THE CONDO BOOK PROJECT

Beacon Tower Condominium

31-38 137th Street, Queens, NY 11354

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Overview

Units
16 residential · 10 parking
Subway
15 min walk to Flushing-Main St 7
Principals
JAE HWAN CHO, SONG HIE KIM
Average $/sf
$602Homes in Schedule A, as first offered
Common charges
$285–$319 a monthSponsor's first-year estimate in Schedule A, June 1, 2009 - May 31, 2010
Offering price
$9.81 million total

The sponsor of record is Juchun Management, Inc, represented by Bleckner P.C.. The offering plan runs 260 pages. The sponsor has filed 1 amendment, the latest in April 2010. The nearest other condo plan on file is 31-34 137th Street Condominium, next door.

Plan CD080606 · New · accepted Apr 24, 2009 · AG record ↗

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FigureThis building1Corona Twins217 units · 1.6 miaccepted 2009Wenzhou Tower315 units · 1.9 miaccepted 2009
Common ChargesPer Square Foot / Month$0.40Highest$0.28$0.22
Average Offering PricePer Apartment$453,750Highest$276,471$322,333
Average PricePer Square Foot$602Highest$442$427
Property TaxesPer Square Foot / Month$0.01Lowest$0.05$0.02
Average Unit SizeSquare Feet754 SFIn line626 SF755 SF

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Unit mix, closings, budgets, finishes and the team, against Corona Twins and Wenzhou Tower, 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 A16 of 16
Closing prices vs. Schedule A16 homes: $6,246,301 at closing against $7,260,000 in Schedule A (p. 26)−14%
Average closing price16 homes, on their Schedule A square feet$518 / SF
Closingsfirst and latest recordedJul 23, 2010 – Feb 27, 2013

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 16 closings
HomeRecordedClosing priceSchedule ADifference
3BJul 23, 2010$400,530$430,000 p. 26−6.9%
5ASep 16, 2010$376,194$440,000 p. 26−14.5%
10BOct 8, 2010$404,586$480,000 p. 26−15.7%
7AOct 18, 2010$405,297$460,000 p. 26−11.9%
6BOct 22, 2010$374,166$450,000 p. 26−16.9%
6AOct 29, 2010$380,250$450,000 p. 26−15.5%
9BNov 5, 2010$410,670$470,000 p. 26−12.6%
3ADec 2, 2010$367,068$430,000 p. 26−14.6%
4BMar 4, 2011$365,040$430,000 p. 26−15.1%
7BMar 31, 2011$407,425$460,000 p. 26−11.4%
4AOct 19, 2011$399,516$430,000 p. 26−7.1%
9AMay 2, 2012$395,460$470,000 p. 26−15.9%
8AMay 9, 2012$390,390$470,000 p. 26−16.9%
5BJul 3, 2012$364,151$440,000 p. 26−17.2%
8BDec 5, 2012$403,000$470,000 p. 26−14.3%
10AFeb 27, 2013$402,558$480,000 p. 26−16.1%

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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
Juchun Management, Inc
Principals
JAE HWAN CHO, SONG HIE KIM
Construction lender
United Commercial Bank$5.6 million recorded

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

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