THE CONDO BOOK PROJECT

Grand Central Condominiums

135-46 Grand Central Parkway, Queens, NY 11435

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Overview

Units
12 residential · 8 parking
Subway
10 min walk to Kew Gardens-Union Tpke E FBriarwood E F, 13 min
Principals
Rey J. Nieto
Average $/sf
$719Homes in Schedule A, as first offered
Common charges
$217–$567 a monthSponsor's first-year estimate in Schedule A, The First Year Of Condominium Operation Commencing November 1, 2018
Offering price
$6.32 million total $5.96 million when first offered

The sponsor of record is Grand View Sponsor LLC, represented by Rothkrug Rothkrug & Spector, LLP. The offering plan runs 330 pages. The sponsor has filed 4 amendments, the latest in January 2019. The nearest other condo plan on file is Coolidge Plaza Condominium, next door.

Plan CD170265 · New · accepted Oct 25, 2018 · AG record ↗

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FigureThis building189 Property210 units · 1.7 miaccepted 2020Garden Lane319 units · 1 miaccepted 2021
Common ChargesPer Square Foot / Month$0.59In line$0.50$0.68
Average Offering PricePer Apartment$482,917In line$471,800$509,737
Average PricePer Square Foot$719Below peers$744$835
Property TaxesPer Square Foot / Month$0.06Below peers$0.07$0.62
Average Unit SizeSquare Feet671 SFLarger635 SF610 SF

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Unit mix, closings, budgets, finishes and the team, against 89 Property and Garden Lane, 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 A12 of 12
Closing prices vs. Schedule A12 homes: $5,545,822 at closing against $5,795,000 in Schedule A (p. 34)−4.3%
Average closing price12 homes, on their Schedule A square feet$688 / SF
Closingsfirst and latest recordedJun 13, 2019 – Feb 6, 2020

Sales recorded with the Department of Finance (ACRIS) through Feb 28, 2025: 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 12 closings
HomeRecordedClosing priceSchedule ADifference
1CJun 13, 2019$651,680$525,000 p. 34+24.1%
2AJun 19, 2019$425,880$465,000 p. 34−8.4%
2CJun 20, 2019$530,000$550,000 p. 34−3.6%
3AJun 27, 2019$397,488$465,000 p. 34−14.5%
3CJul 1, 2019$515,000$550,000 p. 34−6.4%
4BJul 10, 2019$506,999$500,000 p. 34+1.4%
1BJul 12, 2019$326,000$350,000 p. 34−6.9%
4AJul 12, 2019$397,488$465,000 p. 34−14.5%
1AJul 24, 2019$349,830$375,000 p. 34−6.7%
2BAug 27, 2019$468,468$500,000 p. 34−6.3%
4CNov 25, 2019$501,930$550,000 p. 34−8.7%
3BFeb 6, 2020$475,059$500,000 p. 34−5%

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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
Grand View Sponsor LLC
Principals
Rey J. Nieto
Tax estimate
SJP Tax Consultants Inc.Prepared the first-year real estate tax projection
Construction lender
Flushing Bank

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

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