THE CONDO BOOK PROJECT

Elmwood Gardens Condominium

90-20 55th Avenue, Queens, NY 11373

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Overview

Units
20 residential
Subway
6 min walk to Grand Av-Newtown M RWoodhaven Blvd M R, 7 min
Principals
Henry Fabian, Paul Fabian, Robert Fabian, Thomas Fabian
Average $/sf
$444Homes in Schedule A, as first offered
Common charges
$163–$377 a monthSponsor's first-year estimate in Schedule A, April 1, 2005 to March 31, 2006
Offering price
$6.76 million total

The sponsor of record is Fabian Builders Hrpt, LLC, represented by Henry F. Camuso, Esq.. The offering plan runs 214 pages. The sponsor has filed 1 amendment, the latest in January 2005. The nearest other condo plan on file is 88-40 54 Avenue Condominium, next door.

Plan CD040077 · New · accepted Aug 10, 2004 · AG record ↗

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FigureThis building1Cherry Tower221 units · 2.9 miaccepted 2005Happy Buddha Tower320 units · 2.7 miaccepted 2005
Common ChargesPer Square Foot / Month$0.42In line$0.53$0.28
Average Offering PricePer Apartment$337,825In line$349,333$297,660
Average PricePer Square Foot$444In line$433$479
Property TaxesPer Square Foot / Month$0.02Lowest$0.04$0.21
Average Unit SizeSquare Feet761 SFIn line806 SF621 SF

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Unit mix, closings, budgets, finishes and the team, against Cherry Tower and Happy Buddha Tower, 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 A20 of 20
Closing prices vs. Schedule A1 home: $180,189 at closing against $177,700 in Schedule A (p. 16)+1.4%
Average closing price1 home, on their Schedule A square feet$421 / SF
Closingsfirst and latest recordedAug 3, 2005 – Oct 6, 2005

Sales recorded with the Department of Finance (ACRIS) through Apr 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 20 closings
HomeRecordedClosing priceSchedule ADifference
4FAug 3, 2005$374,417——
2CAug 15, 2005$180,189$177,700 p. 16+1.4%
2FAug 15, 2005$305,925——
2GAug 15, 2005$302,679——
4BAug 17, 2005$337,258——
2EAug 18, 2005$324,581——
3BAug 24, 2005$343,443——
3FAug 26, 2005$369,502——
4DAug 26, 2005$354,900——
4EAug 26, 2005$337,262——
4GAug 28, 2005$319,406——
2AAug 30, 2005$374,166——
3EAug 30, 2005$332,289——
3GAug 31, 2005$311,502——
3DSep 8, 2005$349,830——
2DSep 21, 2005$342,732——
4ASep 23, 2005$387,348——
2BSep 28, 2005$344,057——
3COct 5, 2005$390,390——
3AOct 6, 2005$372,241——

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Closings are for subscribers

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
Fabian Builders Hrpt, LLC
Principals
Henry Fabian, Paul Fabian, Robert Fabian, Thomas Fabian
Tax estimate
Anthony T. PanzarinoPrepared the first-year real estate tax projection

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

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