THE CONDO BOOK PROJECT

Qns 44 Condominium

11-12 44th Drive, Queens, NY 11101

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Overview

Units
49 residential · 23 parking · 1 commercial
Subway
2 min walk to Court Sq-23 St 7 E F G M21 St G, 7 min
Principals
Semyon Vays, Leonid Vays, Sergey Rybak, Jason Reznik
Average $/sf
$1,267Homes in Schedule A, as first offered
Common charges
$263–$877 a monthSponsor's first-year estimate in Schedule A, June 1, 2019 - May 31, 2020
Offering price
$63.8 million total $63.2 million when first offered

The sponsor of record is 11-12 44th Drive Development, LLC, represented by Tsyngauz & Associates, P.C.. The offering plan runs 328 pages. The sponsor has filed 9 amendments, the latest in April 2021. The nearest other condo plan on file is One Murray Park Aka 11-25 45th Ave Condo, next door.

Plan CD170269 · New · accepted Dec 11, 2017 · AG record ↗

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FigureThis building1Arcadia Lic236 units · 0.4 miaccepted 2017Smyth341 units · 1 miaccepted 2017
Common ChargesPer Square Foot / Month$0.45In line$0.49$0.41
Average Offering PricePer Apartment$1.13MHighest$945,894$842,317
Average PricePer Square Foot$1,267In line$1,374$1,100
Property TaxesPer Square Foot / Month$0.97Highest$0.06$0.82
Average Unit SizeSquare Feet888 SFLargest688 SF766 SF

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Unit mix, closings, budgets, finishes and the team, against Arcadia Lic and Smyth, 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 A49 of 49
Closing prices vs. Schedule A49 homes: $54,697,638 at closing against $55,141,000 in Schedule A (p. 37, p. 38, p. 39)−0.8%
Average closing price49 homes, on their Schedule A square feet$1,257 / SF
Closingsfirst and latest recordedDec 17, 2019 – May 26, 2020

Sales recorded with the Department of Finance (ACRIS) through Aug 31, 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 49 closings
HomeRecordedClosing priceSchedule ADifference
5FDec 17, 2019$905,000$961,000 p. 39−5.8%
4GDec 18, 2019$1,595,000$1,580,000 p. 38+0.9%
4IDec 18, 2019$1,375,000$1,240,000 p. 38+10.9%
6FDec 19, 2019$980,000$998,000 p. 39−1.8%
2HDec 20, 2019$825,000$823,000 p. 37+0.2%
3CDec 20, 2019$947,500$874,000 p. 37+8.4%
5EDec 20, 2019$1,020,000$975,000 p. 39+4.6%
6GDec 20, 2019$1,656,000$1,680,000 p. 39−1.4%
5HDec 23, 2019$860,000$893,000 p. 39−3.7%
6ADec 23, 2019$894,564$928,000 p. 39−3.6%
6EDec 23, 2019$962,150$1,026,000 p. 39−6.2%
2IDec 26, 2019$1,345,000$1,160,000 p. 37+15.9%
5GDec 26, 2019$1,500,000$1,640,000 p. 39−8.5%
2DJan 3, 2020$825,000$764,000 p. 37+8%
4DJan 3, 2020$748,000$698,000 p. 38+7.2%
6IJan 3, 2020$1,404,000$1,320,000 p. 39+6.4%
PH1Jan 3, 2020$2,373,000$2,460,000 p. 39−3.5%
2AJan 6, 2020$850,239$798,000 p. 37+6.5%
PH2Jan 6, 2020$2,150,000$2,260,000 p. 39−4.9%
2EJan 7, 2020$1,069,163$998,000 p. 37+7.1%
3GJan 9, 2020$1,515,000$1,498,000 p. 38+1.1%
4FJan 9, 2020$890,000$916,000 p. 38−2.8%
3IJan 10, 2020$1,307,250$1,200,000 p. 38+8.9%
5CJan 10, 2020$995,000$984,000 p. 38+1.1%
PH4Jan 10, 2020$2,341,975$2,890,000 p. 39−19%
3BJan 13, 2020$815,000$709,000 p. 37+15%
5IJan 13, 2020$1,240,000$1,280,000 p. 39−3.1%
3AJan 15, 2020$834,965$838,000 p. 37−0.4%
5DJan 15, 2020$803,000$724,000 p. 38+10.9%
5AJan 16, 2020$905,000$903,000 p. 38+0.2%
2CJan 21, 2020$1,165,000$1,094,000 p. 37+6.5%
4EJan 23, 2020$1,139,500$934,000 p. 38+22%
6BJan 23, 2020$880,000$834,000 p. 39+5.5%
4AJan 24, 2020$865,000$878,000 p. 38−1.5%
4CJan 27, 2020$970,000$960,000 p. 38+1%
6DJan 27, 2020$838,000$746,000 p. 39+12.3%
5BJan 28, 2020$833,000$803,000 p. 38+3.7%
6HJan 28, 2020$885,000$913,000 p. 39−3.1%
2BJan 29, 2020$850,000$798,000 p. 37+6.5%
2FJan 29, 2020$904,000$976,000 p. 37−7.4%
3HJan 30, 2020$835,000$853,000 p. 38−2.1%
PH3Jan 30, 2020$2,495,000$2,860,000 p. 39−12.8%
2GJan 31, 2020$1,355,000$1,445,000 p. 37−6.2%
4BJan 31, 2020$910,000$784,000 p. 38+16.1%
3FFeb 19, 2020$875,000$849,000 p. 38+3.1%
3EFeb 20, 2020$1,025,000$856,000 p. 38+19.7%
3DMar 6, 2020$891,000$639,000 p. 38+39.4%
4HApr 30, 2020$831,000$873,000 p. 38−4.8%
6CMay 26, 2020$219,333$1,028,000 p. 39−78.7%

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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
11-12 44th Drive Development, LLC
Developer
Rybak DevelopmentReported by qns44nyc.com
Principals
Semyon Vays, Leonid Vays, Sergey Rybak, Jason Reznik
Tax estimate
MGNY Consulting Corp.Prepared the first-year real estate tax projection
Construction lender
Midfirst Bank$25 million loan stated in the plan

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

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