THE CONDO BOOK PROJECT

Sage House Condominium

112-02 Northern Boulevard, Queens, NY 11368

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Overview

Units
33 residential
Subway
10 min walk to 111 St 7103 St-Corona Plaza 7, 17 min
Developer
Lev Development Group LLC
Principals
Eddie Shapiro, Raphy Benaim
Offering price
$18.5 million total $17.2 million when first offered

The sponsor of record is 112 Northern Development LLC, represented by Yoon & Kim, LLP. The offering plan runs 204 pages. The sponsor has filed 11 amendments, the latest in September 2018. The nearest other condo plan on file is 109-18 34th Condominium, 0.1 mi away.

Plan CD090020 · New · accepted Jun 15, 2009 · AG record ↗

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FigureThis building1Pople Manor237 units · 1.4 miaccepted 2010Tri-Crown324 units · 0.7 miaccepted 2007
Average Offering PricePer Apartment$520,091Highest$403,265$376,667

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Unit mix, closings, budgets, finishes and the team, against Pople Manor and Tri-Crown, 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.

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
112 Northern Development LLC
Developer
Lev Development Group LLC
Principals
Eddie Shapiro, Raphy Benaim
Counsel
Yoon & Kim, LLP
Tax estimate
Paul Greco, Esq.Prepared the first-year real estate tax projection

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

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