THE CONDO BOOK PROJECT

31st Avenue Condominiums

11-42 31st Avenue, Queens, NY 11106

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Overview

Units
7 residential · 4 storage
Subway
16 min walk to Broadway N W30 Av N W, 17 min
Principals
George Skandalakis, Kostantinos Skandalakis
Average $/sf
$598Homes in Schedule A, as first offered
Common charges
$247–$494 a monthSponsor's first-year estimate in Schedule A, July 1, 2009 to June 30, 2010
Offering price
$5.4 million total $3.72 million when first offered

The sponsor of record is Eleven Forty Two LLC, represented by D'Agostino, Levine, Landesman & Lederman, LLP. The offering plan runs 362 pages. The sponsor has filed 6 amendments, the latest in December 2024. The nearest other condo plan on file is 11-32 31st Avenue Condominium, next door.

Plan CD090065 · New · accepted Jul 14, 2009 · AG record ↗

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FigureThis building1Bowery Bay211 units · 2.2 miaccepted 2009Elm Street39 units · 0.4 miaccepted 2011
Common ChargesPer Square Foot / Month$0.39Lowest—$0.51
Average Offering PricePer Apartment$522,143In line$547,950$422,222
Average PricePer Square Foot$598Above peers—$558
Average Unit SizeSquare Feet873 SFLargest—757 SF

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Unit mix, closings, budgets, finishes and the team, against Bowery Bay and Elm Street, 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 closed29% of the homes in Schedule A2 of 7
Closing prices vs. Schedule A2 homes: $750,880 at closing against $900,000 in Schedule A (p. 39)−16.6%
Average closing price2 homes, on their Schedule A square feet$499 / SF
Closingsfirst and latest recordedMay 13, 2010 – May 25, 2010

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 2 closings
HomeRecordedClosing priceSchedule ADifference
3AMay 13, 2010$425,880$525,000 p. 39−18.9%
2AMay 25, 2010$325,000$375,000 p. 39−13.3%

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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
Eleven Forty Two LLC
Principals
George Skandalakis, Kostantinos Skandalakis
Tax estimate
Leitner Group, Inc.Prepared the first-year real estate tax projection
Construction lenders
Maspeth Federal Savings, Loan Association$1.32 million recorded

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

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