THE CONDO BOOK PROJECT

49-08 111th Street Condominium

49-08 111th Street, Queens, NY 11368

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Overview

Units
7 residential
Subway
9 min walk to 111 St 7103 St-Corona Plaza 7, 16 min
Principals
Yong Chen, Hui Teng, Chao Ping, Sen Zheng, Xianjing Jiang
Offering price
$2.43 million total $2.08 million when first offered

The sponsor of record is 111 Street Development LLC, represented by Moritt Hock & Hamroff, LLP. The offering plan runs 294 pages. The sponsor has filed 3 amendments, the latest in August 2021. The nearest other condo plan on file is 49-10 111th Street Condominium, next door.

Plan CD190133 · New · accepted Apr 27, 2020 · AG record ↗

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FigureThis building1Six Brothers27 units · 0.4 miaccepted 202049-10 111th37 units · 0 miaccepted 2020
Average Offering PricePer Apartment$297,143In line$382,857$200,000

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Unit mix, closings, budgets, finishes and the team, against Six Brothers and 49-10 111th, 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 the plan7 of 7
Closingsfirst and latest recordedJun 21, 2022 – Sep 20, 2022

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 7 closings
HomeRecordedClosing priceSchedule ADifference
4BJun 21, 2022$524,399——
2BJul 12, 2022$176,436——
3AJul 12, 2022$185,562——
4AJul 12, 2022$197,730one deed, 2 homes——
2ASep 6, 2022$182,520——
3BSep 6, 2022$187,590——
1ASep 20, 2022$499,000one deed, 3 homes——

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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
111 Street Development LLC
Principals
Yong Chen, Hui Teng, Chao Ping, Sen Zheng, Xianjing Jiang
Tax estimate
Highpoint Incentives, Inc.Prepared the first-year real estate tax projection

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

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