THE CONDO BOOK PROJECT

23-05 24th Avenue Condominium

23-05 24th Avenue, Queens, NY 11102

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Overview

Units
7 residential
Subway
10 min walk to Astoria Blvd N WAstoria-Ditmars Blvd N W, 12 min
Principals
Ellie Wald
Average $/sf
$1,151Homes in Schedule A, as first offered
Common charges
$147–$346 a monthSponsor's first-year estimate in Schedule A, July 1, 2022 to June 30, 2023
Offering price
$6.22 million total $5.45 million when first offered

The sponsor of record is 24th Ave Investors LLC, represented by Moritt Hock & Hamroff, LLP. The offering plan runs 318 pages. The sponsor has filed 3 amendments, the latest in June 2023. The nearest other condo plan on file is Hoyt Terrace Condominium, 0.3 mi away.

Plan CD200328 · New · accepted May 2, 2022 · AG record ↗

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FigureThis building1Amity 2829 units · 0.5 miaccepted 2022Astoria Proper310 units · 0.7 miaccepted 2022
Common ChargesPer Square Foot / Month$0.28Lowest$0.50$0.68
Average Offering PricePer Apartment$870,857Above peers$722,442$869,325
Average PricePer Square Foot$1,151In line$1,123$1,245
Property TaxesPer Square Foot / Month$0.39Lowest$0.57$0.86
Average Unit SizeSquare Feet756 SFLarger644 SF699 SF

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Unit mix, closings, budgets, finishes and the team, against Amity 28 and Astoria Proper, 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 closed57% of the homes in Schedule A4 of 7
Closing prices vs. Schedule A4 homes: $3,482,206 at closing against $3,812,000 in Schedule A (p. 37)−8.7%
Average closing price4 homes, on their Schedule A square feet$1,078 / SF
Closingsfirst and latest recordedNov 18, 2022 – Feb 29, 2024

Sales recorded with the Department of Finance (ACRIS) through May 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 4 closings
HomeRecordedClosing priceSchedule ADifference
3BNov 18, 2022$636,406$738,000 p. 37−13.8%
2BDec 9, 2022$608,914$698,000 p. 37−12.8%
3AAug 4, 2023$811,337$878,000 p. 37−7.6%
1AFeb 29, 2024$1,425,550$1,498,000 p. 37−4.8%

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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
24th Ave Investors LLC
Principals
Ellie Wald
Tax estimate
Highpoint Incentive Inc.Prepared the first-year real estate tax projection
Construction lender
Dominion Financial Services$3.06 million recorded

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

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