THE CONDO BOOK PROJECT

Meridian Towers Condominium

37-19 32nd Street, Queens, NY 11101

Overview

Units
86 residential · 43 parking · 3 commercial
Subway
4 min walk to 36 St M R39 Av-Dutch Kills N W, 4 min
Principals
Yiming Li
Average $/sf
$1,197Homes in Schedule A, as first offered
Common charges
$228–$420 a monthSponsor's first-year estimate in Schedule A, From April 1, 2022 To March 31, 2023
Offering price
$68 million total

The sponsor of record is Shangri-La Astoria Inc., represented by Xie & Associates, Pllc. The offering plan runs 371 pages. The sponsor has filed 1 amendment, the latest in May 2023. The nearest other condo plan on file is 37-29 32nd Street Condominium, next door.

Plan CD210233 · New · accepted May 18, 2022 · AG record ↗

Compare

FigureThis building1Eden270 units · 0 miaccepted 2022Marina Astoria A/K/A 3005 Vernon367 units · 1.2 miaccepted 2022
Common ChargesPer Square Foot / Month$0.52Lowest$0.69$0.96
Average Offering PricePer Apartment$699,190Lowest$838,057$824,925
Average PricePer Square Foot$1,197Below peers$1,296$1,250
Property TaxesPer Square Foot / Month$0.90In line$0.80$1.18
Average Unit SizeSquare Feet584 SFSmaller646 SF660 SF

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Unit mix, closings, budgets, finishes and the team, against Eden and Marina Astoria A/K/A 3005 Vernon, 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.

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
Shangri-La Astoria Inc.
Principals
Yiming Li
Tax estimate
Xie & Associates PLLCPrepared the first-year real estate tax projection

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

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