THE CONDO BOOK PROJECT

Elm Street Condominium

23-28 30th Drive, Queens, NY 11102

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Overview

Units
9 residential · 1 commercial
Subway
8 min walk to 30 Av N WBroadway N W, 10 min
Principals
Saviour C. Sultana
Average $/sf
$558Homes in Schedule A, as first offered
Offering price
$4.4 million total

The sponsor of record is Damco Holdings, LLC, represented by Tsoromokos & Papadopoulos, Pllc. The offering plan runs 352 pages. The sponsor has filed 2 amendments, the latest in March 2012. The nearest other condo plan on file is Ely Astoria Condominium, next door.

Plan CD110083 · New · accepted Oct 7, 2011 · AG record ↗

Compare

FigureThis building1The Ria Condominiums27 units · 0.4 miaccepted 2009Wenzhou Tower315 units · 3.6 miaccepted 2009
Common ChargesPer Square Foot / Month$0.51Highest$0.39$0.22
Average Offering PricePer Apartment$422,222In line$522,143$322,333
Average PricePer Square Foot$558In line$598$427
Average Unit SizeSquare Feet757 SFIn line873 SF755 SF

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Unit mix, closings, budgets, finishes and the team, against The Ria Condominiums and Wenzhou Tower, 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 A9 of 9
Closing prices vs. Schedule A9 homes: $3,676,005 at closing against $3,800,000 in Schedule A (p. 31)−3.3%
Average closing price9 homes, on their Schedule A square feet$540 / SF
Closingsfirst and latest recordedJun 15, 2012 – Aug 16, 2012

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 9 closings
HomeRecordedClosing priceSchedule ADifference
3RJun 15, 2012$367,879$395,000 p. 31−6.9%
4RJun 28, 2012$390,390$405,000 p. 31−3.6%
5RJul 6, 2012$420,810$415,000 p. 31+1.4%
2RJul 13, 2012$370,110$385,000 p. 31−3.9%
2FJul 23, 2012$390,390$385,000 p. 31+1.4%
3FJul 26, 2012$380,250$395,000 p. 31−3.7%
PHAug 9, 2012$595,676$600,000 p. 31−0.7%
4FAug 16, 2012$380,250$405,000 p. 31−6.1%
5FAug 16, 2012$380,250$415,000 p. 31−8.4%

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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
Damco Holdings, LLC
Principals
Saviour C. Sultana
Tax estimate
William Mavrelis, Esq.Prepared the first-year real estate tax projection
Construction lender
Lyons Mortgage Services$2 million loan stated in the plan

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

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