THE CONDO BOOK PROJECT

97 Place Condominium

55-40 97th Place, Queens, NY 11368

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Overview

Units
10 residential · 1 commercial
Subway
11 min walk to Woodhaven Blvd M R63 Dr-Rego Park M R, 13 min
Principals
Yong Chen, Hui Teng, Juan Lin, Kaitao Chen
Average $/sf
$383Homes in Schedule A, as first offered
Common charges
$112–$255 a monthSponsor's first-year estimate in Schedule A, July 1, 2022 - June 30, 2023
Offering price
$3.36 million total $3.26 million when first offered

The sponsor of record is 972 Pl LLC, represented by Lan & Associates, P.C.. The offering plan runs 252 pages. The sponsor has filed 4 amendments, the latest in January 2024. The nearest other condo plan on file is Junction Plaza Condominium, 0.1 mi away.

Plan CD210196 · New · accepted Apr 8, 2022 · AG record ↗

Compare

FigureThis building15105 Junction25 units · 0.3 miaccepted 202149-10 111th37 units · 0.8 miaccepted 2020
Common ChargesPer Square Foot / Month$0.35Below peers$0.41$0.47
Average Offering PricePer Apartment$251,000In line$448,000$200,000
Average PricePer Square Foot$383In line$438$373
Property TaxesPer Square Foot / Month$0.51Above peers$0.49$0.21
Average Unit SizeSquare Feet656 SFIn line1,022 SF536 SF

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Unit mix, closings, budgets, finishes and the team, against 5105 Junction and 49-10 111th, 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 A10 of 10
Closing prices vs. Schedule A10 homes: $2,233,314 at closing against $2,510,000 in Schedule A (p. 29)−11%
Average closing price10 homes, on their Schedule A square feet$341 / SF
Closingsfirst and latest recordedJan 11, 2024 – Jan 30, 2024

Sales recorded with the Department of Finance (ACRIS) through Jan 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 11 closings
HomeRecordedClosing priceSchedule ADifference
3BJan 11, 2024$195,174$350,000 p. 29−44.2%
4BJan 19, 2024$253,500$250,000 p. 29+1.4%
RSJan 25, 2024$300,000——
1AJan 29, 2024$165,282$100,000 p. 29+65.3%
2BJan 29, 2024$253,500$350,000 p. 29−27.6%
3AJan 29, 2024$200,772$250,000 p. 29−19.7%
4AJan 29, 2024$253,500$250,000 p. 29+1.4%
1BJan 30, 2024$212,940$210,000 p. 29+1.4%
2AJan 30, 2024$191,646$250,000 p. 29−23.3%
5AJan 30, 2024$253,500$250,000 p. 29+1.4%
5BJan 30, 2024$253,500$250,000 p. 29+1.4%

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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
972 Pl LLC
Principals
Yong Chen, Hui Teng, Juan Lin, Kaitao Chen
Tax estimate
Highpoint Incentive IncPrepared the first-year real estate tax projection

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

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