THE CONDO BOOK PROJECT

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24-15 Queens Plaza North A/K/A 41-48 Crescent, Queens, NY 11101

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Overview

Units
39 residential · 2 commercial
Subway
1 min walk to Queensboro Plaza 7 N WQueens Plaza E F R, 5 min
Offering price
$23.9 million total

The sponsor of record is Crescent Street LLC, represented by Seiden & Schein, PC. The offering plan runs 397 pages. The sponsor has filed 10 amendments, the latest in August 2009. The nearest other condo plan on file is 24-01 Queens Plaza North Condominium, next door.

Plan CD060078 · New · accepted Oct 10, 2006 · AG record ↗

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FigureThis building1Badge Building244 units · 0.7 miaccepted 200610-50 Jackson337 units · 0.9 miaccepted 2007
Average Offering PricePer Apartment$613,205Above peers$604,545$543,757

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Unit mix, closings, budgets, finishes and the team, against Badge Building and 10-50 Jackson, 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.

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
Crescent Street LLC
Tax estimate
Metropolitan Valuation ServicesPrepared the first-year real estate tax projection
Construction lender
Chinatrust Bank$29.6 million recorded

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

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