THE CONDO BOOK PROJECT

East River Condominium

12-15 Broadway, Queens, NY 11106

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Overview

A 214-unit rental in Astoria, built in 2014, that its owner is converting to condos under a non-eviction plan. Units are rent stabilized while 421-a lasts (to June 2027), so taxes start low, and the managing agent is a sponsor affiliate.

  • Address: 12-15 Broadway, Astoria, Queens. The main building's entrance is on Broadway and the smaller building's is on 14th Street.
  • Plan: CD190189, a conversion of an occupied building, accepted for filing in November 2020
  • Residences: 214: 94 studios (about 454 to 580 square feet), 103 one-bedrooms (about 655 to 842) and 17 two-bedrooms (about 861 to 1,056, 13 of them with a second bath). The main building has 192 and the small building 22.
  • Other units: one parking unit on the ground level, which isn't offered for sale. The certificate of occupancy lists 104 parking spaces.
  • First offering: all 214 apartments at about $141 million in total. Studios start at $454,000 and the larger two-bedrooms run about $1 million (sponsor offering prices, not sales). The plan says prices are negotiable for non-tenant buyers.

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FigureThis building1Mirella2108 units · 4.7 miaccepted 2020Hero3109 units · 1.2 miaccepted 2019
Average Offering PricePer Apartment$658,840In line$643,222$851,099

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Unit mix, closings, budgets, finishes and the team, against Mirella and Hero, 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 closed46% of the homes in the plan98 of 214
Closingsfirst and latest recordedJan 26, 2022 – Aug 26, 2026

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 98 closings
HomeRecordedClosing priceSchedule ADifference
506Jan 26, 2022$612,000——
615Jan 26, 2022$460,000——
716Jan 27, 2022$881,000——
503Jan 28, 2022$421,000——
510Jan 31, 2022$634,500——
613Feb 1, 2022$455,000——
614Feb 1, 2022$616,500——
403Feb 3, 2022$424,800——
623Feb 3, 2022$590,960——
810Feb 4, 2022$635,388——
303Feb 7, 2022$421,200——
721Feb 7, 2022$597,600——
603Feb 8, 2022$424,800——
512Feb 9, 2022$650,662——
618Feb 9, 2022$617,660——
604Feb 18, 2022$473,000——
704Feb 18, 2022$516,600——
316Feb 22, 2022$639,000——
414Feb 24, 2022$616,500——
320Feb 25, 2022$915,110——
717Mar 15, 2022$450,000——
708Mar 16, 2022$612,000——
720Mar 16, 2022$799,000——
520Mar 24, 2022$921,600——
808Mar 24, 2022$621,000——
811Mar 25, 2022$450,000——
622Mar 29, 2022$425,000——
814Apr 1, 2022$623,700——
410Apr 11, 2022$624,600——
809Apr 11, 2022$470,700——
719Apr 20, 2022$730,085——
712Apr 21, 2022$646,080——
310May 5, 2022$645,571——
612May 5, 2022$637,832——
504May 18, 2022$495,543——
705May 25, 2022$795,750——
424May 27, 2022$406,282——
608May 27, 2022$626,733——
804Jun 6, 2022$518,697——
821Jun 21, 2022$608,506——
420Jun 28, 2022$923,553——
523Aug 10, 2022$608,508——
610Aug 10, 2022$628,934——
722Aug 17, 2022$423,448——
807Aug 23, 2022$715,830——
621Sep 16, 2022$428,922——
805Sep 22, 2022$789,042——
508Nov 8, 2022$623,169——
514Mar 15, 2023$650,662——
822Mar 15, 2023$405,599——
624Mar 16, 2023$404,586——
524May 11, 2023$415,739——
314May 25, 2023$623,169——
816Jul 28, 2023$886,184——
416Aug 7, 2023$612,000——
606Aug 18, 2023$609,300——
815Aug 23, 2023$441,000——
817Sep 26, 2023$456,300——
707Sep 29, 2023$699,000——
516Nov 6, 2023$631,900——
709Nov 6, 2023$456,300——
711Nov 21, 2023$450,000——
203Dec 15, 2023$387,000——
322Jan 31, 2024$399,000——
505Feb 22, 2024$900,000——
519Apr 23, 2024$699,000——
215May 13, 2024$387,500——
418May 13, 2024$624,600——
617May 31, 2024$450,000——
715Jun 5, 2024$450,000——
306Jun 28, 2024$612,000——
304Jul 9, 2024$450,000——
406Jul 26, 2024$612,000——
713Jul 29, 2024$450,000——
404Aug 27, 2024$450,000——
323Aug 29, 2024$599,000——
309Sep 10, 2024$399,000——
710Nov 14, 2024$634,000——
412Nov 22, 2024$612,000——
221Nov 26, 2024$387,000——
408Dec 5, 2024$616,500——
223Jan 16, 2025$581,130——
312Feb 13, 2025$605,880——
411Feb 27, 2025$399,000——
421Feb 27, 2025$387,000——
609Apr 9, 2025$450,000——
619Apr 17, 2025$699,000——
217May 8, 2025$387,000——
232Jul 24, 2025$587,000——
605Jul 24, 2025$897,000——
208Jul 30, 2025$587,000——
210Sep 15, 2025$587,700——
206Sep 26, 2025$587,000——
321Mar 20, 2026$399,000——
415Mar 20, 2026$373,040——
521Mar 20, 2026$399,000——
611Aug 4, 2026$445,000——
405Aug 26, 2026$895,500——

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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

What It Costs to Run

The sponsor projected a first-year budget (July 2020 to June 2021) of about $1.38 million, split by common interest. Here's how that works out in monthly common charges, per Schedule A:

  • About $370 to $460 for studios.
  • About $530 to $690 for most one-bedrooms.
  • About $810 to $860 for the two-bedrooms near 1,000 square feet.

Projected taxes with 421-a are about $20 to $40 a month. Without it, a one-bedroom of about 670 square feet would pay about $745 a month. The plan estimates the residential units' taxes for the first year without 421-a at about $1.88 million.

Notable lines:

  • Staff: about $569,000.
  • Management fee: $254,770 to Big Apple Property Management, the sponsor affiliate. Special Risks quotes $100,000 for the same agreement, so ask which figure applies.
  • Insurance: about $143,000, quoted by Dimver and Associates, including a small flood policy.
  • Utilities: about $103,000 for water and sewer, $98,000 for common electricity and $43,000 for gas. Your own electricity is metered and paid to Con Edison. Water and gas are in common charges (see who pays utilities).
  • Resident manager's office: $30,000 a year in rent and costs for an office at 31-21 31st Street, about four minutes' drive away. That's the same address as the sponsor and managing agent.

Good to know: the budget sets aside only $10,000 a year for replacement reserves, the amount a 2018 reserve study recommended, plus a $30,000 contingency. Separately, the sponsor must fund a Local Law 70 reserve. The cover lists $204,750, and the plan says that number will most likely be revised. Buyers who aren't current tenants pay two months of common charges at closing, which the board uses to repay the sponsor's closing adjustments. See condo reserve funds, 421-a in NYC condos and our common charge benchmarks.

From our research: The Sponsor's Condo-Creation Fee in NYC · NYC Condo Insurance Costs Are Rising · Condo Supplies Cost per Unit, by Size

The Building

Finishes

The apartments were built as rentals in 2014, and the plan sells them as they are. The architect's report notes normal wear and suggests every buyer inspect before closing (compare with our NYC condo finishes guide).

Kitchen

  • Off-white wood veneer cabinets from Y&Y, Caesarstone quartz countertops in Blizzard, and an American Standard Culinaire undermount sink and pull-out faucet.
  • GE stainless appliances: a 17.9-cubic-foot top-freezer refrigerator (GTS18S8S), a 30-inch slide-in electric range, a 24-inch dishwasher and an over-the-range microwave (JVM1750SMSS). The cooking is electric (see gas vs. electric stoves).

Baths

  • American Standard toilets, Ovalyn undermount sinks and 60-by-32-inch Evolution acrylic tubs.
  • Kohler Purist faucets, shower sets and accessories in polished chrome, with a CR Laurence shower door.
  • Tile runs floor to ceiling in every bathroom.

Floors, Ceilings and Windows

  • Floors: 3/4-inch prefinished solid oak in living rooms and bedrooms, over an acoustical layer on a 9-inch concrete slab. Kitchens are porcelain tile in the main building.
  • Ceilings: about 8 feet 4 inches to 9 feet 2 inches inside the apartments, depending on the floor. Floor-to-floor heights are about 9 feet 8 inches to 10 feet 6 inches.
  • Windows: sliding clear-anodized aluminum windows by Crystal Window & Door Systems, with low-E double glazing. There are no lot line windows.
  • Outdoor space: 133 balconies across the two buildings, plus five private terraces (four on the main building's seventh floor and one on the small building's fifth).

Laundry, Heating and Cooling

  • Laundry: every apartment has a laundry closet with a front-loading Bosch washer and a ventless electric Bosch dryer (see in-unit washer-dryers).
  • Main building: heat comes from Lochinvar gas boilers in the cellar. Cooling comes from a central system with McQuay condensing units and a cooling tower on the roof, and each apartment has a closet with an air handler.
  • Small building: Climatemaster PTAC units in every living room and bedroom for heat and air conditioning (see condo heating and cooling systems).
  • Hot water: central, from Lochinvar boilers and heaters with A.O. Smith tanks in the main building and Laars heaters in the small one.

Amenities, Staffing & Transportation

Because this was built as a Quality Housing rental, the amenities are modest (compare with our boutique condo amenity research).

Indoors

  • A fitness room of about 2,420 square feet in the cellar, with two powder rooms.
  • A residents' lounge of about 1,108 square feet on the first floor.
  • A bike room for about 80 bikes, a package room, and building storage rooms that only the super can open.
  • Six Galaxy passenger elevators, five in the main building and one in the small building. There's no freight elevator.

Roof Terraces

  • Two common terraces on the fourth-floor roof, of about 1,522 and 4,877 square feet.
  • Two smaller common terraces on the seventh floor and a main roof terrace with outdoor furniture, a grill and a covered bar counter.

Good to know: there's no pool and no backup generator. The parking in the inner courtyard belongs to the separate parking unit, which isn't part of what you buy.

Staffing and Services

The first-year budget puts payroll at about $569,000 for a non-union staff paid at prevailing wage, using a mix of full-time and part-time workers:

  • Doormen: six positions, three at 40 hours a week and three at 16, at $17.81 an hour.
  • Porters: four, each at 40 hours a week.
  • Superintendent: budgeted at 40 hours a week at $26.50 an hour. Elsewhere the plan describes a part-time visiting super.
  • Security: a video intercom in every apartment and CCTV cameras monitored from the front desk in the main lobby.

For how these costs compare, see where condo common charges go.

Transportation

  • Subway: 12 min walk to Broadway N W; 30 Av N W, 19 min
  • Parking: 1 parking unit in the plan

Fine Print

What's Specific to It

  • A conversion, not new construction: the buildings got their permanent certificate of occupancy on March 10, 2014. When the plan was submitted, every apartment but four was rented.
  • Non-eviction: tenants who don't buy can stay. If you buy an occupied unit, you become their landlord, and the managing agent runs the lease for a fee.
  • 421-a until mid-2027: the 15-year partial exemption runs to June 30, 2027. First-year taxes are as low as about $20 to $40 a month per unit, compared with several hundred dollars a month without it.
  • Rent stabilization tied to the tax break: units are stabilized only because of 421-a. A unit bought by someone who lives in it leaves stabilization. Rented units stay stabilized until the benefit ends.
  • Sponsor-run management: Big Apple Property Management shares a principal, David Lubinitsky, with the sponsor. The sponsor is also its own selling agent.
  • Tenants get first dibs: each tenant in place when the plan was accepted had 90 days to buy their own apartment at the listed offering price.

The East River Condominium fills most of the north side of Broadway between 12th and 14th Streets in Astoria, near the Noguchi Museum and Socrates Sculpture Park. The plan points to the N and W trains at 30th Avenue and 36th Avenue and the Q104 and Q103 buses. Its offering plan spells out what you're buying in a building that's still largely rented.

Fine Print Worth Knowing

  • Tax jump in 2027: the 421-a benefit ends June 30, 2027. Taxes on every unit will then move toward the much higher figures without the abatement. The plan won't let you rescind if its tax estimates rise.
  • Owner-occupants may never control the board: the sponsor needs to sell only 33 units to declare the plan effective and can rent the rest indefinitely. It keeps board control until it closes more than half the common interest or for five years after the first closing. The plan warns that lenders may limit loans in a building with many rented units.
  • A building mortgage: a Prudential Affordable Mortgage loan of about $60.8 million covers the property. The sponsor may wait for about 52 contracts before declaring the plan effective so it can pay the loan off.
  • As-is condition: the sponsor isn't obligated to make repairs, clear building code violations or fix floor plan variations in units that become vacant. That falls to the buyer.
  • Insider rentals: two units are rented to relatives of the sponsor's principal. They can't count toward effectiveness without proof they're bona fide.
  • Pets: pets need board approval. There's a limit of two, no dogs over 30 pounds, and a list of banned breeds.
  • Closing costs: buyers pay transfer taxes and a $3,750 fee to the sponsor's lawyers. The board has a right of first refusal when you resell.

Team

  • Sponsor: 12-15 Broadway Astoria LLC (principal David Lubinitsky), which bought the property in October 2014
  • Selling agent: the sponsor itself
  • Managing agent: Big Apple Property Management (a sponsor affiliate)
  • Architect's report: Gerald J. Caliendo, R.A.
  • Sponsor's counsel: D'Agostino, Levine, Landesman, Lederman, Rivera & Sampson
  • Budget review: FirstService Residential New York
  • Reserve study: Strategic Inspections

The plan doesn't name the building's original design architect or an interior designer.

Nearby

FAQ

Can I buy an apartment with a tenant in it?

Yes. Under this non-eviction plan, tenants who don't buy can stay. If you buy an occupied unit, you take on the landlord's obligations under the lease. Units stay rent stabilized until the 421-a benefit ends in June 2027, and the managing agent handles the tenancy for a fee of the greater of 5% of the rent or $200 a year.

Why are the taxes so low on Schedule A?

The building has a 15-year 421-a exemption that runs to June 30, 2027, so first-year taxes are projected at about $20 to $40 a month per unit. Without the exemption, a typical one-bedroom would pay several hundred dollars a month, so expect a large jump once it ends.

Is there parking?

Not as part of your purchase. The courtyard parking belongs to a separate parking unit on the ground level that the sponsor isn't offering for sale. There's a bike room for about 80 bikes in the cellar.

Where this comes from: the building's offering plan (CD190189) as filed with the New York Attorney General, including its Special Risks, Introduction, Schedule A, Schedule B and its notes, Management Agreement, Identity of Parties and the architect's Description of Property and Building Condition. Prices are the sponsor's offering prices, not sales, and budget figures are the sponsor's first-year projections. Later amendments may change them. Updated October 2026.