THE CONDO BOOK PROJECT

Tower 28 Condominium

28-09 39th Avenue, Queens, NY 11101

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Overview

Units
13 residential · 9 parking · 1 commercial
Subway
3 min walk to 39 Av-Dutch Kills N W36 St M R, 6 min
Principals
Liyi Lu, Xinling Zhou
Average $/sf
$1,303Homes in Schedule A, as first offered
Common charges
$309–$742 a monthSponsor's first-year estimate in Schedule A, From January 1, 2024 to December 31, 2024
Offering price
$12 million total

The sponsor of record is Tower 28 LLC, represented by Thomas E. Berinato, Attorney At Law. The offering plan runs 299 pages. The sponsor has filed 2 amendments, the latest in February 2024. The nearest other condo plan on file is Soundview Condominium, next door.

Plan CD210350 · New · accepted Aug 9, 2023 · AG record ↗

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FigureThis building1Alchemy217 units · 1.4 miaccepted 20235-0138 units · 1.2 miaccepted 2023
Common ChargesPer Square Foot / Month$0.91In line$1.07$0.53
Average Offering PricePer Apartment$716,400Lowest$1.08M$1.08M
Average PricePer Square Foot$1,303Below peers$1,403$1,343
Property TaxesPer Square Foot / Month$1.16Highest$0.93$0.92
Average Unit SizeSquare Feet550 SFSmallest769 SF806 SF

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Unit mix, closings, budgets, finishes and the team, against Alchemy and 5-01, 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 A13 of 13
Closing prices vs. Schedule A13 homes: $8,979,997 at closing against $9,313,200 in Schedule A (p. 39)−3.6%
Average closing price13 homes, on their Schedule A square feet$1,256 / SF
Closingsfirst and latest recordedFeb 2, 2024 – Sep 12, 2025

Sales recorded with the Department of Finance (ACRIS) through Sep 30, 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 13 closings
HomeRecordedClosing priceSchedule ADifference
3AFeb 2, 2024$666,954$681,200 p. 39−2.1%
4DFeb 5, 2024$486,720$449,800 p. 39+8.2%
2DFeb 12, 2024$443,264$449,800 p. 39−1.5%
3BFeb 16, 2024$901,151$951,600 p. 39−5.3%
3DFeb 16, 2024$449,080$449,800 p. 39−0.2%
4AFeb 22, 2024$643,745$681,200 p. 39−5.5%
2AFeb 28, 2024$656,284$681,200 p. 39−3.7%
4CFeb 28, 2024$679,173$666,900 p. 39+1.8%
3CMar 5, 2024$672,045$666,900 p. 39+0.8%
4BJul 12, 2024$924,571$951,600 p. 39−2.8%
2BSep 6, 2024$871,060$951,600 p. 39−8.5%
2CJul 23, 2025$610,950$666,900 p. 39−8.4%
5ASep 12, 2025$975,000$1,064,700 p. 39−8.4%

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Closings are for subscribers

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
Tower 28 LLC
Principals
Liyi Lu, Xinling Zhou
Tax estimate
Thomas E. BerinatoPrepared the first-year real estate tax projection
Construction lender
Shanghai Commercial Bank$4.8 million recorded

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

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