THE CONDO BOOK PROJECT

Parsons Tower Condominium

42-29 Parsons Boulevard, Queens, NY 11355

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Overview

Units
40 residential · 20 parking
Subway
13 min walk to Flushing-Main St 7
Principals
Yong Chen, Weitao Shi, Zhen Lin
Offering price
$26.6 million total

The sponsor of record is 42-29 Parsons Realty Inc., represented by Thomas E. Berinato, Attorney At Law. The offering plan runs 354 pages. The sponsor has filed 1 amendment, the latest in December 2021. The nearest other condo plan on file is Golden Garden Condominium, next door.

Plan CD200015 · New · accepted Mar 18, 2021 · AG record ↗

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FigureThis building1Northern Tower234 units · 0.6 miaccepted 2020Golden Garden333 units · 0 miaccepted 2022
Average Offering PricePer Apartment$665,168In line$691,516$663,292

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Unit mix, closings, budgets, finishes and the team, against Northern Tower and Golden Garden, 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 closed85% of the homes in the plan34 of 40
Closingsfirst and latest recordedMay 25, 2022 – Sep 29, 2022

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 34 closings
HomeRecordedClosing priceSchedule ADifference
4DMay 25, 2022$425,880——
2FJun 7, 2022$413,712——
3BJun 21, 2022$672,045——
2GJun 22, 2022$466,440——
3GJul 14, 2022$502,944——
3FAug 29, 2022$336,900——
4CAug 29, 2022$483,801——
5FAug 29, 2022$339,942——
6AAug 29, 2022$544,675——
6BAug 29, 2022$556,068——
6CAug 29, 2022$483,801——
6FAug 29, 2022$339,942——
2CAug 30, 2022$501,080——
2DAug 30, 2022$375,180——
3AAug 30, 2022$539,583——
4BAug 30, 2022$589,711——
4EAug 30, 2022$442,235——
4FAug 30, 2022$336,900——
4GAug 30, 2022$385,500——
5DAug 30, 2022$389,134——
5EAug 30, 2022$464,941——
5GAug 30, 2022$404,956——
6DAug 30, 2022$401,302——
6GAug 30, 2022$404,956——
7AAug 30, 2022$593,542——
7BAug 30, 2022$423,802——
7CAug 30, 2022$600,972——
2AAug 31, 2022$579,603——
2BAug 31, 2022$621,133——
3CAug 31, 2022$513,362——
3DSep 6, 2022$436,020——
2ESep 9, 2022$558,001——
3ESep 15, 2022$419,748——
4ASep 29, 2022$512,202——

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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
42-29 Parsons Realty Inc.
Principals
Yong Chen, Weitao Shi, Zhen Lin
Tax estimate
Highpoint Incentives, Inc.Prepared the first-year real estate tax projection
Construction lender
Dime Community Bank

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

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