THE CONDO BOOK PROJECT

Millo

14-33 31st Avenue, Queens, NY 11106

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Overview

Units
64 residential · 33 parking
Subway
13 min walk to Broadway N W30 Av N W, 13 min
Principals
Shun-Qian Liu, Elias Abubeker
Average $/sf
$1,166Homes in Schedule A, as first offered
Common charges
$272–$596 a monthSponsor's first-year estimate in Schedule A, July 1, 2020 - June 30, 2021
Offering price
$57 million total

The sponsor of record is Shangri-La Lic LLC, represented by Marans, Weisz & Newman, LLC. The offering plan runs 372 pages. The sponsor has filed 4 amendments, the latest in October 2020. The nearest other condo plan on file is 14forty Condominium, next door.

Plan CD190231 · New · accepted Feb 25, 2020 · AG record ↗

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FigureThis building1Lic Manor232 units · 1.2 miaccepted 2020Novo Lic333 units · 0.9 miaccepted 2021
Common ChargesPer Square Foot / Month$0.60In line$0.56$0.66
Average Offering PricePer Apartment$695,484Below peers$823,641$745,249
Average PricePer Square Foot$1,166Below peers$1,201$1,209
Property TaxesPer Square Foot / Month$0.11Lowest$0.57$0.16
Average Unit SizeSquare Feet597 SFSmaller686 SF616 SF

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Unit mix, closings, budgets, finishes and the team, against Lic Manor and Novo Lic, 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 A64 of 64
Closing prices vs. Schedule A64 homes: $44,161,557 at closing against $44,511,000 in Schedule A (p. 42, p. 43)−0.8%
Average closing price64 homes, on their Schedule A square feet$1,156 / SF
Closingsfirst and latest recordedDec 29, 2020 – Mar 15, 2022

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 64 closings
HomeRecordedClosing priceSchedule ADifference
5CDec 29, 2020$985,000$878,000 p. 43+12.2%
3IJan 7, 2021$595,817$609,000 p. 42−2.2%
3FJan 8, 2021$840,056$789,000 p. 42+6.5%
1GJan 13, 2021$585,983$695,000 p. 42−15.7%
3CJan 14, 2021$567,300$600,000 p. 42−5.5%
3GJan 15, 2021$796,597$757,000 p. 42+5.2%
3JJan 21, 2021$855,330$793,000 p. 42+7.9%
1FJan 29, 2021$560,038$602,000 p. 42−7%
4CJan 29, 2021$580,403$615,000 p. 42−5.6%
2BFeb 3, 2021$519,308$567,000 p. 42−8.4%
4BFeb 8, 2021$547,819$612,000 p. 42−10.5%
4DFeb 11, 2021$565,000$618,000 p. 43−8.6%
4IFeb 11, 2021$682,228$695,000 p. 43−1.8%
5FFeb 11, 2021$651,680$686,000 p. 43−5%
3DFeb 16, 2021$578,366$603,000 p. 42−4.1%
1BFeb 17, 2021$527,871$504,000 p. 42+4.7%
3NFeb 18, 2021$790,162$790,000 p. 42+0%
3HFeb 19, 2021$580,403$652,000 p. 42−11%
1AFeb 24, 2021$514,216$548,000 p. 42−6.2%
4HFeb 26, 2021$581,983$669,000 p. 43−13%
3KMar 1, 2021$580,403$628,000 p. 42−7.6%
4AMar 1, 2021$672,045$659,000 p. 42+2%
3BMar 2, 2021$423,867$597,000 p. 42−29%
2IMar 3, 2021$559,019$647,000 p. 42−13.6%
2NMar 4, 2021$791,180$748,000 p. 42+5.8%
2MMar 9, 2021$692,410$718,000 p. 42−3.6%
2EMar 16, 2021$580,403$576,000 p. 42+0.8%
2FMar 17, 2021$865,513$878,000 p. 42−1.4%
5GMar 18, 2021$656,771$713,000 p. 43−7.9%
2DMar 22, 2021$518,301$573,000 p. 42−9.5%
4KApr 5, 2021$621,133$643,000 p. 43−3.4%
4MApr 7, 2021$790,162$779,000 p. 43+1.4%
2HApr 16, 2021$610,950$624,000 p. 42−2.1%
1EApr 19, 2021$558,510$554,000 p. 42+0.8%
3EApr 26, 2021$636,203$606,000 p. 42+5%
5HApr 26, 2021$858,904$845,000 p. 43+1.6%
1DApr 27, 2021$544,764$559,000 p. 42−2.5%
2LApr 29, 2021$602,003$569,000 p. 42+5.8%
4EApr 29, 2021$588,752$621,000 p. 43−5.2%
1IMay 4, 2021$599,635$604,000 p. 42−0.7%
3AMay 7, 2021$651,680$643,000 p. 42+1.3%
2GMay 10, 2021$702,055$738,000 p. 42−4.9%
2JMay 12, 2021$828,856$756,000 p. 42+9.6%
5IMay 14, 2021$972,429$1,150,000 p. 43−15.4%
1CMay 20, 2021$592,622$600,000 p. 42−1.2%
5KMay 26, 2021$865,513$834,000 p. 43+3.8%
3LMay 28, 2021$605,916$602,000 p. 42+0.7%
2CJun 1, 2021$545,668$571,000 p. 42−4.4%
2KJun 8, 2021$600,768$597,000 p. 42+0.6%
4FJun 14, 2021$872,640$811,000 p. 43+7.6%
4NJul 16, 2021$860,421$812,000 p. 43+6%
2AJul 19, 2021$628,835$612,000 p. 42+2.8%
5BJul 21, 2021$1,118,324$888,000 p. 43+25.9%
1KJul 27, 2021$802,381$809,000 p. 42−0.8%
1JJul 28, 2021$722,958$733,000 p. 42−1.4%
4LAug 5, 2021$602,804$617,000 p. 43−2.3%
4GAug 13, 2021$842,495$778,000 p. 43+8.3%
5JAug 20, 2021$845,000$799,000 p. 43+5.8%
5EAug 30, 2021$831,910$737,000 p. 43+12.9%
4JSep 10, 2021$875,695$815,000 p. 43+7.4%
5DSep 17, 2021$793,284$766,000 p. 43+3.6%
5AJan 31, 2022$997,885$958,000 p. 43+4.2%
3MMar 4, 2022$773,870$758,000 p. 42+2.1%
1HMar 15, 2022$571,067$704,000 p. 42−18.9%

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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
Shangri-La Lic LLC
Principals
Shun-Qian Liu, Elias Abubeker
Tax estimate
MGNY ConsultingPrepared the first-year real estate tax projection

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