THE CONDO BOOK PROJECT

Paragon Condominium

45-40 Vernon Boulevard, Queens, NY 11101

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Overview

Paragon is a new 186-unit condo tower on Anable Basin in Long Island City. Its offering plan details Gaggenau kitchens, heat pump heating and hot water, roof terraces with a pickleball court, a 24-hour doorman, a public waterfront walkway the condo must maintain, and a former brownfield site with ongoing monitoring.

  • What it is: a new waterfront tower about 240 feet tall, on an L-shaped lot between Vernon Boulevard, 46th Avenue and Anable Basin. A 2023 zoning variance allowed homes on this manufacturing-zoned site. The plan expects construction to finish and the first closing to happen around July 1, 2027.
  • Size: 186 apartments and 3 non-residential units. The plan accepted for filing in November 2025.
  • Layouts: mostly one- and two-bedrooms, plus about a dozen studios, 17 three-bedrooms and two four-bedroom penthouses. Roughly 37 homes come with a private terrace.
  • Offering prices: about $655,000 for the smallest studio up to about $4.65 million for the largest penthouse, with a middle price around $1.6 million. That works out to about $1,750 a square foot on average. These are asking prices, not sales.
  • Common charges: roughly $280 to $2,030 a month, depending on the unit, under the sponsor's first-year projection.

Compare

FigureThis building1Vesta2115 units · 0.2 miaccepted 2024Centric3131 units · 2.4 miaccepted 2024
Common ChargesPer Square Foot / Month$0.82Above peers$0.81$0.68
Average Offering PricePer Apartment$1.6MHighest$1.23M$872,956
Average PricePer Square Foot$1,747Above peers$1,698$1,238
Property TaxesPer Square Foot / Month$1.25In line$1.21$1.38
Average Unit SizeSquare Feet916 SFLargest731 SF705 SF

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Unit mix, closings, budgets, finishes and the team, against Vesta and Centric, 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

What It Costs to Run

The sponsor projects a first-year budget of about $1.7 million (July 2027 to June 2028). Residential owners carry about 97% of it. The biggest lines:

Budget lineApprox. first-year cost
Staff (through the managing agent)$580,000
Insurance, including flood$280,000
Electricity for common areas$258,000
Reserve fund$172,000
Service contracts$153,000
Water and sewer$135,000
Management fee$75,000

Staff is about a third of the budget. Service contracts include the environmental monitoring the site requires. Water is a common cost because apartments aren't metered separately.

Common charges run roughly $280 a month for the smallest studio to about $2,030 for the largest penthouse. Estimated property taxes run higher, about $430 to $3,120 a month, because the homes get no tax break. Read more on common charges and estimating condo property taxes.

Good to know: unlike many new buildings, the budget funds a reserve from day one. At closing you also pay one month's common charges to the working capital fund and another month to the reserve fund. See condo reserve funds and the working capital contribution.

From our research: The Sponsor's Condo-Creation Fee in NYC · NYC Condo Insurance Costs Are Rising · Condo Supplies Cost per Unit, by Size

The Building

Finishes

Kitchens

Kitchens are Gaggenau: a 400 Series refrigerator and oven, a 200 Series induction range and a 200 Series dishwasher. The hood is Bosch. Select units get a Gaggenau wine cooler. Counters are polished Breccia marble, with desert oak lower cabinets and matte laminate uppers. See kitchen appliance brands in NYC condos and gas vs. induction.

Bathrooms

Fixtures are mostly Signature Plumbing, with a quartz-topped vanity, a Duravit tub and a medicine cabinet. Floors and walls are marble or porcelain tile.

Floors and Windows

  • Floors: engineered white oak from Evergreen, 5/8 inch thick, over a 5mm rubber underlayment.
  • Windows: a curtain wall by Tetra Enclosure with triple-glazed glass and operable awning windows in every habitable room. Terrace homes get sliding doors.

Laundry, Heating and Cooling

  • Laundry: a Bosch 800 Series washer and ventless electric dryer. See in-unit laundry in NYC condos.
  • Heating and cooling: a variable refrigerant flow (VRF) heat pump system with fan coils you control in each apartment. Fresh air comes through energy recovery ventilators. Compare NYC condo heating and cooling systems.
  • Hot water: a Rheem heat pump water heater in each apartment, 50 gallons for studios and one-bedrooms and 65 gallons for larger homes. See condo hot water heaters.
  • Utilities: you pay for your own apartment's electricity. Water is on one building meter and included in common charges.

Listings: Paragon, 45-40 Vernon Boulevard on StreetEasy

Amenities, Staffing & Transportation

  • Ground floor: a lobby with a reception desk, lounge seating, a mail and package room and Amazon lockers.
  • Second floor: a gym of about 1,100 sq ft with a separate yoga studio, a lounge and study with meeting pods, a kids' room, a golf simulator room and a small karaoke room.
  • Fifth-floor terrace: about 4,000 sq ft with seating, a non-regulation pickleball court and a putting green.
  • Upper floors: a 20th-floor sky lounge of about 870 sq ft with a kitchen and small terrace, and a roof terrace above the 22nd floor with lounge seating and electric grills.
  • Bikes: room for about 93 bikes across three rooms.

Good to know: there's no pool and no storage lockers. The sponsor has up to 24 months after the first closing to finish the shared spaces, and you get no credit if they aren't ready when you close.

Staffing and Services

The condo won't employ staff directly. All staff come through the managing agent, Andover Property Management:

  • A doorman 24 hours a day, 7 days a week
  • 1 full-time superintendent (40 hours a week), not living in the building
  • 2 full-time porters

Staff also take care of the public waterfront area. See where condo common charges go for context.

Transportation

  • Subway: 7 min walk to Vernon Blvd-Jackson Av 7; 21 St G, 7 min

Fine Print

What's Specific to It

  • A public walkway the owners pay for. The public can use the waterfront area from 6 a.m. to 1 a.m. every day. It's a common element, and the condo pays to clean, light, landscape and repair it.
  • A former brownfield. The site was a paint factory, garage and warehouse. After cleanup it stays under state oversight, with a vapor system under the slab, regular inspections and yearly reports that the condo must fund.
  • Flood zone. The property sits in FEMA Flood Zone AE, so the condo carries flood insurance.
  • All-electric homes. Each apartment gets heat pump heating and cooling and its own heat pump water heater. The only gas use the plan lists is the backup generator.
  • No parking. The building has a loading berth but no parking at all.

Listing photos of Paragon can show you the views. The offering plan, the document the developer filed with the New York Attorney General, tells you how the building will be run and what you agree to when you buy. New to these documents? Start with what a condo offering plan is.

Fine Print Worth Knowing

  • No residential tax break. The plan's tax opinion covers an ICAP abatement for the commercial space only. Owners won't get the co-op and condo abatement either, and the board doesn't plan to apply while the sponsor controls it.
  • Sponsor control. The sponsor names the board until 100% of units sell or five years after the first closing, whichever comes first.
  • Environmental duties. Once owners control the board, they're responsible for the site management plan. That includes monthly checks of the vapor system and a ban on vegetable gardening on the property.
  • Lot line windows. Some living room windows in penthouses PH1D, PH2D and PH3D are near a property line. Up to 75% of those could have to be closed if a building ever goes up next door, though the plan says current zoning prevents that.
  • Smaller than it sounds. Square footage is measured to the outside of exterior walls, so the plan says usable space is significantly less than listed.
  • Contract terms. You pay the city and state transfer taxes, normally the seller's cost. You also waive a jury trial.

Team

The plan doesn't name an interior designer.

Nearby

FAQ

Does Paragon have parking or a pool?

No. The plan says no parking is provided and lists no pool. Amenities center on a gym, lounges and roof terraces with a pickleball court and putting green.

How much are common charges at Paragon?

Under the sponsor's first-year projection, roughly $280 to $2,030 a month depending on the unit. Estimated property taxes come on top and run higher than common charges.

Is the Paragon site safe after the brownfield cleanup?

The plan says the state issued a certificate of completion for the cleanup in 2016. The site still has an environmental easement, a vapor system under the building and ongoing state-supervised monitoring, which the condo pays for.

Where this comes from: the building's offering plan (CD250193), filed with the New York Attorney General, including its Schedule A price list and Schedule B first-year budget. Prices are the sponsor's offering prices, not sales. Updated October 2026.