Infinity 8 On Cherry Condominium
136-04 Cherry Avenue, Queens, NY 11355
Overview
Infinity 8 On Cherry is a 75-unit condo conversion in Queens.
- Offering plan: Accepted December 2019 · 635 pages
- Prices: $54.5 million in all ($55.2 million when first offered)
- Utilities: Electricity paid by the owner p. 260
- Developer: The Zarasai Group LLC; principals Joel Wiener and Sherry Wiener
- Sponsor: Cherry Associates LLC, represented by Pryor Cashman, LLP
- Neighborhood: Flushing, Queens
- Subway: 11-minute walk to Flushing-Main St (7)
- Amendments: 10, the latest in November 2021
- Units
- 75 residential
- Neighborhood
- Flushing, Queens
- Subway
- 11 min walk to Flushing-Main St 7
- Developer
- The Zarasai Group LLC
- Principals
- Joel Wiener, Sherry Wiener
- Offering price
- $54.5 million total $55.2 million when first offered
- Floor plans
- Pages 304–329 of the plan
- AcceptedDecember 2019
- 10 amendments
- First sale
- Latest sale
Units & Prices
Sales
24 of 76 units sold (32%)
| Unit | Sold | Price |
|---|---|---|
| GAR | Jul 31, 2026 | $106,850 |
| 1E | Nov 21, 2025 | $550,000 |
| 2I | May 8, 2025 | $499,000 |
| 2D | May 31, 2024 | $400,000 |
| SA | Apr 12, 2024 | $330,000 |
| 5F | Oct 17, 2023 | $738,000 |
| 2H | Sep 7, 2023 | $645,000 |
| 4H | Aug 1, 2023 | $620,000 |
| 4E | Oct 11, 2022 | $548,888 |
| 4B | Jun 29, 2022 | $650,000 |
| LA | Dec 21, 2021 | $321,325 |
| 6D | Dec 20, 2021 | $465,000 |
| 3D | Dec 17, 2021 | $450,000 |
| 6I | Dec 15, 2021 | $485,000 |
| 6L | Dec 15, 2021 | $585,000 |
| 1K | Dec 13, 2021 | $675,000 |
| 2K | Dec 10, 2021 | $660,000 |
| 1F | Dec 7, 2021 | $620,000 |
| 2F | Dec 7, 2021 | $640,000 |
| 2J | Dec 6, 2021 | $499,000 |
| 5D | Dec 6, 2021 | $460,000 |
| 3I | Dec 3, 2021 | $344,647 |
| 6F | Dec 3, 2021 | $670,000 |
| 3A | Dec 1, 2021 | $580,000 |
From city records (ACRIS), through Sep 30, 2026.
Common Charges & First-Year Budget
Property Taxes
The plan's first-year tax estimate, checked against the city's real bills for 73 homes.
Checked against the first full year's bill for 73 homes: 73 within 10% of the plan's estimate. The typical home paid 6% less than estimated.
| Home | Plan's estimate | First year | Current |
|---|---|---|---|
| 1A | $5,325 | $4,979FY2024 | $4,937FY2026 |
| 1B | $5,782 | $5,417FY2024 | $5,371FY2026 |
| 1C | $4,285 | $4,023FY2024 | $3,989FY2026 |
| 1D | $4,077 | $3,824FY2024 | $3,791FY2026 |
| 1E | $6,656 | $6,200FY2026 | |
| 1F | $6,115 | $5,736FY2024 | $5,687FY2026 |
| 1G | $5,907 | $5,537FY2024 | $5,489FY2026 |
| 1H | $6,864 | $6,453FY2024 | $6,398FY2026 |
| 1I | $4,243 | $3,983FY2024 | $3,949FY2026 |
| 1J | $3,245 | $3,027FY2024 | $3,001FY2026 |
| 1K | $7,654 | $7,170FY2024 | $7,109FY2026 |
| 1L | $5,158 | $4,860FY2024 | $4,818FY2026 |
| 2A | $5,325 | $4,979FY2024 | $4,937FY2026 |
| 2B | $5,782 | $5,417FY2024 | $5,371FY2026 |
| 2C | $4,285 | $4,023FY2024 | $3,989FY2026 |
| 2D | $4,077 | $3,838FY2025 | $3,791FY2026 |
| 2E | $6,739 | $6,091FY2023 | $6,279FY2026 |
| 2F | $6,157 | $5,776FY2024 | $5,726FY2026 |
| 2G | $5,990 | $5,616FY2024 | $5,568FY2026 |
| 2H | $6,947 | $6,557FY2025 | $6,477FY2026 |
| 2I | $4,285 | $3,989FY2026 | $3,989FY2026 |
| 2J | $4,534 | $4,262FY2024 | $4,226FY2026 |
| 2K | $6,531 | $6,134FY2024 | $6,082FY2026 |
| 2L | $5,200 | $4,899FY2024 | $4,858FY2026 |
| 3A | $5,408 | $5,059FY2024 | $5,015FY2026 |
| 3B | $5,907 | $5,537FY2024 | $5,489FY2026 |
| 3C | $4,368 | $4,103FY2024 | $4,068FY2026 |
| 3D | $4,160 | $3,754FY2023 | $3,870FY2026 |
| 3E | $6,781 | $6,373FY2024 | $6,319FY2026 |
| 3F | $6,240 | $5,855FY2024 | $5,806FY2026 |
| 3G | $6,032 | $5,656FY2024 | $5,608FY2026 |
| 3H | $7,030 | $6,612FY2024 | $6,556FY2026 |
| 3I | $4,326 | $4,063FY2024 | $4,028FY2026 |
| 3J | $4,576 | $4,302FY2024 | $4,265FY2026 |
| 3K | $6,573 | $6,174FY2024 | $6,121FY2026 |
| 3L | $5,242 | $4,899FY2024 | $4,858FY2026 |
| 4A | $5,450 | $5,099FY2024 | $5,055FY2026 |
| 4B | $5,949 | $5,577FY2024 | $5,529FY2026 |
| 4C | $4,410 | $4,143FY2024 | $4,107FY2026 |
| 4D | $4,202 | $3,943FY2024 | $3,910FY2026 |
| 4E | $6,864 | $6,453FY2024 | $6,398FY2026 |
| 4F | $6,282 | $5,895FY2024 | $5,845FY2026 |
| 4G | $6,115 | $5,736FY2024 | $5,687FY2026 |
| 4H | $7,072 | $6,677FY2025 | $6,595FY2026 |
| 4I | $4,368 | $4,103FY2024 | $4,068FY2026 |
| 4J | $4,618 | $4,342FY2024 | $4,305FY2026 |
| 4K | $6,656 | $6,254FY2024 | $6,200FY2026 |
| 4L | $5,325 | $4,979FY2024 | $4,937FY2026 |
| 5A | $5,533 | $5,178FY2024 | $5,134FY2026 |
| 5B | $5,990 | $5,616FY2024 | $5,568FY2026 |
| 5C | $4,451 | $4,182FY2024 | $4,147FY2026 |
| 5D | $4,243 | $3,983FY2024 | $3,949FY2026 |
| 5E | $6,947 | $6,533FY2024 | $6,477FY2026 |
| 5F | $6,365 | $5,998FY2025 | $5,924FY2026 |
| 5G | $6,157 | $5,776FY2024 | $5,726FY2026 |
| 5H | $7,155 | $6,732FY2024 | $6,674FY2026 |
| 5I | $4,410 | $4,143FY2024 | $4,107FY2026 |
| 5J | $4,659 | $4,382FY2024 | $4,344FY2026 |
| 5K | $6,698 | $6,294FY2024 | $6,240FY2026 |
| 5L | $5,366 | $5,019FY2024 | $4,976FY2026 |
| 6A | $5,574 | $5,218FY2024 | $5,174FY2026 |
| 6B | $6,074 | $5,478FY2023 | $5,647FY2026 |
| 6C | $4,493 | $4,222FY2024 | $4,186FY2026 |
| 6D | $4,285 | $4,023FY2024 | $3,989FY2026 |
| 6E | $6,989 | $6,572FY2024 | $6,516FY2026 |
| 6F | $6,406 | $6,015FY2024 | $5,964FY2026 |
| 6G | $6,240 | $5,855FY2024 | $5,806FY2026 |
| 6H | $7,238 | $6,811FY2024 | $6,753FY2026 |
| 6I | $4,451 | $4,182FY2024 | $4,147FY2026 |
| 6J | $4,701 | $4,421FY2024 | $4,384FY2026 |
| 6K | $6,781 | $6,373FY2024 | $6,319FY2026 |
| 6L | $5,408 | $5,059FY2024 | $5,015FY2026 |
| LA | $4,202 | $3,793FY2023 | $3,910FY2026 |
| SA | $3,994 | $3,758FY2025 | $3,712FY2026 |
| SB | $6,074 | $5,616FY2024 | $5,568FY2026 |
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.
Closing Costs
The buyer pays the NYC and NY State transfer taxes, which a seller usually pays.
- Sponsor's counsel fee
- $2,500Paid by the purchaser to the sponsor's attorneys for the closingp. 13
- Counsel's extra charges
- 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. 11
- Working capital
- “2 months of the Common Charges”Contribution to the condominium's working capital fundp. 33
Not listed: title insurance, mortgage tax, lender fees, mansion tax.
The Building
Amendments
Amendment 10 Nov 30, 2021
10th Amendment updates Schedule A with revised Common Charges and Real Estate Taxes, updates Schedule B budget with approximately 5% increase due to market conditions, and provides financial disclosures as of January 5, 2022.
- Common Charges increased approximately 5% for First Year of Condominium Operation
- Real Estate Taxes updated to actual amounts for 2020/2021 and 2021/2022 tax years
- Projected Budget increased approximately 5% due to increased insurance costs
- First Closing held December 1, 2021; 14 Residential Units closed as of January 5, 2022
- 62 Unsold Residential Units owned by Sponsor as of January 5, 2022
- Net Reserve Fund as of January 5, 2022 was $659,712.00
- Initial Board of Managers consists of 4 persons designated by Sponsor; future Board to have 9 persons after First Annual Meeting
- Schedule A prices decreased for 13 homes (median -13.1%): 1F $783,888 → $688,888; 1K $981,888 → $750,888; 2F $803,888 → $698,888; 2J $588,888 → $545,888; ...
Amendment 9 Mar 10, 2021
The plan is declared effective with 13 executed purchase agreements representing 17% of 75 units, and tenant purchasers' exclusive purchase rights expire.
- Plan declared effective as of March 10, 2021
- 13 units under executed agreements: 2 from tenant purchasers, 11 from non-tenant purchasers
- Tenant purchasers' exclusive right to purchase at tenant prices expires later of 30 days after 2nd Amendment or 10 days after this 9th Amendment
- Sponsor may sell occupied units to non-tenant purchasers after tenant exclusive period ends
Amendment 8 Mar 3, 2021
Purchase prices for 5 unsold residential units are revised.
- Unit 1F price: $688,888
- Unit 2F price: $698,888
- Unit 1K price: $750,888
- Unit 2K price: $750,888
- Unit 3A price: $650,888
Amendment 7 Oct 21, 2020
This amendment incorporates updated financial statements for the property for years ending December 31, 2019 and 2018.
Amendment 6 Sep 4, 2020
Tenant purchasers receive exclusive 30-day right to buy their units at approximately 30% reduced prices.
- Tenant purchasers get exclusive right to purchase at reduced prices until later of 30 days from amendment presentation or 10 days after plan effectiveness declaration
- Tenant purchase prices approximately 30% less than non-tenant purchaser prices
- Tenant purchaser definition includes residents, those with lease renewal rights, sublessees, and those with continued occupancy rights as of December 10, 2019 filing date
- Tenant purchasers who already executed purchase agreements receive reduced prices from Schedule A
- After exclusive period expires, sponsor may sell occupied units to non-tenant purchasers
Amendment 5 Jul 28, 2020
Schedule A common charges and real estate taxes revised; Schedule B projected budget reduced by approximately 6.25% for residential units; real estate taxes updated for 2020/21 fiscal year.
- Schedule A revised for common charges, residential common charges, and real estate taxes for first year of operation
- Schedule B projected budget decreases by approximately 6.25% for residential units and 6.23% overall
- Real estate taxes estimated at approximately $418,100 based on transitional assessed valuation of $3,352,000
- Tax rate $12.4730 per $100 of assessed valuation
- First year of condominium operation commencing January 1, 2021
- Real Estate Taxes section of Plan deleted and replaced entirely
Amendment 4 May 29, 2020
Layout changes made to vacant units; revised unit bedroom counts; Certificate of Occupancy being amended for Sub-Cellar; smoking policy rider required.
- Layout changes to units 4B, 1K, 2F, 6D, 6F, 2J, 3D, 5D, 6I, 6L
- Revised Schedule A with updated bedroom counts for residential units
- Sub-Cellar Certificate of Occupancy amendment pending to change doctor's office to retail spaces; expected Spring 2021
- Purchasers required to execute Smoking Rider with Purchase Agreement
- Appendix 3 Floor Plans revised; Appendix 9 DOB Approved Plans updated; Appendices 11, 12, 13 added
Amendment 3 May 6, 2020
Purchase prices for 10 residential units revised for non-tenant purchasers.
- Unit 1K price set to $868,888
- Unit 2J price set to $545,888
- Unit 3D price set to $500,888
- Unit 4B price set to $685,888
- Unit 5D price set to $499,888
- Unit 6D price set to $510,888
- Unit 6I price set to $530,888
- Unit 6L price set to $630,888
Amendment 2 Mar 25, 2020
Tenant purchasers' exclusive right to buy their units expires 30 days after this amendment is presented or 10 days after the plan is declared effective, whichever is later.
- Tenant purchasers' exclusive purchase right limited to 30 days from presentation or 10 days after plan declared effective
- After exclusivity period ends, sponsor may sell occupied units to non-tenant purchasers
- Tenant purchasers lose access to tenant purchase prices after exclusivity period
Amendment 1 Mar 18, 2020
Purchase prices for 10 unsold residential units were revised.
- Unit 1K price: $888,888
- Unit 2J price: $570,888
- Unit 3D price: $525,888
- Unit 4B price: $720,888
- Unit 5D price: $525,888
- Unit 6D price: $535,888
- Unit 6I price: $555,888
- Unit 6L price: $660,888
Team
- Sponsor
- Cherry Associates LLC
- Developer
- The Zarasai Group LLC
- Principals
- Joel Wiener, Sherry Wiener
- Counsel
- Pryor Cashman, LLP
- Construction lender
- Santander BankLender on the mortgage and building loan agreement recorded January 2017 in ACRIS; $18.7 million recorded
- Property report
- Jean Lin, PE, Lingineering ConsultingPrepared the plan's description of the property and its condition · Named on p. 188
Zoning
- Zoning district
- R6
- Commercial overlay
- C2-2
Today's zoning, from city data (PLUTO 26v2).
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