THE CONDO BOOK PROJECT

Star-Lic 2

5-20 51st Avenue, Queens, NY 11101

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Overview

Units
3 residential
Subway
3 min walk to Vernon Blvd-Jackson Av 721 St G, 9 min
Principals
Shahram Nassi
Average $/sf
$1,460Homes in Schedule A, as first offered
Common charges
$1,072–$2,002 a monthSponsor's first-year estimate in Schedule A, For the Period of July 1, 2023 to June 30, 2024
Offering price
$5.21 million total

The sponsor of record is 5-20 51st Avenue LLC, represented by Moritt Hock & Hamroff, LLP. The offering plan runs 288 pages. The sponsor has filed 5 amendments, the latest in December 2024. The nearest other condo plan on file is Star-Lic-1 (F/K/Atrio 1), next door.

Plan CD200106 · New · accepted May 3, 2023 · AG record ↗

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FigureThis building15-1724 units · 0.2 miaccepted 20235-1534 units · 0.2 miaccepted 2023
Common ChargesPer Square Foot / Month$0.98Highest$0.49$0.49
Average Offering PricePer Apartment$2.43MHighest$1.54M$1.54M
Average PricePer Square Foot$1,460Above peers$1,331$1,331
Property TaxesPer Square Foot / Month$0.64Lowest$0.86$0.86
Average Unit SizeSquare Feet1,665 SFLargest1,159 SF1,159 SF

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Unit mix, closings, budgets, finishes and the team, against 5-17 and 5-15, 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 A3 of 3
Closing prices vs. Schedule A3 homes: $5,250,016 at closing against $7,293,600 in Schedule A (p. 39)−28%
Average closing price3 homes, on their Schedule A square feet$1,051 / SF
Closingsfirst and latest recordedNov 22, 2024 – Jan 31, 2025

Sales recorded with the Department of Finance (ACRIS) through Apr 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 3 closings
HomeRecordedClosing priceSchedule ADifference
3Nov 22, 2024$2,013,204$2,493,000 p. 39−19.2%
1Nov 27, 2024$1,975,405$3,439,500 p. 39−42.6%
2Jan 31, 2025$1,261,406$1,361,100 p. 39−7.3%

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Closings are for subscribers

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
5-20 51st Avenue LLC
Principals
Shahram Nassi
Tax estimate
ARB Tax Abatement Services LLCPrepared the first-year real estate tax projection
Construction lenders
Metropolitan Commercial Bank, 51st Avenue Funding

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

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