THE CONDO BOOK PROJECT

37-13 103rd Street Condominium

37-13 103rd Street, Queens, NY 11368

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Overview

Units
9 residential · 2 commercial
Subway
5 min walk to 103 St-Corona Plaza 7Junction Blvd 7, 10 min
Principals
Choi Yui Chan, Wei Chen, Ba Shun Chen
Average $/sf
$735Homes in Schedule A, as first offered
Common charges
$313–$1,328 a monthSponsor's first-year estimate in Schedule A, January 1, 2022 - December 31, 2022
Offering price
$7.87 million total $7.99 million when first offered

The sponsor of record is Rise Up Realty LLC, represented by Thomas E. Berinato, Attorney At Law. The offering plan runs 276 pages. The sponsor has filed 2 amendments, the latest in May 2023. The nearest other condo plan on file is Corona Plaza North Condominium, next door.

Plan CD210018 · New · accepted Nov 10, 2021 · AG record ↗

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FigureThis building1105-25 65 Road218 units · 1.7 miaccepted 20225105 Junction35 units · 0.9 miaccepted 2021
Common ChargesPer Square Foot / Month$0.48Above peers$0.44$0.41
Average Offering PricePer Apartment$715,386Highest$579,444$448,000
Average PricePer Square Foot$735In line$894$438
Property TaxesPer Square Foot / Month$0.73Highest$0.06$0.49
Average Unit SizeSquare Feet974 SFIn line649 SF1,022 SF

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Unit mix, closings, budgets, finishes and the team, against 105-25 65 Road and 5105 Junction, 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 closed18% of the homes in Schedule A2 of 11
Closing prices vs. Schedule A2 homes: $1,981,883 at closing against $2,277,350 in Schedule A (p. 26)−13%
Average closing price2 homes, on their Schedule A square feet$585 / SF
Closingsfirst and latest recordedNov 22, 2022 – Sep 15, 2023

Sales recorded with the Department of Finance (ACRIS) through Jan 31, 2024: 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 2 closings
HomeRecordedClosing priceSchedule ADifference
3CNov 22, 2022$405,600$500,250 p. 26−18.9%
1ASep 15, 2023$1,576,283$1,777,100 p. 26−11.3%

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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
Rise Up Realty LLC
Principals
Choi Yui Chan, Wei Chen, Ba Shun Chen
Tax estimate
Thomas E. BerinatoPrepared the first-year real estate tax projection
Construction lender
CTBC Bank$4 million recorded

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

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