THE CONDO BOOK PROJECT

Shangri-La Condominium

132-15 41st Avenue, Queens, NY 11354

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Overview

Shangri-La is a 23-unit condo in Queens, with 12 parking units and 8 commercial units.

  • Offering plan: Accepted October 2014 · 281 pages
  • Finishes: 8-foot ceilings, hardwood floors, plastic laminate cabinets, Fridgidaire and General Electric appliances, Delta bathroom fittings and split-system units for heating and cooling
  • Prices: $818 a square foot on average, as first offered; $21 million in all ($22.4 million when first offered)
  • Common charges: $74–$284 a month, the sponsor's first-year estimate
  • Utilities: Electricity, gas, heat and hot water paid by the owner p. 136
  • Sponsor: Flushing Manor Realty, LLC, represented by Thomas E. Berinato, Attorney At Law; principals Shun-Qian Liu and Li Yi Wu
  • Neighborhood: Flushing, Queens
  • Subway: 6-minute walk to Flushing-Main St (7)
  • Amendments: 2, the latest in March 2015
  1. AcceptedOctober 2014
  2. 2 amendments
  3. First sale
  4. Latest sale

Sales

29 of 29 units sold (100%)

$16.6 millionin sales
$717/SFaverage sale price
January 2015 – October 2015first to latest sale
UnitSoldPrice
CCOct 8, 2015$862,319
3FSep 18, 2015$365,040
6ESep 3, 2015$202,800
5FJul 10, 2015$304,200
3AJul 6, 2015$304,200
4FJun 8, 2015$304,200
5BMay 21, 2015$456,300
5EMay 21, 2015$641,498
3CApr 27, 2015$466,440
6AApr 27, 2015$641,498
2BApr 21, 2015$1,699,913
2CApr 21, 2015$1,699,913
5CApr 17, 2015$539,673
4CApr 9, 2015$436,020
4EApr 8, 2015$621,133
6CMar 26, 2015$444,132
4DMar 19, 2015$436,020
3DMar 12, 2015$415,740
1AMar 11, 2015$533,618
1BMar 11, 2015$1,011,552
3EMar 3, 2015$636,406
5DFeb 13, 2015$438,048
4BFeb 11, 2015$507,000
2AFeb 2, 2015$994,191
6BFeb 2, 2015$478,608
6DFeb 2, 2015$722,958
2DJan 30, 2015$1,071,460
4AJan 28, 2015$395,460
5AJan 26, 2015$317,382
3BJan 23, 2015$322,452
Every sale: 30 recorded sales, with price and dateGet Full Access

From city records (ACRIS), through Jan 31, 2026.

Common Charges & First-Year Budget

Property Taxes

The plan's first-year tax estimate, checked against the city's real bills.

HomePlan's estimateCurrent
1A$2,400$6,393FY2026
1B$3,600$14,553FY2026
2A$2,400$22,443FY2026
2B$3,600$9,398FY2026
2C$3,600$16,490FY2026
2D$3,000$16,630FY2026
3A$600$612FY2026
3B$600$555FY2026
3C$600$580FY2026
3D$600$535FY2026
3E$600$839FY2026
3F$600$816FY2026
4A$600$612FY2026
4B$600$555FY2026
4C$600$580FY2026
4D$600$535FY2026
4E$660$839FY2026
4F$660$816FY2026
5A$600$612FY2026
5B$600$555FY2026
5C$600$580FY2026
5D$600$535FY2026
5E$660$839FY2026
5F$660$816FY2026
6A$600$722FY2026
6B$600$577FY2026
6C$600$532FY2026
6D$660$842FY2026
6E$600$717FY2026

The plan's estimate is the sponsor's guess for year one. The city's bill is the real one, from the Department of Finance.

Each home's estimate, city bills and tax breaksGet Full Access

Closing Costs

The buyer pays the NYC and NY State transfer taxes, which a seller usually pays.

Sponsor's counsel fee
$600Paid by the purchaser to the sponsor's attorneys for the closingp. 66
Counsel's extra charges
  • $150: closing outside counsel's officep. 66
Transfer taxes
Paid by the purchaserNew York City and State transfer taxes, by law the seller's, shift to the buyer in a sponsor salep. 6
Working capital
“$500.00 per Unit”Contribution to the condominium's working capital fundp. 65
Recording fee
“approximately $400”p. 64

Not listed: title insurance, mortgage tax, lender fees, mansion tax.

All 5 closing costs in the plan, with their pagesGet Full Access

Amendments

Amendment 2 Mar 6, 2015

Amendment provides post-closing disclosures, subdivides Unit CA into two units, and updates offering prices.

  • First unit closing was January 23, 2015 in Queens, NY
  • Final Certificate of Occupancy issued January 7, 2015
  • Declaration filed January 15, 2015
  • Working capital fund is $4,500.00 as of February 25, 2015
  • Unit CA subdivided into CA (2,405 SF, 8.42% common elements) and CC (1,893 SF, 6.62% common elements)
  • 24 of 31 units under contract or closed; 30 units unsold
  • Sponsor must relinquish Board control by January 23, 2017 or when 50% of units sold, whichever is sooner

Amendment 1 Dec 5, 2014

First amendment declaring the offering plan effective after sponsor accepted purchase agreements for 20% of units.

  • Offering plan declared effective November 4, 2014
  • Sponsor accepted purchase agreements for 5 out of 23 residential units (20%)
  • Closings may now proceed
What each amendment changed, line by lineGet Full Access

Team

Sponsor
Flushing Manor Realty, LLC
Principals
Shun-Qian Liu, Li Yi Wu
Construction lender
Pnc Bank
General contractors
New York Fast General Construction, State General ConstructionHeld the general construction permit on DOB job 420581524
Title agency
Federal Standard AbstractThe sponsor's title company for buyers; you can choose another · Agent for Commonwealth Land Title Insurance Company · Named on p. 64

Zoning

Zoning district
R6

Today's zoning, from city data (PLUTO 26v2).

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