THE CONDO BOOK PROJECT

Park Lane Condominium

116-24 Grosvenor Lane, Queens, NY 11418

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Overview

Units
66 residential · 1 parking · 1 storage · 2 commercial
Subway
13 min walk to 121 St J ZKew Gardens-Union Tpke E F, 14 min
Principals
Nancy Scarpinito
Average $/sf
$624Homes in Schedule A, as first offered
Offering price
$43 million total

The sponsor of record is 2158 Ocean Ave. LLC, represented by Marcus Attorneys. The offering plan runs 325 pages. The sponsor has filed 3 amendments, the latest in July 2007. The nearest other condo plan on file is Garden Lane Condominium, next door.

Plan CD050047 · New · accepted Sep 19, 2005 · AG record ↗

Compare

FigureThis building1Badge Building244 units · 6.6 miaccepted 200610-50 Jackson337 units · 6.6 miaccepted 2007
Common ChargesPer Square Foot / Month$0.47Lowest$0.66$0.64
Average Offering PricePer Apartment$559,815In line$604,545$543,757
Average PricePer Square Foot$624In line$585$652
Average Unit SizeSquare Feet897 SFIn line1,034 SF834 SF

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Unit mix, closings, budgets, finishes and the team, against Badge Building and 10-50 Jackson, 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 A59 of 59
Closing prices vs. Schedule A48 homes: $21,345,605 at closing against $26,291,200 in Schedule A (p. 25, p. 26)−18.8%
Average closing price48 homes, on their Schedule A square feet$494 / SF
Closingsfirst and latest recordedMay 5, 2006 – Jun 19, 2009

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 63 closings
HomeRecordedClosing priceSchedule ADifference
3BMay 5, 2006$324,480$332,900 p. 25−2.5%
5BMay 8, 2006$349,729$344,900 p. 25+1.4%
2CMay 12, 2006$334,620$375,900 p. 25−11%
7BMay 12, 2006$428,599$430,900 p. 25−0.5%
14DMay 12, 2006$625,104$613,900 p. 26+1.8%
5AMay 16, 2006$510,000$596,900 p. 25−14.6%
6BMay 16, 2006$354,799$349,900 p. 25+1.4%
4CMay 23, 2006$398,401$392,900 p. 25+1.4%
5CJun 5, 2006$409,555$403,900 p. 25+1.4%
5EJun 5, 2006$409,555$403,900 p. 25+1.4%
6CJun 5, 2006$420,709$414,900 p. 25+1.4%
3CJun 7, 2006$392,317$389,900 p. 25+0.6%
10DJun 9, 2006$576,228$590,900 p. 26−2.5%
11DJun 12, 2006$535,000$598,900 p. 26−10.7%
9CJun 15, 2006$753,403$759,900 p. 26−0.9%
17BJun 19, 2006$304,200——
18BJun 27, 2006$304,200——
16AJun 30, 2006$687,319——
14BJul 28, 2006$443,118$467,900 p. 26−5.3%
CU4Jul 28, 2006$927,225——
4BAug 4, 2006$334,620$337,900 p. 25−1%
12BAug 30, 2006$432,978$461,900 p. 26−6.3%
16BSep 29, 2006$521,344——
12AOct 20, 2006$560,038$690,900 p. 26−18.9%
12COct 20, 2006$691,392$789,900 p. 26−12.5%
10BOct 24, 2006$385,320$450,900 p. 26−14.5%
11BOct 26, 2006$415,740$455,900 p. 26−8.8%
14ANov 20, 2006$551,382$699,900 p. 26−21.2%
9ANov 21, 2006$534,673$664,900 p. 26−19.6%
3DDec 4, 2006$420,000——
4ADec 4, 2006$420,000$582,900 p. 25−27.9%
4DDec 4, 2006$420,000$553,900 p. 25−24.2%
5DDec 4, 2006$420,000$558,900 p. 25−24.9%
7ADec 4, 2006$420,000$641,900 p. 25−34.6%
7CDec 4, 2006$420,000$739,900 p. 25−43.2%
7DDec 4, 2006$420,000$568,900 p. 25−26.2%
8CDec 4, 2006$420,000$749,900 p. 26−44%
8DDec 4, 2006$420,000$576,900 p. 26−27.2%
10CDec 4, 2006$420,000$769,900 p. 26−45.4%
11CDec 4, 2006$420,000$779,900 p. 26−46.1%
12DDec 4, 2006$420,000$605,900 p. 26−30.7%
14CDec 4, 2006$420,000$799,900 p. 26−47.5%
17ADec 4, 2006$420,000——
18ADec 4, 2006$420,000——
CU1Dec 20, 2006$1,500,000——
10AJan 3, 2007$560,038$673,900 p. 26−16.9%
8AJan 23, 2007$549,855$655,900 p. 25−16.2%
11AMar 23, 2007$519,308$681,900 p. 26−23.8%
8BMar 29, 2007$385,320$438,900 p. 26−12.2%
9DApr 30, 2007$563,092$583,900 p. 26−3.6%
6AMay 10, 2007$481,650$607,900 p. 25−20.8%
6DMay 29, 2007$499,902$565,900 p. 25−11.7%
9BMay 29, 2007$420,303$444,900 p. 26−5.5%
CU3Jun 28, 2007$2,163,525——
2AOct 18, 2007$470,496$558,900 p. 25−15.8%
3AOct 19, 2007$491,790——
3EOct 19, 2007$385,320——
4ENov 5, 2007$353,886$397,900 p. 25−11.1%
2BOct 20, 2008$135,000$319,900 p. 25−57.8%
15AFeb 6, 2009$499,000——
15BFeb 6, 2009$390,000——
6EJun 19, 2009$195,000$411,900 p. 25−52.7%
CU2Jun 19, 2009$195,000——

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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
2158 Ocean Ave. LLC
Principals
Nancy Scarpinito
Tax estimate
Moseson & AssociatesPrepared the first-year real estate tax projection
Construction lender
North Fork BankLender on the mortgage and building loan agreement recorded June 2004 in ACRIS; $23.5 million recorded

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

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