THE CONDO BOOK PROJECT

5-01 Condominium

5-01 47th Road, Queens, NY 11101

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Overview

Units
8 residential · 1 commercial
Subway
5 min walk to Vernon Blvd-Jackson Av 721 St G, 7 min
Average $/sf
$1,343Homes in Schedule A, as first offered
Common charges
$216–$792 a monthSponsor's first-year estimate in Schedule A, July 1, 2023 - June 30, 2024
Offering price
$11.4 million total $11.1 million when first offered

The sponsor of record is 5th Street Lic Development Inc., represented by Tsyngauz & Associates, P.C.. The offering plan runs 328 pages. The sponsor has filed 3 amendments, the latest in April 2024. The nearest other condo plan on file is 5-13 Condominium, next door.

Plan CD220219 · New · accepted Apr 25, 2023 · AG record ↗

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FigureThis building15-1225 units · 0 miaccepted 20235-1335 units · 0 miaccepted 2023
Common ChargesPer Square Foot / Month$0.53Above peers$0.49$0.49
Average Offering PricePer Apartment$1.08MBelow peers$1.22M$1.22M
Average PricePer Square Foot$1,343Above peers$1,335$1,326
Property TaxesPer Square Foot / Month$0.92Below peers$0.95$0.94
Average Unit SizeSquare Feet806 SFSmaller910 SF920 SF

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Unit mix, closings, budgets, finishes and the team, against 5-12 and 5-13, 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 A8 of 8
Closing prices vs. Schedule A8 homes: $9,138,725 at closing against $8,660,000 in Schedule A (p. 46)+5.5%
Average closing price8 homes, on their Schedule A square feet$1,417 / SF
Closingsfirst and latest recordedJul 18, 2024 – Sep 23, 2024

Sales recorded with the Department of Finance (ACRIS) through Sep 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 8 closings
HomeRecordedClosing priceSchedule ADifference
1AJul 18, 2024$595,000$545,000 p. 46+9.2%
3BJul 30, 2024$1,282,995$1,235,000 p. 46+3.9%
3AAug 2, 2024$834,965$785,000 p. 46+6.4%
4BAug 14, 2024$2,141,380$1,995,000 p. 46+7.3%
2BAug 15, 2024$1,250,000$1,225,000 p. 46+2%
1BAug 20, 2024$1,308,451$1,260,000 p. 46+3.8%
4AAug 30, 2024$845,148$790,000 p. 46+7%
2ASep 23, 2024$880,786$825,000 p. 46+6.8%

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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
5th Street Lic Development Inc.
Tax estimate
Ava Expediting Inc.Prepared the first-year real estate tax projection
Construction lender
Valley National Bank$10.4 million loan stated in the plan

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

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