THE CONDO BOOK PROJECT

Gbt 31 Drive Condominium

11-28 31st Drive, Queens, NY 11106

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Overview

Units
9 residential
Subway
15 min walk to Broadway N W30 Av N W, 19 min
Developer
Morgan Construction
Principals
Blanda Chung, George Man
Average $/sf
$1,111Homes in Schedule A, as first offered
Common charges
$436–$867 a monthSponsor's first-year estimate in Schedule A, Twelve Month Period Commencing January 1, 2020 and ending December 31, 2020
Offering price
$7.47 million total

The sponsor of record is Gbt Real Estate LLC, represented by Chu & Partners. The offering plan runs 246 pages. The sponsor has filed 3 amendments, the latest in October 2021. The nearest other condo plan on file is East River Tower Condominium, next door.

Plan CD190024 · New · accepted Dec 27, 2019 · AG record ↗

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FigureThis building1The Sunswick210 units · 1 miaccepted 2021Alta310 units · 0.6 miaccepted 2020
Common ChargesPer Square Foot / Month$0.71In line$0.67$0.75
Average Offering PricePer Apartment$830,049Below peers$1.05M$831,171
Average PricePer Square Foot$1,111In line$1,101$1,359
Property TaxesPer Square Foot / Month$0.74In line$1.15$0.69
Average Unit SizeSquare Feet747 SFIn line955 SF612 SF

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Unit mix, closings, budgets, finishes and the team, against The Sunswick and Alta, 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 closed89% of the homes in Schedule A8 of 9
Closing prices vs. Schedule A8 homes: $5,400,000 at closing against $6,710,000 in Schedule A (p. 24)−19.5%
Average closing price8 homes, on their Schedule A square feet$885 / SF
Closingsfirst and latest recordedMay 4, 2021 – Jan 13, 2022

Sales recorded with the Department of Finance (ACRIS) through Apr 30, 2022: 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 8 closings
HomeRecordedClosing priceSchedule ADifference
3BMay 4, 2021$555,000$671,000 p. 24−17.3%
3AMay 12, 2021$555,000$671,000 p. 24−17.3%
5BMay 14, 2021$570,000$671,000 p. 24−15.1%
6May 20, 2021$1,087,500$1,342,000 p. 24−19%
4AJun 29, 2021$560,000$671,000 p. 24−16.5%
4BAug 4, 2021$565,000$671,000 p. 24−15.8%
5ANov 12, 2021$526,500$671,000 p. 24−21.5%
2Jan 13, 2022$981,000$1,342,000 p. 24−26.9%

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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
Gbt Real Estate LLC
Developer
Morgan Construction
Principals
Blanda Chung, George Man
Tax estimate
Moseson & Associates Corp.Prepared the first-year real estate tax projection

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

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