THE CONDO BOOK PROJECT

Ivy 28 Condominium

42-37 27th Street, Queens, NY 11101

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Overview

Units
28 residential · 2 parking · 1 commercial
Subway
2 min walk to Queensboro Plaza 7 N WQueens Plaza E F R, 3 min
Principals
Fang Chen, Shudan Zhang
Offering price
$20.4 million total $17.6 million when first offered

The sponsor of record is Queens Plaza 27, Inc., represented by Dylan Chan Law Firm. The offering plan runs 286 pages. The sponsor has filed 8 amendments, the latest in January 2016. The nearest other condo plan on file is Hunter Tower Condominium, next door.

Plan CD130030 · New · accepted Oct 30, 2013 · AG record ↗

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FigureThis building1Corner At Eleven222 units · 0.7 miaccepted 201544th Drive322 units · 0.4 miaccepted 2016
Average Offering PricePer Apartment$628,171Lowest$923,182$950,045

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Unit mix, closings, budgets, finishes and the team, against Corner At Eleven and 44th Drive, 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.

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
Queens Plaza 27, Inc.
Principals
Fang Chen, Shudan Zhang
Tax estimate
Betsy Mak Appraisal GroupPrepared the first-year real estate tax projection
Construction lender
Cathay Bank$3.8 million loan stated in the plan

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

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