THE CONDO BOOK PROJECT

Smyth Condominium

25-12/16 37th Avenue, Queens, NY 11101

Overview

Units
41 residential · 62 parking · 29 storage · 5 commercial
Subway
7 min walk to 36 Av N W39 Av-Dutch Kills N W, 7 min
Developer
D.A. Development Group
Principals
Barry Leon, Jesse Leon, Andrew Fein, David Shenfeld
Average $/sf
$1,100Homes in Schedule A, as first offered
Common charges
$184–$506 a monthSponsor's first-year estimate in Schedule A, January 1, 2019 To December 31, 2019
Offering price
$39 million total

The sponsor of record is 25-16 37 Ave Owners LLC, represented by Eial Girtz, PC. The offering plan runs 327 pages. The sponsor has filed 3 amendments, the latest in February 2020. The nearest other condo plan on file is Cresyn Condominium, next door.

Plan CD170052 · New · accepted Nov 9, 2017 · AG record ↗

Compare

FigureThis building127-05244 units · 0.4 miaccepted 2017Qns 44349 units · 1 miaccepted 2017
Common ChargesPer Square Foot / Month$0.41Below peers$0.60$0.45
Average Offering PricePer Apartment$842,317In line$701,455$1.13M
Average PricePer Square Foot$1,100Below peers$1,200$1,267
Property TaxesPer Square Foot / Month$0.82In line$0.05$0.97
Average Unit SizeSquare Feet766 SFIn line585 SF888 SF

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Unit mix, closings, budgets, finishes and the team, against 27-05 and Qns 44, 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
25-16 37 Ave Owners LLC
Developer
D.A. Development Group
Principals
Barry Leon, Jesse Leon, Andrew Fein, David Shenfeld
Tax estimate
Tuchman, Korngold, Weiss, Liebman & Gelles, LLPPrepared the first-year real estate tax projection
Construction lender
Popular Bank

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

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