THE CONDO BOOK PROJECT

Eden Condominium

37-26 32nd Street, Queens, NY 11101

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Overview

Units
70 residential · 1 parking · 2 commercial
Subway
4 min walk to 39 Av-Dutch Kills N W36 St M R, 4 min
Principals
Jianfei Chen, Zhongyin Lyu
Average $/sf
$1,296Homes in Schedule A, as first offered
Common charges
$284–$800 a monthSponsor's first-year estimate in Schedule A, July 1, 2022- June 30, 2023
Offering price
$7903.7 million total $71.1 million when first offered

The sponsor of record is 37-29 31st St LLC / 166 Manhattan Cm LLC, represented by Ganfer Shore Leeds & Zauderer, LLP. The offering plan runs 647 pages. The sponsor has filed 7 amendments, the latest in May 2024. The nearest other condo plan on file is 37-29 32nd Street Condominium, next door.

Plan CD210158 · New · accepted Feb 23, 2022 · AG record ↗

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FigureThis building1Meridian Towers286 units · 0 miaccepted 2022Marina Astoria A/K/A 3005 Vernon367 units · 1.2 miaccepted 2022
Common ChargesPer Square Foot / Month$0.69In line$0.52$0.96
Average Offering PricePer Apartment$838,057Above peers$699,190$824,925
Average PricePer Square Foot$1,296Above peers$1,197$1,250
Property TaxesPer Square Foot / Month$0.80Below peers$0.90$1.18
Average Unit SizeSquare Feet646 SFIn line584 SF660 SF

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Unit mix, closings, budgets, finishes and the team, against Meridian Towers 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.

Closings Pro

Homes closed100% of the homes in Schedule A70 of 70
Closing prices vs. Schedule A70 homes: $57,547,168 at closing against $58,664,000 in Schedule A (p. 100)−1.9%
Average closing price70 homes, on their Schedule A square feet$1,272 / SF
Closingsfirst and latest recordedNov 18, 2022 – Aug 30, 2024

Sales recorded with the Department of Finance (ACRIS) through Jun 30, 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 70 closings
HomeRecordedClosing priceSchedule ADifference
S-5MNov 18, 2022$590,000$590,000 p. 1000%
S-7JNov 18, 2022$1,595,000$1,595,000 p. 1000%
N-4BNov 29, 2022$810,000$810,000 p. 1000%
N-4FNov 29, 2022$695,000$770,000 p. 100−9.7%
N-5BNov 30, 2022$810,000$820,000 p. 100−1.2%
N-3CDec 1, 2022$750,000$765,000 p. 100−2%
N-5GDec 1, 2022$650,000$770,000 p. 100−15.6%
S-6JDec 1, 2022$1,125,000$1,170,000 p. 100−3.8%
N-6CDec 5, 2022$795,000$795,000 p. 1000%
S-6MDec 7, 2022$590,585$600,000 p. 100−1.6%
N-3BDec 9, 2022$800,000$800,000 p. 1000%
N-6FDec 12, 2022$720,000$790,000 p. 100−8.9%
N-6GDec 16, 2022$695,000$780,000 p. 100−10.9%
S-4MDec 19, 2022$580,000$580,000 p. 1000%
S-4LDec 21, 2022$580,000$595,000 p. 100−2.5%
S-7KDec 27, 2022$650,000$700,000 p. 100−7.1%
N-4CJan 9, 2023$765,000$775,000 p. 100−1.3%
N-4HJan 13, 2023$695,000$805,000 p. 100−13.7%
S-5IJan 19, 2023$1,150,000$1,210,000 p. 100−5%
N-5CJan 23, 2023$785,000$785,000 p. 1000%
N-5FJan 27, 2023$685,000$780,000 p. 100−12.2%
N-6HFeb 3, 2023$695,000$825,000 p. 100−15.8%
N-4GMar 6, 2023$670,000$760,000 p. 100−11.8%
S-2MMar 14, 2023$925,000$892,000 p. 100+3.7%
S-3LMar 16, 2023$705,000$685,000 p. 100+2.9%
S-6LMar 22, 2023$563,000$615,000 p. 100−8.5%
N-5HMar 30, 2023$720,000$815,000 p. 100−11.7%
N-6DMar 30, 2023$707,000$755,000 p. 100−6.4%
S-5KMar 30, 2023$575,000$605,000 p. 100−5%
S-6IApr 28, 2023$1,267,208$1,230,000 p. 100+3%
S-5NMay 8, 2023$550,000$610,000 p. 100−9.8%
N-6BMay 12, 2023$810,000$830,000 p. 100−2.4%
N-7EMay 12, 2023$915,000$890,000 p. 100+2.8%
N-7GMay 17, 2023$770,000$820,000 p. 100−6.1%
S-3IMay 17, 2023$1,205,393$1,170,000 p. 100+3%
N-7HMay 18, 2023$735,000$850,000 p. 100−13.5%
S-4NJun 2, 2023$550,000$600,000 p. 100−8.3%
S-4IJun 6, 2023$1,190,000$1,190,000 p. 1000%
N-5DJun 9, 2023$814,600$745,000 p. 100+9.3%
S-3KJun 22, 2023$580,000$585,000 p. 100−0.9%
N-4DJun 29, 2023$804,418$735,000 p. 100+9.4%
N-3HJun 30, 2023$695,000$795,000 p. 100−12.6%
N-3GJul 27, 2023$730,000$750,000 p. 100−2.7%
S-3MJul 31, 2023$868,000$860,000 p. 100+0.9%
N-3EAug 2, 2023$707,684$810,000 p. 100−12.6%
S-6NAug 3, 2023$656,771$620,000 p. 100+5.9%
N-3DAug 8, 2023$794,235$725,000 p. 100+9.5%
S-7NAug 18, 2023$666,954$630,000 p. 100+5.9%
S-4KAug 29, 2023$590,000$595,000 p. 100−0.8%
S-5LAug 30, 2023$656,771$605,000 p. 100+8.6%
S-6KSep 15, 2023$677,136$615,000 p. 100+10.1%
S-7LSep 22, 2023$677,136$625,000 p. 100+8.3%
S-7MSep 28, 2023$615,000$610,000 p. 100+0.8%
S-5JOct 2, 2023$1,232,083$1,150,000 p. 100+7.1%
S-4JOct 3, 2023$1,211,718$1,130,000 p. 100+7.2%
S-2JOct 17, 2023$953,000$1,090,000 p. 100−12.6%
S-2LNov 20, 2023$707,684$620,000 p. 100+14.1%
N-3FNov 27, 2023$710,000$722,000 p. 100−1.7%
S-2INov 29, 2023$697,501$665,000 p. 100+4.9%
N-3ADec 11, 2023$1,323,725$1,290,000 p. 100+2.6%
S-3JDec 15, 2023$1,191,353$1,100,000 p. 100+8.3%
N-5EDec 18, 2023$825,000$835,000 p. 100−1.2%
S-2KFeb 1, 2024$702,593$625,000 p. 100+12.4%
N-6EFeb 15, 2024$830,000$845,000 p. 100−1.8%
N-4EApr 30, 2024$775,000$825,000 p. 100−6.1%
N-5AMay 24, 2024$1,265,000$1,330,000 p. 100−4.9%
N-6AMay 24, 2024$1,285,000$1,350,000 p. 100−4.8%
S-1AJul 18, 2024$620,623$675,000 p. 100−8.1%
N-7AJul 31, 2024$1,370,000$1,370,000 p. 1000%
N-4AAug 30, 2024$1,245,000$1,310,000 p. 100−5%

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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
37-29 31st St LLC / 166 Manhattan Cm LLC
Principals
Jianfei Chen, Zhongyin Lyu
Tax estimate
Goldberg Weprin Finkel Goldstein LLPPrepared the first-year real estate tax projection
Construction lender
Popular Bank$24.5 million recorded

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

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