THE CONDO BOOK PROJECT

21-19 Condominium

21-19 46th Avenue, Queens, NY 11101

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Overview

Units
6 residential
Subway
2 min walk to Court Sq-23 St 7 E F G M21 St G, 3 min
Average $/sf
$1,475Homes in Schedule A, as first offered
Common charges
$194–$319 a monthSponsor's first-year estimate in Schedule A, June 1, 2019 - May 31, 2020
Offering price
$6.64 million total $6.27 million when first offered

The sponsor of record is Salm Properties LLC, represented by Tsyngauz & Associates, P.C.. The offering plan runs 279 pages. The sponsor has filed 2 amendments, the latest in September 2020. The nearest other condo plan on file is 21-22 Condominium, next door.

Plan CD180191 · New · accepted Jan 25, 2019 · AG record ↗

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FigureThis building121-2026 units · 0 miaccepted 201921-3036 units · 0 miaccepted 2019
Common ChargesPer Square Foot / Month$0.34In line$0.34$0.34
Average Offering PricePer Apartment$1.11MIn line$1.11M$1.11M
Average PricePer Square Foot$1,475Above peers$1,472$1,471
Property TaxesPer Square Foot / Month$0.96Above peers$0.95$0.95
Average Unit SizeSquare Feet751 SFSmaller752 SF753 SF

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Unit mix, closings, budgets, finishes and the team, against 21-20 and 21-30, 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 A6 of 6
Closing prices vs. Schedule A6 homes: $6,255,688 at closing against $6,644,000 in Schedule A (p. 35)−5.8%
Average closing price6 homes, on their Schedule A square feet$1,389 / SF
Closingsfirst and latest recordedMay 13, 2021 – Sep 3, 2021

Sales recorded with the Department of Finance (ACRIS) through Sep 30, 2021: 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 6 closings
HomeRecordedClosing priceSchedule ADifference
4May 13, 2021$794,235$885,000 p. 35−10.3%
1May 25, 2021$745,000$795,000 p. 35−6.3%
5May 28, 2021$1,280,000$1,350,000 p. 35−5.2%
3Jun 2, 2021$810,000$895,000 p. 35−9.5%
6Jun 3, 2021$1,290,000$1,370,000 p. 35−5.8%
2Sep 3, 2021$1,336,453$1,349,000 p. 35−0.9%

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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
Salm Properties LLC
Tax estimate
AVA Expediting Inc.Prepared the first-year real estate tax projection
Construction lender
Valley National Bank$15.8 million loan stated in the plan

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

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