THE CONDO BOOK PROJECT

U-Build Garden Condominium

41-39 149th Street, Queens, NY 11355

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Overview

Units
6 residential · 5 parking · 2 commercial
Subway
17 min walk to Flushing-Main St 7
Principals
Hui Chen, Zhong Hui Chen, Steve Li, Xing Zhang
Average $/sf
$800Homes in Schedule A, as first offered
Common charges
$285–$390 a monthSponsor's first-year estimate in Schedule A, (March 1, 2018-February 28, 2019)
Offering price
$6.2 million total $6.25 million when first offered

The sponsor of record is 149 Condominium LLC, represented by Sichenzia Ross Ference LLP. The offering plan runs 229 pages. The sponsor has filed 2 amendments, the latest in December 2018. The nearest other condo plan on file is Forever Mansion Condominium, next door.

Plan CD170056 · New · accepted Jan 24, 2018 · AG record ↗

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FigureThis building1Forever Mansion26 units · 0 miaccepted 2017Cherry Tower312 units · 0.6 miaccepted 2021
Common ChargesPer Square Foot / Month$0.35Lowest$0.49$0.55
Average Offering PricePer Apartment$711,667Above peers$635,875$593,107
Average PricePer Square Foot$800In line$653$1,071
Property TaxesPer Square Foot / Month$0.08In line$0.04$0.61
Average Unit SizeSquare Feet890 SFIn line974 SF554 SF

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Unit mix, closings, budgets, finishes and the team, against Forever Mansion and Cherry Tower, cited to the offering plans. No credit card required, and it also connects to ChatGPT and Claude, with limited access.

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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.

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Closings Pro

Homes closed100% of the homes in Schedule A6 of 6
Closing prices vs. Schedule A6 homes: $3,971,684 at closing against $4,270,000 in Schedule A (p. 28)−7%
Average closing price6 homes, on their Schedule A square feet$744 / SF
Closingsfirst and latest recordedMay 10, 2019 – Jan 15, 2020

Sales recorded with the Department of Finance (ACRIS) through Jan 31, 2023: 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 6 closings
HomeRecordedClosing priceSchedule ADifference
EMay 10, 2019$662,881$690,000 p. 28−3.9%
BMay 17, 2019$658,299$650,000 p. 28+1.3%
AJul 23, 2019$631,315$650,000 p. 28−2.9%
CJul 31, 2019$610,950$700,000 p. 28−12.7%
DAug 8, 2019$659,826$690,000 p. 28−4.4%
FJan 15, 2020$748,414$890,000 p. 28−15.9%

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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
149 Condominium LLC
Principals
Hui Chen, Zhong Hui Chen, Steve Li, Xing Zhang

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

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