THE CONDO BOOK PROJECT

Six Brothers Condominium

108-38 41st Avenue, Queens, NY 11368

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Overview

Units
7 residential · 6 parking
Subway
3 min walk to 111 St 7103 St-Corona Plaza 7, 7 min
Principals
Chao Fei Li, Men Chen, Shi Ming Chen, Sze Yung Kim, Zhong Tong Huang
Average $/sf
$422Homes in Schedule A, as first offered
Common charges
$283–$389 a monthSponsor's first-year estimate in Schedule A, August 1, 2020 to July 31, 2021
Offering price
$4.07 million total $2.6 million when first offered

The sponsor of record is Six Brohers U.S.A. Corp., represented by Thomas E. Berinato, Attorney At Law. The offering plan runs 250 pages. The sponsor has filed 4 amendments, the latest in December 2022. The nearest other condo plan on file is Legacy Iii Condominium, next door.

Plan CD180206 · New · accepted Jul 30, 2020 · AG record ↗

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FigureThis building149-10 111th27 units · 0.4 miaccepted 20205105 Junction35 units · 0.8 miaccepted 2021
Common ChargesPer Square Foot / Month$0.36Below peers$0.47$0.41
Average Offering PricePer Apartment$382,857In line$200,000$448,000
Average PricePer Square Foot$422In line$373$438
Property TaxesPer Square Foot / Month$0.06Lowest$0.21$0.49
Average Unit SizeSquare Feet907 SFIn line536 SF1,022 SF

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Unit mix, closings, budgets, finishes and the team, against 49-10 111th and 5105 Junction, 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 A7 of 7
Closing prices vs. Schedule A7 homes: $2,908,670 at closing against $2,680,000 in Schedule A (p. 29)+8.5%
Average closing price7 homes, on their Schedule A square feet$458 / SF
Closingsfirst and latest recordedSep 30, 2022 – Sep 12, 2024

Sales recorded with the Department of Finance (ACRIS) through Sep 30, 2026: 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 7 closings
HomeRecordedClosing priceSchedule ADifference
3BSep 30, 2022$446,160$372,500 p. 29+19.8%
3ADec 12, 2022$395,460$372,500 p. 29+6.2%
2BJan 4, 2023$446,160$372,500 p. 29+19.8%
2AMar 2, 2023$354,900$372,500 p. 29−4.7%
4AJul 24, 2023$304,200$445,000 p. 29−31.6%
1AJun 28, 2024$470,000$372,500 p. 29+26.2%
1BSep 12, 2024$491,790$372,500 p. 29+32%

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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
Six Brohers U.S.A. Corp.
Principals
Chao Fei Li, Men Chen, Shi Ming Chen, Sze Yung Kim, Zhong Tong Huang
Tax estimate
Thomas E. BerinatoPrepared the first-year real estate tax projection

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

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