THE CONDO BOOK PROJECT

27-05 Condominium

27-05 41st Avenue, Queens, NY 11101

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Overview

Units
44 residential · 22 parking · 5 commercial
Subway
3 min walk to Queensboro Plaza 7 N WQueens Plaza E F R, 4 min
Developer
Triple Star Realty LLC
Principals
Yan Po Zhu
Average $/sf
$1,200Homes in Schedule A, as first offered
Common charges
$272–$438 a monthSponsor's first-year estimate in Schedule A, July 1, 2018 - June 30, 2019
Offering price
$35.7 million total $39.4 million when first offered

The sponsor of record is River Bridge Tower LLC, represented by Dai & Associates, P.C.. The offering plan runs 295 pages. The sponsor has filed 7 amendments, the latest in October 2020. The nearest other condo plan on file is 41st Avenue Condominium, next door.

Plan CD170003 · New · accepted May 25, 2017 · AG record ↗

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FigureThis building1Smyth241 units · 0.4 miaccepted 2017Arcadia Lic336 units · 0.2 miaccepted 2017
Common ChargesPer Square Foot / Month$0.60Highest$0.41$0.49
Average Offering PricePer Apartment$701,455Lowest$842,317$945,894
Average PricePer Square Foot$1,200In line$1,100$1,374
Property TaxesPer Square Foot / Month$0.05Lowest$0.82$0.06
Average Unit SizeSquare Feet585 SFSmaller766 SF688 SF

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Unit mix, closings, budgets, finishes and the team, against Smyth and Arcadia Lic, 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 closed18% of the homes in Schedule A8 of 44
Closing prices vs. Schedule A8 homes: $5,657,397 at closing against $5,423,000 in Schedule A (p. 29)+4.3%
Average closing price8 homes, on their Schedule A square feet$1,252 / SF
Closingsfirst and latest recordedJun 7, 2019 – Aug 27, 2019

Sales recorded with the Department of Finance (ACRIS) through Jan 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 8 closings
HomeRecordedClosing priceSchedule ADifference
5DJun 7, 2019$769,797$756,000 p. 29+1.8%
4BJun 10, 2019$609,932$575,000 p. 29+6.1%
5EJun 10, 2019$928,644$869,000 p. 29+6.9%
5FJun 25, 2019$707,684$673,000 p. 29+5.2%
5BJun 28, 2019$602,804$575,000 p. 29+4.8%
5GJul 2, 2019$748,414$762,000 p. 29−1.8%
6AAug 19, 2019$577,348$540,000 p. 29+6.9%
4FAug 27, 2019$712,775$673,000 p. 29+5.9%

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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
River Bridge Tower LLC
Developer
Triple Star Realty LLC
Principals
Yan Po Zhu
Construction lender
Industrial and Commercial Bank of China$13 million recorded

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

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