THE CONDO BOOK PROJECT

Greystone Condominium

5-25 47th Road, Queens, NY 11101

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Overview

Units
12 residential · 4 parking · 8 storage
Subway
5 min walk to Vernon Blvd-Jackson Av 721 St G, 7 min
Average $/sf
$1,148Homes in Schedule A, as first offered
Common charges
$452–$1,166 a monthSponsor's first-year estimate in Schedule A, March 1, 2019 – February 28, 2020
Offering price
$19 million total $18.9 million when first offered

The sponsor of record is Rdg 47th Road Owner LLC, represented by Jacobowitz Newman Tversky LLP. The offering plan runs 323 pages. The sponsor has filed 5 amendments, the latest in June 2021. The nearest other condo plan on file is 5-15 Condominium, next door.

Plan CD180126 · New · accepted Nov 21, 2018 · AG record ↗

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FigureThis building1Vernon II26 units · 0 miaccepted 201821-2236 units · 0.4 miaccepted 2018
Common ChargesPer Square Foot / Month$0.54Highest$0.46$0.34
Average Offering PricePer Apartment$1.52MHighest$1.12M$995,833
Average PricePer Square Foot$1,148Below peers$1,225$1,315
Property TaxesPer Square Foot / Month$0.67Lowest$1.07$0.95
Average Unit SizeSquare Feet1,323 SFLargest918 SF757 SF

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Unit mix, closings, budgets, finishes and the team, against Vernon II and 21-22, 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 A12 of 12
Closing prices vs. Schedule A12 homes: $18,422,937 at closing against $18,225,000 in Schedule A (p. 35)+1.1%
Average closing price12 homes, on their Schedule A square feet$1,160 / SF
Closingsfirst and latest recordedMar 25, 2021 – Feb 9, 2022

Sales recorded with the Department of Finance (ACRIS) through Jul 31, 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 12 closings
HomeRecordedClosing priceSchedule ADifference
PH-4AMar 25, 2021$2,523,224$2,480,000 p. 35+1.7%
3AApr 20, 2021$1,460,000$1,460,000 p. 350%
1AApr 23, 2021$2,341,975$2,425,000 p. 35−3.4%
PH-4BApr 27, 2021$2,072,818$1,985,000 p. 35+4.4%
3CMay 3, 2021$1,507,505$1,480,000 p. 35+1.9%
3BMay 10, 2021$903,316$910,000 p. 35−0.7%
1BMay 19, 2021$1,965,866$1,850,000 p. 35+6.3%
2AJul 9, 2021$1,435,733$1,420,000 p. 35+1.1%
2DJul 13, 2021$913,370$935,000 p. 35−2.3%
3DJul 28, 2021$916,425$945,000 p. 35−3%
2BOct 6, 2021$921,516$895,000 p. 35+3%
2CFeb 9, 2022$1,461,189$1,440,000 p. 35+1.5%

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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
Rdg 47th Road Owner LLC
Tax estimate
Highpoint Incentives, Inc.Prepared the first-year real estate tax projection
Construction lender
Popular Bank$9.41 million recorded

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

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