of about $442,000.

  • What it is: a four-story building with a cellar, built in 1907 and rehabilitated in the 1980s, being converted from rentals to condos. It spans four addresses: 104-106, 108-110 and 112-114 South Portland Avenue and 680-686 Fulton Street.
  • Size: 44 apartments for sale on floors 1 to 4, plus a superintendent's apartment and two ground-floor stores the sponsor is keeping for now.
  • Ceilings: about 12 feet on the first floor and about 9.5 feet on floors 2 to 4.
  • Offering prices: the total offering is about $23.6 million for 44 apartments, an average of about $537,000 each. Prices run from $317,000 for a 423 sq ft studio to $796,000 for a 1,034 sq ft two-bedroom, almost all at about $750 per square foot. These are asking prices, not sales. Schedule A also lists insider prices for tenants, about $22.4 million in total.
  • Common charges: residential owners carry about $394,000 a year in the first-year budget, or roughly $750 a month per apartment on average, from about $440 for a studio to about $1,070 for a two-bedroom. Your share depends on your unit.

Compare

FigureThis building1131 Madison28 units · 1.1 miaccepted 202593 Waverly37 units · 0.7 miaccepted 2025
Common ChargesPer Square Foot / Month$1.03Highest$0.69$0.62
Average Offering PricePer Apartment$536,818Lowest$676,000$727,000
Average PricePer Square Foot$756Lowest$1,097$1,164
Property TaxesPer Square Foot / Month$1.20In line$0.32$1.55
Average Unit SizeSquare Feet707 SFLarger616 SF625 SF

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Unit mix, closings, budgets, finishes and the team, against 131 Madison and 93 Waverly, cited to the offering plans. No credit card required.

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How We Got This
  • Comps: the closest Brooklyn plans on size, $/SF and launch date, within 2 miles when possible.
  • Figures: each building's own offering plan, filed with the NY Attorney General. Nothing is estimated.
  • Checked: a price list publishes only when its math adds up, and building pages cite the plan pages.
  • Labels: In line is between the comps; Below/Above peers is past both by up to 15%; Lowest/Highest by more.

Budget

What It Costs to Run

The sponsor projects a first-year budget of about $442,000 (July 2026 to June 2027). The budget notes say residential owners pay about 72% of shared costs and the stores about 28%, though the stores don't share in staff, water, gas or common-area electricity. Schedule A gives a different split: the stores hold about 9% of the common interest and are charged about $2,800 of the roughly $35,600 in monthly common charges. Ask the sponsor which is right. Laundry brings in about $14,000. The biggest lines:

Budget lineApprox. first-year cost
Staff wages, taxes and benefits$112,000
Management fee$56,000
Insurance$41,000
Replacement reserve$40,000
Repairs, maintenance and supplies$40,000
Gas (heat and hot water)$37,000
Contingency$37,000

Staff is about a quarter of the budget. The condo also pays property tax on the super's apartment until it's sold. Read more on common charges and why operating costs differ.

Good to know: the budget sets aside 10% for a replacement reserve. Separately, the plan estimates a city-required reserve fund of about $673,000. At closing you pay a working capital contribution of two months' common charges. See the working capital contribution and condo reserve funds.

From our research: The Sponsor's Condo-Creation Fee in NYC · NYC Condo Insurance Costs Are Rising · Condo Supplies Cost per Unit, by Size

The Building

What the Price List Shows

Schedule A, the plan's unit-by-unit price list, prices the apartments at a nearly flat rate of about $750 per square foot, whatever their size or floor. The figures below are the sponsor's original offering prices from the plan, and they may have changed since in amendments or in negotiation.

TypeApartmentsSize (approx. sq ft)Offering pricesMedian pricePer sq ft
Studio13423 to 607$317,000 to $455,000$338,000about $750 to $795
One-bedroom (incl. duplexes)28595 to 984$446,000 to $738,000$559,000about $750 to $810
Two-bedroom31,034$776,000 to $796,000$796,000about $750 to $770
  • Cheapest: six 423 sq ft studios at $317,000 (insider price $301,000).
  • Most expensive: the 1,034 sq ft two-bedrooms 108/2C and 108/4C at $796,000. 108/3C, the same layout, is $776,000.
  • Who's living there: 41 of the 44 apartments are listed as occupied by market-rate tenants. Only 104/2B, 108/1A and 108/2D are vacant.
  • Vacant apartments cost more. Vacant 104/2B is $658,000, while the same 811 sq ft layout upstairs, 104/3B and 104/4B, is $608,000 with a tenant in place.
  • Duplexes and garden studios: four first-floor one-bedroom duplexes for sale run $677,000 to $738,000. Three first-floor studios, described as "Garden Studio Deluxe", run $447,000 to $455,000.
  • Monthly costs: projected common charges run from $436 to $1,067 a month, and projected property taxes from $506 to $1,238. Together that's about $940 to $2,300 a month. Common charges include central heat.
  • The stores: the two ground-floor stores are priced at $1,830,000 and $713,000, which brings the plan total to $26,163,000. The super's apartment, 104/1A, isn't for sale.

See how to read Schedule A and Schedule B.

Finishes

Because this is a conversion, finishes vary by apartment. The plan says kitchen appliances and cabinets were replaced when apartments turned over, and appliances and bath fixtures are no more than 10 years old.

Kitchens

  • Appliances: GE throughout, including a gas range, refrigerator, dishwasher, range hood and microwave.
  • Counters: stone in renovated apartments, laminate in original kitchens.
  • Included in the sale: refrigerator, kitchen cabinets and gas range.

See gas vs. induction stoves in NYC condos.

Bathrooms

Kohler toilets and tubs, Kraus sinks over custom vanities, and Grohe chrome tub and shower sets. Floors and walls are tile.

Floors, Windows, Heating and Cooling

  • Floors: solid oak strip in living rooms, bedrooms and closets. The plan warns that floors in a 1907 building may be uneven.
  • Windows: double-glazed wood windows on the street side, to meet historic rehabilitation rules, and thermally broken aluminum windows in the back.
  • Heat: hot water convectors under the windows, fed by gas boilers in the cellar.
  • Air conditioning: none central. Owners buy and maintain their own window units.
  • Electricity: each apartment is metered separately and you pay Con Ed directly.

Amenities, Staffing & Transportation

This is a basic building:

  • Laundry: four coin-operated laundry rooms in the cellar, one per address, with six washers and six dryers in total.
  • Bike room: one bicycle storage room in the cellar.
  • Private outdoor space: some units have exclusive use of a back yard.

Good to know: the main roof is an exit route and can't be used as a roof deck. Compare with amenities by building size and walk-up condos in NYC.

Staffing and Services

The budget pays for a small, non-union staff:

  • 1 full-time live-in superintendent, in Unit 1A
  • 1 part-time porter, 32 hours a week

There's no doorman. Mail goes to mailboxes on the first floor. See where condo common charges go.

Transportation

  • Subway: 1 min walk to Lafayette Av C; Fulton St G, 2 min

Fine Print

What's Specific to It

  • A walk-up. The building has four residential entrances and stairs, but no elevator.
  • Sold as-is. Apartments range from recently renovated to original finishes. The sponsor makes no promise about their condition beyond what the plan describes.
  • Tenants in place. Many units are occupied by market-rate tenants. Buy an occupied unit and you buy it with the tenant.
  • Tenants get first dibs. Current tenants had 90 days to buy their own apartments, then a six-month right to match any outside contract.
  • Some homes get a back yard or a recreational room. Certain units come with the exclusive use of a back yard or a recreational room, as listed in Schedule A.
  • Tenants get a discount. Schedule A lists a separate insider price for each apartment, about 5% below the offering price.

Listing photos of The Portland show you the apartments. The offering plan, the document the sponsor filed with the New York Attorney General, tells you how the building will be run and what you agree to when you buy. New to these documents? Start with what a condo offering plan is.

Fine Print Worth Knowing

  • Limited sprinklers. Sprinklers cover only the public hallways and stairs at three of the addresses. No apartments have sprinklers, and the plan lists no standpipe system.
  • Lead paint. Given its age, the plan says the building can be assumed to contain lead paint, though the sponsor knows of none needing repair.
  • Sponsor's roof rights. The sponsor can put antennas and telecom equipment on the roof and keep the income.
  • Stores downstairs. The two retail units can be used for any lawful purpose, and the board can't restrict how they operate. Residential owners get none of the rent.
  • Right of first refusal. The board has a right of first refusal on sales and leases, and leases must be at least one year.
  • Deposit and delays. You put down 10% at contract. If you're late to close, you pay 0.04% of the price per day.
  • Local Law 97. The sponsor expects the building to meet emissions limits for the next 10 years. Fines would raise common charges.

Team

  • Sponsor and selling agent: Fulton Street Associates LP
  • Architect: Design AIDD Architecture, DPC
  • Managing agent: IBEC Building Corporation, an affiliate of the sponsor
  • Sponsor's counsel: Holland & Knight LLP, with Goldberg Weprin Finkel Goldstein LLP on real estate taxes

Because the managing agent is affiliated with the sponsor, owners may want to review that contract once they control the board. See NYC condo developers.

Nearby

FAQ

Does The Portland have an elevator?

No. It's a four-story walk-up with four separate entrances and staircases.

Will I have to evict a tenant if I buy at The Portland?

No. It's a non-eviction plan. If you buy an occupied apartment, the tenant can stay and you take over as landlord.

How much are common charges at The Portland?

The first-year budget has residential owners paying about $394,000 a year in total, roughly $750 a month per apartment on average. In Schedule A, charges range from about $440 a month for the smallest studios to about $1,070 for the two-bedrooms.

How much do apartments cost at The Portland?

The original offering plan prices the 44 apartments from $317,000 for a studio to $796,000 for a two-bedroom, at about $750 per square foot. Tenants get insider prices about 5% lower. These are the sponsor's asking prices in the plan, not sales, and they may have changed.

Where this comes from: the building's offering plan (CD240169), filed with the New York Attorney General, including its Schedule A price list (plan pages 60 and 61) and Schedule B first-year budget. Prices are the sponsor's original offering prices, not sales, and may have changed since. Medians and price per square foot are our math from Schedule A. Updated October 2026.