THE CONDO BOOK PROJECT

Polaris Condominium

32-58 105th Street, Queens, NY 11369

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Overview

Units
34 residential · 31 parking · 5 commercial
Subway
13 min walk to 103 St-Corona Plaza 7111 St 7, 15 min
Principals
Steven Li, Wei Zheng
Average $/sf
$813Homes in Schedule A, as first offered
Common charges
$120–$566 a monthSponsor's first-year estimate in Schedule A, January 1, 2022 to December 31, 2022
Offering price
$26.7 million total $26.7 million when first offered

The sponsor of record is Sanford 147 Development LLC, represented by Moritt Hock & Hamroff, LLP. The offering plan runs 386 pages. The sponsor has filed 3 amendments, the latest in June 2023. The nearest other condo plan on file is Harmony Condominium, next door.

Plan CD200274 · New · accepted Oct 28, 2021 · AG record ↗

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FigureThis building1103220 units · 0.2 miaccepted 2021Rego Tower 64th Road335 units · 2 miaccepted 2020
Common ChargesPer Square Foot / Month$0.37Lowest$0.46$0.47
Average Offering PricePer Apartment$590,529In line$585,150$739,588
Average PricePer Square Foot$813In line$663$1,080
Property TaxesPer Square Foot / Month$0.48Above peers$0.47$0.41
Average Unit SizeSquare Feet726 SFIn line883 SF685 SF

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Unit mix, closings, budgets, finishes and the team, against 103 and Rego Tower 64th Road, 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 closed88% of the homes in Schedule A30 of 34
Closing prices vs. Schedule A30 homes: $17,755,457 at closing against $17,195,000 in Schedule A (p. 64, p. 65)+3.3%
Average closing price30 homes, on their Schedule A square feet$841 / SF
Closingsfirst and latest recordedJul 6, 2022 – Oct 26, 2023

Sales recorded with the Department of Finance (ACRIS) through May 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 30 closings
HomeRecordedClosing priceSchedule ADifference
3CJul 6, 2022$621,133$609,000 p. 64+2%
2AJul 8, 2022$496,860$445,000 p. 64+11.7%
2FJul 8, 2022$534,581$525,000 p. 64+1.8%
2HJul 13, 2022$471,510$465,000 p. 64+1.4%
1AJul 25, 2022$288,990$285,000 p. 64+1.4%
4DAug 1, 2022$609,932$599,000 p. 64+1.8%
2DAug 3, 2022$554,946$545,000 p. 64+1.8%
4FAug 3, 2022$585,494$575,000 p. 64+1.8%
2GAug 5, 2022$565,129$555,000 p. 64+1.8%
6CAug 30, 2022$651,680$680,000 p. 65−4.2%
3ESep 2, 2022$632,333$675,000 p. 64−6.3%
3FSep 13, 2022$590,585$555,000 p. 64+6.4%
5CSep 22, 2022$604,230$645,000 p. 65−6.3%
3DOct 6, 2022$636,406$580,000 p. 64+9.7%
4AOct 13, 2022$481,650$435,000 p. 64+10.7%
2CNov 9, 2022$584,476$575,000 p. 64+1.6%
2BNov 14, 2022$631,315$625,000 p. 64+1%
3ANov 16, 2022$425,000$425,000 p. 640%
5FDec 8, 2022$676,118$639,000 p. 65+5.8%
5DDec 15, 2022$621,133$615,000 p. 65+1%
4BDec 19, 2022$605,859$605,000 p. 64+0.1%
4GDec 23, 2022$609,270$595,000 p. 64+2.4%
5ADec 27, 2022$445,000$445,000 p. 640%
3BDec 30, 2022$626,224$588,000 p. 64+6.5%
3HFeb 17, 2023$471,510$465,000 p. 64+1.4%
4CMay 24, 2023$687,319$625,000 p. 64+10%
3GJun 20, 2023$641,498$585,000 p. 64+9.7%
5BJul 20, 2023$687,319$625,000 p. 65+10%
6AJul 26, 2023$801,535$755,000 p. 65+6.2%
6BOct 26, 2023$916,425$855,000 p. 65+7.2%

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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
Sanford 147 Development LLC
Principals
Steven Li, Wei Zheng
Tax estimate
Highpoint Incentives, Inc.Prepared the first-year real estate tax projection
Construction lender
Cathay Bank$12 million recorded

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

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