Cherry Tower
140-37 Cherry Avneue, Queens, NY 11354
Overview
Cherry Tower is a 21-unit condo in Queens, with 3 commercial units.
- Offering plan: Accepted March 2005 · 234 pages
- Finishes: Hardwood floors, granite kitchen countertops, Formica cabinets, GE appliances and a washer and dryer in each apartment
- Prices: $433 a square foot on average, as first offered; $8.59 million in all
- Common charges: $351–$975 a month, the sponsor's first-year estimate
- Utilities: Gas, heat and hot water in the common charges p. 24
- Sponsor: Cherry Avenue Corp., represented by Chu & Partners; principals Joe Chan
- Neighborhood: Flushing, Queens
- Subway: 13-minute walk to Flushing-Main St (7)
- Amendments: 2, the latest in July 2005
- Units
- 21 residential · 3 commercial
- Neighborhood
- Flushing, Queens
- Subway
- 13 min walk to Flushing-Main St 7
- Principals
- Joe Chan
- Average $/sf
- $433Homes in Schedule A, as first offered
- Common charges
- $351–$975 a monthSponsor's first-year estimate in Schedule A, Twelve Month Period Commencing March 1, 2005 and ending February 28, 2006
- Offering price
- $8.59 million total
- Floor plans
- Pages 139–143 of the plan
- AcceptedMarch 2005
- 2 amendments
- First sale
- Latest sale
Units & Prices
Sales
23 of 24 units sold (96%)
$7.8 millionin sales
$449/SFaverage sale price
October 2006 – January 2015first to latest sale
| Unit | Sold | Price |
|---|---|---|
| 6B | Jan 9, 2015 | $395,460 |
| 6A | Aug 29, 2011 | $363,800 |
| CA | Dec 23, 2010 | $170,000 |
| 4A | Mar 23, 2007 | $350,000 |
| 7A | Mar 12, 2007 | $345,673 |
| 3B | Feb 13, 2007 | $324,784 |
| 3C | Jan 23, 2007 | $314,340 |
| 7C | Jan 16, 2007 | $335,294 |
| 1B | Jan 12, 2007 | $628,453 |
| 2A | Jan 5, 2007 | $291,363 |
| 3A | Dec 6, 2006 | $324,784 |
| 6C | Nov 22, 2006 | $334,620 |
| 4B | Nov 20, 2006 | $334,620 |
| 2B | Nov 14, 2006 | $307,030 |
| 5A | Nov 14, 2006 | $329,600 |
| 7B | Nov 14, 2006 | $349,830 |
| 8B | Nov 10, 2006 | $365,040 |
| 5C | Nov 7, 2006 | $323,263 |
| 8A | Nov 7, 2006 | $354,900 |
| 8C | Nov 3, 2006 | $354,900 |
| 2C | Oct 31, 2006 | $270,474 |
| 4C | Oct 31, 2006 | $319,562 |
| 5B | Oct 31, 2006 | $314,340 |
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.
| Home | Plan's estimate | Current |
|---|---|---|
| CA | $862 | $12,772FY2026 |
| 1A | $1,724 | $19,230FY2026 |
| 1B | $1,494 | $16,135FY2026 |
| 2A | $216 | $2,302FY2026 |
| 2B | $231 | $4,862FY2026 |
| 2C | $208 | $4,549FY2026 |
| 3A | $231 | $4,862FY2026 |
| 3B | $231 | $6,273FY2026 |
| 3C | $223 | $6,116FY2026 |
| 4A | $234 | $6,273FY2026 |
| 4B | $234 | $6,273FY2026 |
| 4C | $227 | $6,116FY2026 |
| 5A | $238 | $6,273FY2026 |
| 5B | $246 | $6,273FY2026 |
| 5C | $231 | $6,116FY2026 |
| 6A | $242 | $6,273FY2026 |
| 6B | $242 | $6,273FY2026 |
| 6C | $238 | $6,116FY2026 |
| 7A | $246 | $6,273FY2026 |
| 7B | $246 | $6,273FY2026 |
| 7C | $238 | $6,116FY2026 |
| 8A | $249 | $6,273FY2026 |
| 8B | $249 | $6,273FY2026 |
| 8C | $242 | $6,116FY2026 |
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
- $750.00Paid by the purchaser to the sponsor's attorneys for the closingp. 5
- Counsel's extra charges
- $250.00: closing outside counsel's officep. 5
- 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. 111
- Working capital
- two (2) months' common chargesContribution to the condominium's working capital fundp. 54
Not listed: title insurance, mortgage tax, lender fees, mansion tax.
The Building
Amendments
Amendment 2 Jul 15, 2005
The offering plan is declared effective after sixteen units were sold, meeting the required sixty-six percent threshold.
- Plan declared effective by sponsor notice on July 15, 2005
- Sixteen (16) units sold, representing sixty-six (66%) percent of units offered
- No material changes to first year operating budget
- All purchasers are bona fide and unrelated to sponsor, selling agent, or managing agent
Amendment 1 Apr 18, 2005
Offering prices increased for 23 units across the building.
- Offering prices increased for 23 units: 2A–2C, 3A–3C, 4A–4C, 5A–5C, 6A–6C, 7A–7C, 8A–8C
- Price range: $298,000 to $365,000
- No adverse effect on rights of purchasers with executed Purchase Agreements
Team
- Sponsor
- Cherry Avenue Corp.
- Principals
- Joe Chan
- Counsel
- Chu & Partners
- Tax estimate
- Mazursky Group, Inc.Prepared the first-year real estate tax projection
- Construction lender
- Grand Pacific FinanceLender on the mortgage and building loan agreement recorded February 2004 in ACRIS; $3.2 million recorded
- General contractor
- Princeton General ConstructionHeld the general construction permit on DOB job 401649757
Zoning
- Zoning district
- R7B
Today's zoning, from city data (PLUTO 26v2).
Nearby
- Cherry Plaza Condominiumnext door · 25 units · 13 parking · 2023
- Cherry Tower Condominiumnext door · 12 units · 6 parking · 2021
- Star Tower Condominiumnext door · 24 units · 10 parking · 2006
- Kissena Gardens Condominiumnext door · 80 units · 29 parking · 2006
- Infinity 8 On Franklin Condominium0.1 mi · 144 units · 2018
- 42-08 Bowne Street Condominium0.1 mi · 10 units · 1 parking · 2022