THE CONDO BOOK PROJECT

5-12 Condominium

5-12 47th Avenue, Queens, NY 11101

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Overview

Units
5 residential
Subway
6 min walk to Vernon Blvd-Jackson Av 721 St G, 7 min
Developer
SALM PROPERTIES LLC
Average $/sf
$1,335Homes in Schedule A, as first offered
Common charges
$321–$538 a monthSponsor's first-year estimate in Schedule A, July 1, 2023 - June 30, 2024
Offering price
$6.15 million total $6.08 million when first offered

The sponsor of record is 5th Street Lic Development Inc., represented by Tsyngauz & Associates, P.C.. The offering plan runs 300 pages. The sponsor has filed 2 amendments, the latest in January 2024. The nearest other condo plan on file is Monarch, next door.

Plan CD220226 · New · accepted Mar 10, 2023 · AG record ↗

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FigureThis building15-0128 units · 0 miaccepted 2023Star-Lic 233 units · 0.2 miaccepted 2023
Common ChargesPer Square Foot / Month$0.49Below peers$0.53$0.98
Average Offering PricePer Apartment$1.22MIn line$1.08M$2.43M
Average PricePer Square Foot$1,335Below peers$1,343$1,460
Property TaxesPer Square Foot / Month$0.95Above peers$0.92$0.64
Average Unit SizeSquare Feet910 SFIn line806 SF1,665 SF

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Unit mix, closings, budgets, finishes and the team, against 5-01 and Star-Lic 2, 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 A5 of 5
Closing prices vs. Schedule A5 homes: $6,215,866 at closing against $6,075,000 in Schedule A (p. 44)+2.3%
Average closing price5 homes, on their Schedule A square feet$1,366 / SF
Closingsfirst and latest recordedOct 24, 2024 – Nov 1, 2024

Sales recorded with the Department of Finance (ACRIS) through Nov 30, 2024: 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 5 closings
HomeRecordedClosing priceSchedule ADifference
2AOct 24, 2024$896,060$878,000 p. 44+2.1%
2BOct 24, 2024$903,188$898,000 p. 44+0.6%
1AOct 31, 2024$1,525,339$1,469,000 p. 44+3.8%
3AOct 31, 2024$1,425,000$1,395,000 p. 44+2.2%
3BNov 1, 2024$1,466,280$1,435,000 p. 44+2.2%

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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.
Developer
SALM PROPERTIES LLC
Tax estimate
Ava Expediting Inc.Prepared the first-year real estate tax projection
Construction lender
Valley National Bank

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

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