THE CONDO BOOK PROJECT

Vernon Ii Condominium

528 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
$1,225Homes in Schedule A, as first offered
Common charges
$318–$514 a monthSponsor's first-year estimate in Schedule A, January 1, 2019 - December 31, 2019
Offering price
$7.17 million total

The sponsor of record is 528 47th Development LLC, represented by Tsyngauz & Associates, P.C.. The offering plan runs 273 pages. The sponsor has filed 4 amendments, the latest in March 2020. The nearest other condo plan on file is Vernon Iii Condominium, next door.

Plan CD180114 · New · accepted Oct 25, 2018 · AG record ↗

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FigureThis building1Vernon III26 units · 0 miaccepted 2018Vernon I36 units · 0 miaccepted 2018
Common ChargesPer Square Foot / Month$0.46In line$0.45$0.46
Average Offering PricePer Apartment$1.12MBelow peers$1.22M$1.22M
Average PricePer Square Foot$1,225Below peers$1,314$1,338
Property TaxesPer Square Foot / Month$1.07Below peers$1.08$1.08
Average Unit SizeSquare Feet918 SFIn line928 SF911 SF

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Unit mix, closings, budgets, finishes and the team, against Vernon III and Vernon I, cited to the offering plans. No credit card required, and it also connects to ChatGPT and Claude, with limited access.

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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.

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Closings Pro

Homes closed100% of the homes in Schedule A6 of 6
Closing prices vs. Schedule A6 homes: $6,243,926 at closing against $6,748,000 in Schedule A (p. 33)−7.5%
Average closing price6 homes, on their Schedule A square feet$1,133 / SF
Closingsfirst and latest recordedSep 6, 2019 – Sep 25, 2020

Sales recorded with the Department of Finance (ACRIS) through Sep 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 6 closings
HomeRecordedClosing priceSchedule ADifference
3BSep 6, 2019$1,250,000$1,349,000 p. 33−7.3%
1BSep 16, 2019$1,325,000$1,395,000 p. 33−5%
2BSep 16, 2019$850,000$895,000 p. 33−5%
1AOct 1, 2019$799,326$895,000 p. 33−10.7%
3AOct 25, 2019$1,205,000$1,329,000 p. 33−9.3%
2ASep 25, 2020$814,600$885,000 p. 33−8%

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Every home's recorded closing price against its Schedule A price, with the ACRIS document and the plan page, here and in ChatGPT or Claude.

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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
528 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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