THE CONDO BOOK PROJECT

21-24 Condominium

21-24 45th Road, Queens, NY 11101

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Overview

Units
6 residential
Subway
1 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
$1,462Homes 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 4 amendments, the latest in August 2020. The nearest other condo plan on file is 21-22 Condominium, next door.

Plan CD180183 · New · accepted Jan 24, 2019 · AG record ↗

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FigureThis building121-2026 units · 0 miaccepted 201921-1936 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$1,462Below peers$1,472$1,475
Property TaxesPer Square Foot / Month$0.95In line$0.95$0.96
Average Unit SizeSquare Feet757 SFLarger752 SF751 SF

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Unit mix, closings, budgets, finishes and the team, against 21-20 and 21-19, 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: $6,205,000 at closing against $6,644,000 in Schedule A (p. 35)−6.6%
Average closing price6 homes, on their Schedule A square feet$1,366 / SF
Closingsfirst and latest recordedApr 16, 2020 – May 6, 2021

Sales recorded with the Department of Finance (ACRIS) through Mar 31, 2022: 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
4Apr 16, 2020$790,000$885,000 p. 35−10.7%
1Apr 24, 2020$735,000$795,000 p. 35−7.5%
2May 11, 2020$1,330,000$1,349,000 p. 35−1.4%
6May 27, 2020$1,270,000$1,370,000 p. 35−7.3%
3May 28, 2020$820,000$895,000 p. 35−8.4%
5May 6, 2021$1,260,000$1,350,000 p. 35−6.7%

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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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