THE CONDO BOOK PROJECT

Northern Tower Condominium

138-12 Northern Boulevard, Queens, NY 11354

Compare

Overview

Northern Tower is a 34-unit condo in Queens, with 1 parking unit and 3 commercial units.

  • Offering plan: Accepted August 2020 · 328 pages
  • Finishes: Hardwood floors, cultured marble kitchen countertops, Samsung and Whirlpool appliances, Delta bathroom fittings and split-system units for heating and cooling
  • Prices: $1,095 a square foot on average, as first offered; $29.4 million in all
  • Utilities: Electricity, gas, heat, cooling and hot water paid by the owner; water and sewer in the common charges p. 39
  • Developers: First Property Investment LLC and CMK Realty LLC
  • Sponsor: Global City Development LLC, represented by Law Offices Of William X. Zou
  • Neighborhood: Flushing, Queens
  • Subway: 8-minute walk to Flushing-Main St (7)
  • Amendments: 2, the latest in June 2021
  1. AcceptedAugust 2020
  2. 2 amendments
  3. First sale
  4. Latest sale

Sales

24 of 34 units sold (71%)

$14.5 millionin sales
$979/SFaverage sale price
June 2021 – June 2026first to latest sale
UnitSoldPrice
6FJun 15, 2026$618,000
6AMay 5, 2026$550,000
6BApr 29, 2026$595,000
3CMar 20, 2026$639,000
5DFeb 11, 2026$600,000
5BNov 24, 2025$660,000
7CJan 10, 2025$748,000
4GAug 8, 2023$620,000
4HApr 20, 2022$443,500
7DMar 25, 2022$796,272
3BDec 14, 2021$451,230
4CDec 14, 2021$659,317
7BNov 30, 2021$646,589
4BAug 23, 2021$436,020
4DAug 6, 2021$554,946
3FJul 28, 2021$580,403
3HJul 16, 2021$456,300
3DJul 14, 2021$549,651
4EJun 28, 2021$591,603
6CJun 24, 2021$728,049
4FJun 23, 2021$506,999
3EJun 22, 2021$545,782
5CJun 21, 2021$834,965
6DJun 11, 2021$720,921
Every sale: 24 recorded sales, with price and dateGet Full Access

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

Common Charges & First-Year Budget

Property Taxes

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

HomeFirst yearCurrent
3A$1,622FY2026
3B$678FY2026
3C$1,524FY2026
3D$776FY2026
3E$811FY2026
3F$1,335FY2026
3G$1,042FY2026
3H$909FY2026
4A$1,084FY2026
4B$678FY2026
4C$965FY2026
4D$797FY2026
4E$895FY2026
4F$741FY2026
4G$1,054FY2025$1,049FY2026
4H$671FY2026
5A$1,084FY2026
5B$1,112FY2026
5C$1,300FY2026
5D$1,258FY2026
5E$1,091FY2026
5F$1,056FY2026
6A$1,084FY2026
6B$1,112FY2026
6C$1,300FY2026
6D$1,258FY2026
6E$1,091FY2026
6F$1,056FY2026
7A$1,000FY2026
7B$1,105FY2026
7C$1,258FY2026$1,258FY2026
7D$1,217FY2026
7E$993FY2026
7F$1,161FY2026

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
$1,200Paid by the purchaser to the sponsor's attorneys for the closingp. 9
Counsel's extra charges
  • $250: closing outside counsel's officep. 9
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. 38
Working capital
“one month's common charges”Contribution to the condominium's working capital fundp. 128
Recording fee
“approximately $260”p. 76

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 Sep 1, 2021

Unit CF1 square footage corrected, first unit sale reported, and plan extended six months.

  • Unit CF1 square footage corrected from 3,374 to 5,766 sqft
  • Residential Unit 6D sold June 11, 2021; contract signed October 19, 2020
  • Plan extended from August 25, 2021 to February 24, 2022
  • Permanent Certificate of Occupancy issued July 6, 2020
  • Declaration of Condominium recorded May 5, 2021
  • Reserve fund $6,000.00 deposited with Chase Bank
  • Working capital fund $1,698.30 deposited with Chase Bank
  • 31 units remain unsold and held by Sponsor

Amendment 1 Dec 16, 2020

Plan declared effective as of December 10, 2020 after 7 residential units (20.5% of 34 total units) were sold to unrelated purchasers, exceeding the 15% minimum requirement.

  • Plan declared effective as of December 10, 2020
  • 7 residential units sold to unrelated purchasers, representing 20.5% of 34 units offered
  • Exceeds required 15% minimum for effectiveness
  • First unit closing cannot occur until effectiveness amendment is accepted for filing by Department of Law
  • Sponsor accepted reduced deposits of 1-2% of selling price from some purchasers due to Covid-19 financing concerns
What each amendment changed, line by lineGet Full Access

Team

Sponsor
Global City Development LLC
Developers
First Property Investment LLC, CMK Realty LLC
Tax estimate
Xiao Feng PanPrepared the first-year real estate tax projection
Construction lender
Lakeland Bank$10 million recorded
General contractor
First Class ManagementHeld the general construction permit on DOB job 421065787

Zoning

Zoning district
R6
Commercial overlay
C1-2

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

Nearby