THE CONDO BOOK PROJECT

Vernon Iii Condominium

5-30 47th Avenue, Queens, NY 11101

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Overview

Units
6 residential
Subway
5 min walk to Vernon Blvd-Jackson Av 721 St G, 6 min
Principals
Semyon Vays, Mark Zeldin, Leonid Vays
Average $/sf
$1,314Homes in Schedule A, as first offered
Common charges
$310–$524 a monthSponsor's first-year estimate in Schedule A, January 1, 2019 - December 31, 2019
Offering price
$6.75 million total $7.17 million when first offered

The sponsor of record is 530 47th Development LLC, represented by Tsyngauz & Associates, P.C.. The offering plan runs 271 pages. The sponsor has filed 3 amendments, the latest in July 2019. The nearest other condo plan on file is Vernon Ii Condominium, next door.

Plan CD180115 · New · accepted Sep 10, 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$0.45In line$0.46$0.34
Average Offering PricePer Apartment$1.22MAbove peers$1.12M$995,833
Average PricePer Square Foot$1,314In line$1,225$1,315
Property TaxesPer Square Foot / Month$1.08Above peers$1.07$0.95
Average Unit SizeSquare Feet928 SFLarger918 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 A6 of 6
Closing prices vs. Schedule A6 homes: $6,410,393 at closing against $7,315,000 in Schedule A (p. 31)−12.4%
Average closing price6 homes, on their Schedule A square feet$1,152 / SF
Closingsfirst and latest recordedJun 26, 2019 – Jan 8, 2020

Sales recorded with the Department of Finance (ACRIS) through May 31, 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 6 closings
HomeRecordedClosing priceSchedule ADifference
1BJun 26, 2019$1,401,112$1,495,000 p. 31−6.3%
2BJun 27, 2019$855,000$950,000 p. 31−10%
2AJul 18, 2019$880,000$975,000 p. 31−9.7%
3AJul 23, 2019$1,237,174$1,475,000 p. 31−16.1%
1AOct 29, 2019$787,107$925,000 p. 31−14.9%
3BJan 8, 2020$1,250,000$1,495,000 p. 31−16.4%

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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
530 47th Development LLC
Principals
Semyon Vays, Mark Zeldin, Leonid Vays
Tax estimate
MGNY Consulting Corp.Prepared the first-year real estate tax projection
Construction lender
Flushing Bank$3.15 million loan stated in the plan

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

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