THE CONDO BOOK PROJECT

10-18 47th Avenue Condominium

10-18 47th Avenue, Queens, NY 11101

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Overview

Units
2 residential
Subway
4 min walk to 21 St GVernon Blvd-Jackson Av 7, 5 min
Developer
Ascent Development
Principals
Amit Veeramachaneni, Tien Vominh
Average $/sf
$1,551Homes in Schedule A, as first offered
Common charges
$520–$635 a monthSponsor's first-year estimate in Schedule A, For the Period of July 1, 2017 to June 30, 2018
Offering price
$5.6 million total

The sponsor of record is 10-18 Real LLC, represented by Sichenzia Ross Ference LLP. The offering plan runs 262 pages. The sponsor has filed 4 amendments, the latest in March 2019. The nearest other condo plan on file is The Arco Condominium, next door.

Plan CD160223 · New · accepted May 4, 2017 · AG record ↗

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FigureThis building121-1926 units · 0.3 miaccepted 201921-2036 units · 0.3 miaccepted 2019
Common ChargesPer Square Foot / Month$0.32Below peers$0.34$0.34
Average Offering PricePer Apartment$2.8MHighest$1.11M$1.11M
Average PricePer Square Foot$1,551Above peers$1,475$1,472
Property TaxesPer Square Foot / Month$0.32Lowest$0.96$0.95
Average Unit SizeSquare Feet1,805 SFLargest751 SF752 SF

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Unit mix, closings, budgets, finishes and the team, against 21-19 and 21-20, cited to the offering plans. No credit card required.

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How We Got This
  • Comps: the closest Queens 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.

Closings Pro

Homes closed100% of the homes in Schedule A2 of 2
Closing prices vs. Schedule A2 homes: $4,995,169 at closing against $5,600,000 in Schedule A (p. 26)−10.8%
Average closing price2 homes, on their Schedule A square feet$1,384 / SF
Closingsfirst and latest recordedNov 13, 2018 – Jun 26, 2019

Sales recorded with the Department of Finance (ACRIS) through Sep 30, 2019: deeds, or transfer tax filings for a building on leased land, of $10,000 or more. A home's first sale since the plan was filed is the sponsor's closing; resales aren't counted. Closing prices are compared with the same home's Schedule A price, as first offered; a deed covering more than one home isn't compared. Amendments often change prices before a home closes, and a deed that includes parking or storage counts its full price. ACRIS records a sale weeks after closing, so recent contracts don't appear yet. Every building's sales.

All 2 closings
HomeRecordedClosing priceSchedule ADifference
1Nov 13, 2018$2,472,356$3,050,000 p. 26−18.9%
2Jun 26, 2019$2,522,813$2,550,000 p. 26−1.1%

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Closings are for subscribers

Every home's recorded closing price against its Schedule A price, with the ACRIS document and the plan page.

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Budget

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

Team

Sponsor
10-18 Real LLC
Developer
Ascent DevelopmentReported by web.archive.org
Principals
Amit Veeramachaneni, Tien Vominh
Tax estimate
Moseson & Associates Corp.Prepared the first-year real estate tax projection
Construction lender
Fundrise Real Estate Investment Trust

From our research: Do NYC Developers Rehire the Same Firms?

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