Cherry Tower Condominium
140-20 Cherry Avenue, Queens, NY 11355
Overview
Cherry Tower is a 12-unit condo in Queens, with 6 parking units and 1 commercial unit.
- Offering plan: Accepted February 2021 · 269 pages
- Finishes: Hardwood floors, cultured marble kitchen countertops, Samsung appliances, Grohe bathroom fittings and split-system units for heating and cooling
- Prices: $1,071 a square foot on average, as first offered; $7.92 million in all
- Common charges: $197–$400 a month, the sponsor's first-year estimate
- Utilities: Heat and hot water paid by the owner p. 36
- Sponsor: Cherry Tower LLC, represented by Thomas E. Berinato, Attorney At Law; principals Kevin Yang, Chris Zheng, Chun Y. Lau and Dennis Chu
- Neighborhood: Flushing, Queens
- Subway: 12-minute walk to Flushing-Main St (7)
- Amendments: 2, the latest in March 2023
- Units
- 12 residential · 6 parking · 1 commercial
- Neighborhood
- Flushing, Queens
- Subway
- 12 min walk to Flushing-Main St 7
- Principals
- Kevin Yang, Chris Zheng, Chun Y. Lau, Dennis Chu
- Average $/sf
- $1,071Homes in Schedule A, as first offered
- Common charges
- $197–$400 a monthSponsor's first-year estimate in Schedule A, For the Period From March 1, 2021 to February 28, 2022
- Offering price
- $7.92 million total
- AcceptedFebruary 2021
- 2 amendments
- First sale
- Latest sale
Units & Prices
Sales
7 of 12 units sold (58%)
$3.15 millionin sales
$974/SFaverage sale price
October 2022 – January 2025first to latest sale
| Unit | Sold | Price |
|---|---|---|
| 6A | Jan 7, 2025 | $619,000 |
| 3C | Oct 3, 2024 | $100,851 |
| 2A | Oct 6, 2023 | $568,184 |
| 2B | Aug 23, 2023 | $397,488 |
| 3B | Feb 15, 2023 | $395,460 |
| 3A | Dec 20, 2022 | $567,674 |
| 2C | Oct 10, 2022 | $499,902 |
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 for 11 homes.
- Plan's estimate
- $4,080 a year per homeSchedule A, as first filed
- Full tax, FY2024
- $5,040 a year per homeBefore any tax break; 24% more than the estimate
- Billed, FY2024
- $5,040 a year per home24% more than the estimate
Checked against the first full year's bill for 11 homes: 11 paid more. The typical home paid 24% more than estimated.
| Home | Plan's estimate | First year | Current |
|---|---|---|---|
| 2A | $3,979 | $5,325FY2025 | $5,591FY2026 |
| 2B | $2,645 | $3,541FY2025 | $3,718FY2026 |
| 2C | $3,030 | $3,741FY2024 | $4,257FY2026 |
| 3A | $3,979 | $4,913FY2024 | $5,591FY2026 |
| 3B | $2,645 | $3,267FY2024 | $3,718FY2026 |
| 3C | $3,030 | $4,257FY2026 | $4,257FY2026 |
| 4A | $4,522 | $5,587FY2024 | $6,359FY2026 |
| 4B | $5,357 | $6,614FY2024 | $7,528FY2026 |
| 5A | $4,522 | $5,587FY2024 | $3,179FY2026 |
| 5B | $5,357 | $6,614FY2024 | $7,528FY2026 |
| 6A | $4,522 | $5,587FY2024 | $6,359FY2026 |
| 6B | $5,357 | $6,614FY2024 | $7,528FY2026 |
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
- $700Paid by the purchaser to the sponsor's attorneys for the closingp. 68
- Counsel's extra charges
- $150: closing outside counsel's officep. 68
- 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. 67
- Working capital
- $500Contribution to the condominium's working capital fundp. 67
- Offering plan fee
- “1% of the purchase price”Paid to Sponsorp. 68
- Recording fee
- “approximately $400”p. 66
Not listed: title insurance, mortgage tax, lender fees, mansion tax.
The Building
Amendments
Amendment 2 2023
Post-closing disclosure of building occupancy, unit sales status, working capital fund, and board control timeline.
- First unit closing was October 10, 2022
- Final Certificate of Occupancy obtained May 6, 2022
- Declaration filed September 8, 2022
- Working capital fund is $3,500.00 as of February 15, 2023
- 3 of 9 units closed; 7 units remain unsold (CF1, 2A, 2B, 3C, 4A, 6A, P6)
- Sponsor owns 44.80% common interest
- Sponsor must relinquish board control by October 10, 2024 or when 50% of units sold, whichever is sooner
Amendment 1 Jun 2, 2022
The offering plan is declared effective after the sponsor accepted purchase agreements for 16.66% of units.
- Offering plan declared effective as of June 2, 2022
- Sponsor accepted purchase agreements for 2 of 12 residential units (16.66%)
- Closing cannot occur until plan is declared effective and amendment is accepted for filing by Department of Law
Team
- Sponsor
- Cherry Tower LLC
- Principals
- Kevin Yang, Chris Zheng, Chun Y. Lau, Dennis Chu
- Tax estimate
- Thomas E. BerinatoPrepared the first-year real estate tax projection
- General contractor
- Aventador ConstructionHeld the general construction permit on DOB job 421359684
- Title agency
- Federal Standard AbstractThe sponsor's title company for buyers; you can choose another · Agent for Commonwealth Title Insurance Company · Named on p. 66
Zoning
- Zoning district
- R7B
Today's zoning, from city data (PLUTO 26v2).
Nearby
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- Cherry Towernext door · 21 units · 2005
- Cherry Plaza Condominiumnext door · 25 units · 13 parking · 2023
- Kissena Gardens Condominiumnext door · 80 units · 29 parking · 2006
- Lafayette Apartments0.1 mi · 1986
- Infinity 8 On Franklin Condominium0.2 mi · 144 units · 2018