THE CONDO BOOK PROJECT

37-29 32nd Street Condominium

37-29 32nd Street, Queens, NY 11101

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Overview

Units
10 residential · 6 storage · 1 commercial
Subway
4 min walk to 36 St M R39 Av-Dutch Kills N W, 4 min
Principals
Wang Tong
Average $/sf
$1,101Homes in Schedule A, as first offered
Common charges
$536–$1,200 a monthSponsor's first-year estimate in Schedule A, January 1, 2021 - December 31, 2021
Offering price
$11 million total

The sponsor of record is 37-29 32nd Street LLC, represented by Marans Newman Tsolis & Nazinitsky LLC. The offering plan runs 343 pages. The sponsor has filed 1 amendment, the latest in March 2022. The nearest other condo plan on file is Lucent 33 Condominium, next door.

Plan CD200135 · New · accepted Jul 26, 2021 · AG record ↗

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FigureThis building1Astoria Proper210 units · 1 miaccepted 2022Amity 2839 units · 1.2 miaccepted 2022
Common ChargesPer Square Foot / Month$0.67In line$0.68$0.50
Average Offering PricePer Apartment$1.05MHighest$869,325$722,442
Average PricePer Square Foot$1,101Below peers$1,245$1,123
Property TaxesPer Square Foot / Month$1.15Highest$0.86$0.57
Average Unit SizeSquare Feet955 SFLargest699 SF644 SF

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Unit mix, closings, budgets, finishes and the team, against Astoria Proper and Amity 28, 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 closed90% of the homes in Schedule A9 of 10
Closing prices vs. Schedule A8 homes: $8,033,579 at closing against $7,869,125 in Schedule A (p. 54)+2.1%
Average closing price8 homes, on their Schedule A square feet$1,132 / SF
Closingsfirst and latest recordedJun 27, 2022 – Mar 22, 2023

Sales recorded with the Department of Finance (ACRIS) through Jul 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 9 closings
HomeRecordedClosing priceSchedule ADifference
3AJun 27, 2022$972,380$903,960 p. 54+7.6%
4AJul 1, 2022$980,890$918,540 p. 54+6.8%
5AJul 1, 2022$987,169$947,700 p. 54+4.2%
2AJul 11, 2022$925,100$927,325 p. 54−0.2%
5BSep 28, 2022$923,040$941,200 p. 54−1.9%
4BNov 29, 2022$970,000$912,240 p. 54+6.3%
6ADec 2, 2022$1,365,000$1,420,400 p. 54−3.9%
3BDec 7, 2022$910,000$897,760 p. 54+1.4%
C1AMar 22, 2023$402,209——

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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 32nd Street LLC
Principals
Wang Tong
Tax estimate
Korngold Powers LLPPrepared the first-year real estate tax projection

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

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