THE CONDO BOOK PROJECT

89 Property Condominium

170-14 89 Avenue, Queens, NY 11432

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Overview

Units
10 residential
Subway
4 min walk to 169 St FJamaica-179 St F, 10 min
Principals
David Huang, Christine Chen
Average $/sf
$744Homes in Schedule A, as first offered
Common charges
$241–$486 a monthSponsor's first-year estimate in Schedule A, July 1, 2020 - June 30, 2021
Offering price
$4.72 million total

The sponsor of record is 89 Property LLC, represented by Hc Law & Associates, P.C.. The offering plan runs 311 pages. The sponsor has filed 2 amendments, the latest in July 2021. The nearest other condo plan on file is Aftab Cottage Condominium, 0.1 mi away.

Plan CD200013 · New · accepted May 4, 2020 · AG record ↗

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FigureThis building1Grand Central Condominiums212 units · 1.7 miaccepted 2018Garden Lane319 units · 2.4 miaccepted 2021
Common ChargesPer Square Foot / Month$0.50Lowest$0.59$0.68
Average Offering PricePer Apartment$471,800Below peers$482,917$509,737
Average PricePer Square Foot$744In line$719$835
Property TaxesPer Square Foot / Month$0.07In line$0.06$0.62
Average Unit SizeSquare Feet635 SFIn line671 SF610 SF

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Unit mix, closings, budgets, finishes and the team, against Grand Central Condominiums and Garden Lane, cited to the offering plans. No credit card required, and it also connects to ChatGPT and Claude, with limited access.

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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.

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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
89 Property LLC
Principals
David Huang, Christine Chen
Tax estimate
Platform Real Estate Inc.Prepared the first-year real estate tax projection
Construction lender
Cross River Bank$1.8 million recorded

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

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