THE CONDO BOOK PROJECT

31-41 29th Street Condominium

31-41 29th Street, Queens, NY 11106

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Overview

Units
10 residential
Subway
4 min walk to Broadway N W30 Av N W, 8 min
Principals
Alan Bjegovic, Eric Belanich
Average $/sf
$1,359Homes in Schedule A, as first offered
Common charges
$346–$784 a monthSponsor's first-year estimate in Schedule A, June 1, 2021 - May 31, 2022
Offering price
$8.31 million total

The sponsor of record is 31-41 Astoria LLC, represented by Certilman Balin Adler & Hyman, LLP. The offering plan runs 340 pages. The sponsor has filed 3 amendments, the latest in March 2022. The nearest other condo plan on file is Frame Astoria, next door.

Plan CD200179 · New · accepted Dec 14, 2020 · AG record ↗

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FigureThis building125-74 34th217 units · 0.5 miaccepted 2021Astoria Proper310 units · 0.2 miaccepted 2022
Common ChargesPer Square Foot / Month$0.75Above peers$0.68$0.68
Average Offering PricePer Apartment$831,171Below peers$909,412$869,325
Average PricePer Square Foot$1,359In line$1,453$1,245
Property TaxesPer Square Foot / Month$0.69In line$0.48$0.86
Average Unit SizeSquare Feet612 SFSmaller626 SF699 SF

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Unit mix, closings, budgets, finishes and the team, against 25-74 34th and Astoria Proper, 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 A10 of 10
Closing prices vs. Schedule A10 homes: $6,850,395 at closing against $8,311,712 in Schedule A (p. 39)−17.6%
Average closing price10 homes, on their Schedule A square feet$1,120 / SF
Closingsfirst and latest recordedDec 30, 2021 – Aug 31, 2022

Sales recorded with the Department of Finance (ACRIS) through Jul 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 10 closings
HomeRecordedClosing priceSchedule ADifference
5ADec 30, 2021$695,287$816,000 p. 39−14.8%
2AJan 5, 2022$630,000$718,800 p. 39−12.4%
6AJan 5, 2022$860,000$1,078,800 p. 39−20.3%
3AJan 20, 2022$649,000$770,112 p. 39−15.7%
3BFeb 8, 2022$624,648$788,400 p. 39−20.8%
4BApr 26, 2022$635,000$806,400 p. 39−21.3%
1AApr 29, 2022$830,250$968,000 p. 39−14.2%
5BMay 10, 2022$645,000$837,600 p. 39−23%
4AMay 27, 2022$681,209$786,000 p. 39−13.3%
2BAug 31, 2022$600,000$741,600 p. 39−19.1%

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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
31-41 Astoria LLC
Principals
Alan Bjegovic, Eric Belanich
Tax estimate
SJP Tax Consultants, Inc.Prepared the first-year real estate tax projection

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

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