THE CONDO BOOK PROJECT

Novo Lic

37-28 30th Street, Queens, NY 11101

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Overview

Units
33 residential · 17 parking
Subway
3 min walk to 39 Av-Dutch Kills N W36 Av N W, 5 min
Principals
Bruno Cerrone, Robert Cerrone, Vincent Ali, Jr.
Average $/sf
$1,209Homes in Schedule A, as first offered
Common charges
$336–$624 a monthSponsor's first-year estimate in Schedule A, April 1, 2022 Through March 31, 2022
Offering price
$16.2 million total $25.7 million when first offered

The sponsor of record is 37-26 30th Street LLC, represented by Certilman Balin Adler & Hyman, LLP. The offering plan runs 450 pages. The sponsor has filed 6 amendments, the latest in February 2023. The nearest other condo plan on file is Novo I Lic A/K/A Moderna I Condominium, next door.

Plan CD210072 · New · accepted Oct 5, 2021 · AG record ↗

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FigureThis building1Novo I Lic A/K/A Moderna I232 units · 0 miaccepted 2021Lic Manor332 units · 0.4 miaccepted 2020
Common ChargesPer Square Foot / Month$0.66In line$0.73$0.56
Average Offering PricePer Apartment$745,249In line$736,302$823,641
Average PricePer Square Foot$1,209Above peers$1,208$1,201
Property TaxesPer Square Foot / Month$0.16In line$0.16$0.57
Average Unit SizeSquare Feet616 SFIn line610 SF686 SF

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Unit mix, closings, budgets, finishes and the team, against Novo I Lic A/K/A Moderna I and Lic Manor, 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 A33 of 33
Closing prices vs. Schedule A33 homes: $25,616,762 at closing against $24,593,224 in Schedule A (p. 51)+4.2%
Average closing price33 homes, on their Schedule A square feet$1,260 / SF
Closingsfirst and latest recordedMay 31, 2023 – Sep 7, 2023

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 42 closings
HomeRecordedClosing priceSchedule ADifference
4DMay 31, 2023$745,000$713,592 p. 51+4.4%
4EMay 31, 2023$750,000$708,817 p. 51+5.8%
16May 31, 2023$750,000——
4FJun 5, 2023$685,000$643,017 p. 51+6.5%
3BJun 6, 2023$670,840$670,840 p. 510%
4AJun 6, 2023$730,000$731,402 p. 51−0.2%
2FJun 7, 2023$645,000$619,875 p. 51+4.1%
5AJun 8, 2023$745,108$745,108 p. 510%
4CJun 9, 2023$799,326$765,180 p. 51+4.5%
2BJun 14, 2023$661,000$661,643 p. 51−0.1%
2AJun 15, 2023$720,000$700,875 p. 51+2.7%
6CJun 15, 2023$818,000$799,842 p. 51+2.3%
6FJun 15, 2023$725,000$671,669 p. 51+7.9%
5DJun 16, 2023$760,000$725,832 p. 51+4.7%
1Jun 20, 2023$845,000——
5CJun 20, 2023$845,000$780,222 p. 51+8.3%
4BJun 21, 2023$697,500$687,070 p. 51+1.5%
2DJun 22, 2023$707,500$688,500 p. 51+2.8%
3CJun 22, 2023$760,000$752,100 p. 51+1.1%
3EJun 22, 2023$653,500$698,683 p. 51−6.5%
5EJun 28, 2023$700,000$725,144 p. 51−3.5%
6Jun 28, 2023$1,287,098——
7AJun 28, 2023$1,287,098$1,199,028 p. 51+7.3%
3DJun 29, 2023$740,000$703,800 p. 51+5.1%
3FJun 29, 2023$735,000$633,650 p. 51+16%
5BJun 29, 2023$720,000$703,300 p. 51+2.4%
17Jun 29, 2023$735,000——
4Jul 6, 2023$1,400,000——
6EJul 6, 2023$725,000$743,160 p. 51−2.4%
7CJul 6, 2023$1,400,000$1,229,678 p. 51+13.9%
2Jul 10, 2023$776,135——
2CJul 10, 2023$720,000$735,750 p. 51−2.1%
5FJul 10, 2023$776,135$651,282 p. 51+19.2%
6BJul 14, 2023$770,000$720,071 p. 51+6.9%
11Jul 14, 2023$770,000——
6AJul 18, 2023$828,651$763,798 p. 51+8.5%
7BJul 18, 2023$899,000$875,046 p. 51+2.7%
9Jul 18, 2023$828,651——
3AAug 2, 2023$716,000$716,450 p. 51−0.1%
2EAug 4, 2023$697,104$684,608 p. 51+1.8%
6DAug 4, 2023$785,000$744,192 p. 51+5.5%
3Sep 7, 2023$75,000——

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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
37-26 30th Street LLC
Principals
Bruno Cerrone, Robert Cerrone, Vincent Ali, Jr.
Tax estimate
SJP Tax Consultants, Inc.Prepared the first-year real estate tax projection
Construction lender
Investors Bank

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

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