THE CONDO BOOK PROJECT

Powerhouse Condominium

50-09 2nd St, Aka 2-34 51st Ave, Queens, NY 11101

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Overview

Units
177 residential · 2 commercial
Subway
5 min walk to Vernon Blvd-Jackson Av 721 St G, 11 min
Principals
Cheskel Schwimmer, Zigmond Brach
Offering price
$25.5 million total $121 million when first offered

The sponsor of record is Powerunits Lic, LLC & Cornerstone Ventures LLC, represented by Berger & Sklaw LLP. The offering plan runs 409 pages. The sponsor has filed 17 amendments, the latest in January 2020. The nearest other condo plan on file is Foundry At Hunters Point Condominium, next door.

Plan CD060623 · New · accepted Apr 6, 2007 · AG record ↗

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FigureThis building15th Street Lofts (5sl)2118 units · 0.2 miaccepted 2007The View At East Coast3184 units · 0.3 miaccepted 2007
Average Offering PricePer Apartment$683,886Below peers$692,010$1.34M

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Unit mix, closings, budgets, finishes and the team, against 5th Street Lofts (5sl) and The View At East Coast, 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.

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
Powerunits Lic, LLC & Cornerstone Ventures LLC
Principals
Cheskel Schwimmer, Zigmond Brach
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Indymac Bank

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

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