THE CONDO BOOK PROJECT

Arcadia Lic

24-12 42nd Road, Queens, NY 11101

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Overview

Units
36 residential · 20 storage · 1 commercial
Subway
2 min walk to Queensboro Plaza 7 N WQueens Plaza E F R, 5 min
Developer
Ampiera Group
Principals
Alex Lau, Henry Zhao, Lorder Huang
Average $/sf
$1,374Homes in Schedule A, as first offered
Common charges
$196–$721 a monthSponsor's first-year estimate in Schedule A, November 1, 2017 – October 31, 2018
Offering price
$40.6 million total $34.7 million when first offered

The sponsor of record is 38 Crescent, LLC, represented by Sichenzia Ross Ference LLP. The offering plan runs 303 pages. The sponsor has filed 7 amendments, the latest in October 2019. The nearest other condo plan on file is Flow House Condominium, next door.

Plan CD170054 · New · accepted Oct 12, 2017 · AG record ↗

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FigureThis building1Qns 44249 units · 0.4 miaccepted 201727-05344 units · 0.2 miaccepted 2017
Common ChargesPer Square Foot / Month$0.49In line$0.45$0.60
Average Offering PricePer Apartment$945,894In line$1.13M$701,455
Average PricePer Square Foot$1,374Above peers$1,267$1,200
Property TaxesPer Square Foot / Month$0.06In line$0.97$0.05
Average Unit SizeSquare Feet688 SFIn line888 SF585 SF

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Unit mix, closings, budgets, finishes and the team, against Qns 44 and 27-05, cited to the offering plans. No credit card required, and it also connects to ChatGPT and Claude, with limited access.

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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.

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Closings Pro

Homes closed100% of the homes in Schedule A36 of 36
Closing prices vs. Schedule A36 homes: $33,787,228 at closing against $34,052,172 in Schedule A (p. 31, p. 32)−0.8%
Average closing price36 homes, on their Schedule A square feet$1,364 / SF
Closingsfirst and latest recordedJul 3, 2018 – Dec 24, 2020

Sales recorded with the Department of Finance (ACRIS) through Aug 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 36 closings
HomeRecordedClosing priceSchedule ADifference
3DJul 3, 2018$645,796$597,506 p. 31+8.1%
4CJul 3, 2018$1,364,455$1,350,701 p. 31+1%
4DJul 3, 2018$617,163$598,506 p. 31+3.1%
6DJul 9, 2018$665,936$622,206 p. 31+7%
3BJul 11, 2018$701,574$629,650 p. 31+11.4%
4EJul 11, 2018$1,226,991$1,290,351 p. 31−4.9%
5FJul 18, 2018$585,494$547,646 p. 31+6.9%
3EJul 20, 2018$949,009$841,575 p. 31+12.8%
7FJul 24, 2018$621,132$567,696 p. 32+9.4%
2BJul 25, 2018$709,013$616,800 p. 31+15%
6FAug 1, 2018$593,640$557,671 p. 31+6.4%
6EAug 10, 2018$1,264,666$1,359,126 p. 31−7%
3FAug 15, 2018$590,263$531,310 p. 31+11.1%
5AAug 15, 2018$1,152,659$1,063,351 p. 31+8.4%
4FAug 27, 2018$611,968$537,621 p. 31+13.8%
4BAug 31, 2018$661,863$642,500 p. 31+3%
5DSep 21, 2018$661,863$610,356 p. 31+8.4%
7COct 22, 2018$983,324$1,091,941 p. 32−9.9%
7DNov 16, 2018$639,410$634,056 p. 32+0.8%
5BNov 26, 2018$680,191$655,350 p. 31+3.8%
2EDec 5, 2018$1,221,900$1,237,950 p. 31−1.3%
4ADec 21, 2018$1,110,000$1,041,851 p. 31+6.5%
6BJan 16, 2019$693,428$668,200 p. 31+3.8%
7BJan 16, 2019$702,593$681,050 p. 32+3.2%
3CJan 29, 2019$984,700$916,250 p. 31+7.5%
6CJan 31, 2019$1,415,368$1,397,051 p. 31+1.3%
2AMar 26, 2019$1,211,718$1,009,100 p. 31+20.1%
8BJun 21, 2019$1,939,766$2,030,363 p. 32−4.5%
2CJun 28, 2019$1,200,000$1,297,800 p. 31−7.5%
5COct 4, 2019$967,338$1,044,525 p. 31−7.4%
5ENov 14, 2019$860,421$875,925 p. 31−1.8%
7EJan 21, 2020$865,512$910,275 p. 32−4.9%
7AMar 3, 2020$990,000$1,106,351 p. 32−10.5%
6AMay 8, 2020$990,000$1,084,851 p. 31−8.7%
3AJul 2, 2020$1,120,075$1,020,351 p. 31+9.8%
8ADec 24, 2020$1,588,000$2,384,360 p. 32−33.4%

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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
38 Crescent, LLC
Developer
Ampiera GroupReported by web.archive.org
Principals
Alex Lau, Henry Zhao, Lorder Huang
Tax estimate
Moseson & Associates Corp.Prepared the first-year real estate tax projection
Construction lender
Industrial and Commercial Bank of China$15 million recorded

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

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