THE CONDO BOOK PROJECT

Factory House Condominium

42-60 Crescent Street, Queens, NY 11101

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Overview

Units
70 residential · 20 storage · 2 commercial
Subway
3 min walk to Queensboro Plaza 7 N WCourt Sq-23 St 7 E F G M, 4 min
Developers
Rising Developers Group LLC, KIT A Management, Inc., Stonecutter Capital Management LLC
Principals
Charlie Wong, Joseph C. Escarfullery, Joseph Palumbo, Jr., Moshe Jacobowitz, Robert Kunzweiler, Scott Zucker
Average $/sf
$1,063Homes in Schedule A, as first offered
Common charges
$272–$1,067 a monthSponsor's first-year estimate in Schedule A, November 1, 2015-October 31, 2016
Offering price
$54.3 million total $46.6 million when first offered

The sponsor of record is Rdg-Stone Cutter 43rd Ave Owner LLC, represented by Jacobowitz Newman Tversky LLP. The offering plan runs 334 pages. The sponsor has filed 14 amendments, the latest in October 2017. The nearest other condo plan on file is Flow House Condominium, next door.

Plan CD140205 · New · accepted Feb 23, 2015 · AG record ↗

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FigureThis building1Smyth241 units · 0.6 miaccepted 201727-05344 units · 0.3 miaccepted 2017
Common ChargesPer Square Foot / Month$0.45In line$0.41$0.60
Average Offering PricePer Apartment$1.22MHighest$842,317$701,455
Average PricePer Square Foot$1,063Below peers$1,100$1,200
Property TaxesPer Square Foot / Month$0.05In line$0.82$0.05
Average Unit SizeSquare Feet1,150 SFLargest766 SF585 SF

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Unit mix, closings, budgets, finishes and the team, against Smyth and 27-05, 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 A37 of 37
Closing prices vs. Schedule A37 homes: $49,686,470 at closing against $45,257,789 in Schedule A (p. 34)+9.8%
Average closing price37 homes, on their Schedule A square feet$1,167 / SF
Closingsfirst and latest recordedOct 19, 2016 – Dec 12, 2018

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 39 closings
HomeRecordedClosing priceSchedule ADifference
3DOct 19, 2016$1,181,170$1,113,585 p. 34+6.1%
3FOct 20, 2016$674,846$647,210 p. 34+4.3%
6DOct 20, 2016$1,369,546$1,167,180 p. 34+17.3%
4EOct 21, 2016$682,228$649,380 p. 34+5.1%
5COct 21, 2016$1,201,535$1,049,920 p. 34+14.4%
8BOct 21, 2016$813,582$647,910 p. 34+25.6%
4AOct 26, 2016$1,496,574$1,290,660 p. 34+16%
8EOct 26, 2016$1,695,386$1,399,680 p. 34+21.1%
3EOct 27, 2016$666,700$639,570 p. 34+4.2%
4DOct 27, 2016$1,244,557$1,131,450 p. 34+10%
8COct 27, 2016$1,369,546$1,098,880 p. 34+24.6%
6EOct 28, 2016$1,572,943$1,360,170 p. 34+15.6%
7COct 28, 2016$1,384,820$1,062,560 p. 34+30.3%
2AOct 31, 2016$1,308,451$1,249,833 p. 34+4.7%
6AOct 31, 2016$1,619,018$1,330,170 p. 34+21.7%
6BOct 31, 2016$753,505$629,130 p. 34+19.8%
5ENov 1, 2016$1,540,000$1,340,415 p. 34+14.9%
2CNov 2, 2016$1,053,635$999,872 p. 34+5.4%
5ANov 3, 2016$1,451,006$1,310,415 p. 34+10.7%
6CNov 4, 2016$1,354,273$1,066,240 p. 34+27%
7ENov 4, 2016$1,603,744$1,379,925 p. 34+16.2%
PH-10CNov 4, 2016$2,372,523$2,196,910 p. 34+8%
3ANov 10, 2016$1,537,048$1,270,905 p. 34+20.9%
8DNov 10, 2016$1,476,462$1,202,910 p. 34+22.7%
2DNov 14, 2016$1,160,805$1,094,529 p. 34+6.1%
7BNov 14, 2016$789,144$638,520 p. 34+23.6%
4CNov 17, 2016$1,201,281$1,033,600 p. 34+16.2%
4FNov 22, 2016$748,160$657,140 p. 34+13.9%
7ANov 30, 2016$1,593,561$1,349,925 p. 34+18%
7DNov 30, 2016$1,415,114$1,185,045 p. 34+19.4%
8ADec 5, 2016$1,705,569$1,369,680 p. 34+24.5%
3CJan 13, 2017$1,069,162$1,017,280 p. 34+5.1%
5BJan 13, 2017$740,000$619,740 p. 34+19.4%
1BMay 9, 2017$900,000——
1AJun 27, 2017$1,390,838——
5DJul 24, 2017$1,282,995$1,149,315 p. 34+11.6%
PH-9ASep 26, 2017$1,950,000$1,953,510 p. 34−0.2%
PH-9BAug 22, 2018$2,163,781$2,875,600 p. 34−24.8%
PH-10DDec 12, 2018$2,443,800$3,079,025 p. 34−20.6%

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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
Rdg-Stone Cutter 43rd Ave Owner LLC
Developers
Rising Developers Group LLC, KIT A Management, Inc., Stonecutter Capital Management LLC
Principals
Charlie Wong, Joseph C. Escarfullery, Joseph Palumbo, Jr., Moshe Jacobowitz, Robert Kunzweiler, Scott Zucker
Tax estimate
Ben Rottenstein Associates Inc.Prepared the first-year real estate tax projection
Construction lender
Doral BankLender on the mortgage and building loan agreement recorded July 2013 in ACRIS; $21.5 million recorded

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

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