THE CONDO BOOK PROJECT

Cherry Tower Condominium

140-20 Cherry Avenue, Queens, NY 11355

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Overview

Units
12 residential · 6 parking · 1 commercial
Subway
12 min walk to Flushing-Main St 7
Principals
Kevin Yang, Chris Zheng, Chun Y. Lau, Dennis Chu
Average $/sf
$1,071Homes in Schedule A, as first offered
Common charges
$197–$400 a monthSponsor's first-year estimate in Schedule A, For the Period From March 1, 2021 to February 28, 2022
Offering price
$7.92 million total

The sponsor of record is Cherry Tower LLC, represented by Thomas E. Berinato, Attorney At Law. The offering plan runs 269 pages. The sponsor has filed 2 amendments, the latest in March 2023. The nearest other condo plan on file is Cherry Mansion Condominium, next door.

Plan CD200153 · New · accepted Feb 12, 2021 · AG record ↗

Compare

FigureThis building142-08 Bowne210 units · 0.2 miaccepted 2022Lian Feng311 units · 0.6 miaccepted 2023
Common ChargesPer Square Foot / Month$0.55In line$0.68$0.47
Average Offering PricePer Apartment$593,107In line$592,500$846,350
Average PricePer Square Foot$1,071In line$1,143$955
Property TaxesPer Square Foot / Month$0.61In line$0.46$1.04
Average Unit SizeSquare Feet554 SFIn line518 SF886 SF

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Unit mix, closings, budgets, finishes and the team, against 42-08 Bowne and Lian Feng, 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 closed58% of the homes in Schedule A7 of 12
Closing prices vs. Schedule A7 homes: $3,148,558 at closing against $3,606,875 in Schedule A (p. 30)−12.7%
Average closing price7 homes, on their Schedule A square feet$974 / SF
Closingsfirst and latest recordedOct 10, 2022 – Jan 7, 2025

Sales recorded with the Department of Finance (ACRIS) through Jan 31, 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 7 closings
HomeRecordedClosing priceSchedule ADifference
2COct 10, 2022$499,902$460,566 p. 30+8.5%
3ADec 20, 2022$567,674$588,600 p. 30−3.6%
3BFeb 15, 2023$395,460$421,825 p. 30−6.3%
2BAug 23, 2023$397,488$412,850 p. 30−3.7%
2AOct 6, 2023$568,184$585,900 p. 30−3%
3COct 3, 2024$100,851$462,623 p. 30−78.2%
6AJan 7, 2025$619,000$674,511 p. 30−8.2%

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Closings are for subscribers

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
Cherry Tower LLC
Principals
Kevin Yang, Chris Zheng, Chun Y. Lau, Dennis Chu
Tax estimate
Thomas E. BerinatoPrepared the first-year real estate tax projection

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

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