THE CONDO BOOK PROJECT

Cornerstone Condominiums

32-06 Astoria Boulevard A/K/A 25-01 32nd St, Queens, NY 11102

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Overview

Units
27 residential · 1 parking · 3 commercial
Subway
1 min walk to Astoria Blvd N W30 Av N W, 6 min
Principals
Lambros Houliaras, Xenophon Xenophontos
Average $/sf
$1,409Homes in Schedule A, as first offered
Offering price
$26.3 million total $26.4 million when first offered

The sponsor of record is Double T Holdings LLC, represented by Tsempelis & Associates, Pllc. The offering plan runs 360 pages. The sponsor has filed 1 amendment, the latest in February 2019. The nearest other condo plan on file is Astoria Station Condominium, next door.

Plan CD170344 · New · accepted Apr 13, 2018 · AG record ↗

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FigureThis building1Arcadia Lic236 units · 1.9 miaccepted 2017Sofo Tower326 units · 0.6 miaccepted 2019
Common ChargesPer Square Foot / Month$0.76Highest$0.49$0.54
Average Offering PricePer Apartment$972,369Above peers$945,894$896,400
Average PricePer Square Foot$1,409Above peers$1,374$1,200
Average Unit SizeSquare Feet690 SFIn line688 SF747 SF

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Unit mix, closings, budgets, finishes and the team, against Arcadia Lic and Sofo 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 A27 of 27
Closing prices vs. Schedule A6 homes: $3,380,338 at closing against $5,408,740 in Schedule A (p. 43)−37.5%
Average closing price6 homes, on their Schedule A square feet$889 / SF
Closingsfirst and latest recordedJul 11, 2019 – Feb 10, 2020

Sales recorded with the Department of Finance (ACRIS) through Nov 30, 2021: 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 27 closings
HomeRecordedClosing priceSchedule ADifference
5FJul 11, 2019$519,000$688,800 p. 43−24.7%
3FJul 23, 2019$535,000$636,600 p. 43−16%
4FJul 23, 2019$519,000$688,800 p. 43−24.7%
2AAug 20, 2019$888,030$1,122,700 p. 43−20.9%
2BOct 23, 2019$387,500one deed, 5 homes$827,900 p. 43—
2COct 23, 2019$361,500one deed, 5 homes$923,180 p. 43—
2DOct 23, 2019$400,000one deed, 5 homes$580,900 p. 43—
2EOct 23, 2019$400,000one deed, 5 homes$998,700 p. 43—
2FOct 23, 2019$400,000one deed, 5 homes$668,400 p. 43—
3AOct 23, 2019$400,000one deed, 5 homes$1,109,160 p. 43—
3COct 23, 2019$430,000one deed, 6 homes$928,140 p. 43—
3DOct 23, 2019$387,500one deed, 5 homes$585,140 p. 43—
3EOct 23, 2019$387,500one deed, 5 homes$984,660 p. 43—
4AOct 23, 2019$361,500one deed, 5 homes$1,193,760 p. 43—
4BOct 23, 2019$387,500one deed, 5 homes$895,440 p. 43—
4COct 23, 2019$430,000one deed, 6 homes$998,740 p. 43—
4DOct 23, 2019$430,000one deed, 6 homes$629,440 p. 43—
4EOct 23, 2019$430,000one deed, 6 homes$1,059,160 p. 43—
5AOct 23, 2019$430,000one deed, 6 homes$1,198,440 p. 43—
5BOct 23, 2019$430,000one deed, 6 homes$900,060 p. 43—
5COct 23, 2019$361,500one deed, 5 homes$1,003,910 p. 43—
5DOct 23, 2019$361,500one deed, 5 homes$634,060 p. 43—
5EOct 23, 2019$361,500one deed, 5 homes$1,067,240 p. 43—
PH2Oct 23, 2019$387,500one deed, 5 homes$1,788,900 p. 43—
PH3Oct 23, 2019$400,000one deed, 5 homes$1,869,900 p. 43—
PH1Nov 15, 2019$400,000$1,439,700 p. 43−72.2%
3BFeb 10, 2020$519,308$832,140 p. 43−37.6%

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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
Double T Holdings LLC
Principals
Lambros Houliaras, Xenophon Xenophontos
Construction lender
Alma Bank$8.65 million loan stated in the plan

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

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