THE CONDO BOOK PROJECT

21-22 Condominium

21-22 45th Road, 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, 4 min
Principals
Semyon Vays, Mark Zeldin, Leonid Vays, Leonid Rakhlis, Alexander Kostovetsky
Average $/sf
$1,315Homes in Schedule A, as first offered
Common charges
$204–$318 a monthSponsor's first-year estimate in Schedule A, June 1, 2019 - May 31, 2020
Offering price
$6.37 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 277 pages. The sponsor has filed 5 amendments, the latest in February 2020. The nearest other condo plan on file is 21-24 Condominium, next door.

Plan CD180182 · New · accepted Nov 16, 2018 · AG record ↗

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FigureThis building1Vernon III26 units · 0.4 miaccepted 2018Vernon I36 units · 0.4 miaccepted 2018
Common ChargesPer Square Foot / Month$0.34Lowest$0.45$0.46
Average Offering PricePer Apartment$995,833Lowest$1.22M$1.22M
Average PricePer Square Foot$1,315In line$1,314$1,338
Property TaxesPer Square Foot / Month$0.95Below peers$1.08$1.08
Average Unit SizeSquare Feet757 SFSmallest928 SF911 SF

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Unit mix, closings, budgets, finishes and the team, against Vernon III and Vernon I, 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: $6,115,260 at closing against $5,975,000 in Schedule A (p. 35)+2.3%
Average closing price6 homes, on their Schedule A square feet$1,346 / SF
Closingsfirst and latest recordedFeb 4, 2020 – Apr 16, 2020

Sales recorded with the Department of Finance (ACRIS) through Aug 31, 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 6 closings
HomeRecordedClosing priceSchedule ADifference
2Feb 4, 2020$1,318,634$1,230,000 p. 35+7.2%
6Feb 4, 2020$1,206,626$1,185,000 p. 35+1.8%
3Feb 13, 2020$815,000$800,000 p. 35+1.9%
4Mar 11, 2020$790,000$790,000 p. 350%
1Mar 13, 2020$710,000$795,000 p. 35−10.7%
5Apr 16, 2020$1,275,000$1,175,000 p. 35+8.5%

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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
Salm Properties LLC
Principals
Semyon Vays, Mark Zeldin, Leonid Vays, Leonid Rakhlis, Alexander Kostovetsky
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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