Infinity 8 On Franklin Condominium
142-20 Franklin Avenue, Queens, NY 11355
Overview
Infinity 8 On Franklin is a 144-unit condo conversion in Queens, with 10 storage units and 8 commercial units.
- Offering plan: Accepted February 2018
- Prices: $87.7 million in all ($75.4 million when first offered)
- Sponsor: Fairmont 88 LLC, represented by Pryor Cashman, LLP
- Neighborhood: Flushing, Queens
- Subway: 10-minute walk to Flushing-Main St (7)
- Amendments: 12, the latest in December 2021
- Units
- 144 residential · 10 storage · 8 commercial
- Neighborhood
- Flushing, Queens
- Subway
- 10 min walk to Flushing-Main St 7
- Offering price
- $87.7 million total $75.4 million when first offered
- AcceptedFebruary 2018
- 12 amendments
- First sale
- Latest sale
Sales
103 of 144 units sold (72%)
$51 millionin sales
November 2018 – July 2026first to latest sale
From city records (ACRIS), through Sep 30, 2026.
Property Taxes
The plan's first-year tax estimate, checked against the city's real bills.
| Home | First year | Current |
|---|---|---|
| 6D | $3,538FY2026 | |
| 5C | $2,413FY2026 | |
| 3T | $1,850FY2026 | |
| 6U | $2,815FY2026 | |
| 2G | $5,257FY2026 | |
| 3V | $2,131FY2026 | |
| 6Z | $945FY2026 | |
| 4K | $3,411FY2026 | |
| 6C | $2,413FY2026 | |
| 5I | $2,654FY2026 | |
| 5J | $2,453FY2026 | |
| 2T | $1,850FY2026 | |
| 5P | $2,935FY2026 | |
| 7K | $3,467FY2026 | |
| 4D | $4,865FY2026 | |
| 5S | $3,355FY2026 | |
| 2U | $3,803FY2026 | |
| 7F | $2,935FY2026 | |
| 6B | $1,890FY2026 | |
| 2C | $2,372FY2026 | |
| 3R | $3,538FY2026 | |
| 7W | $2,573FY2026 | |
| 7C | $3,355FY2026 | |
| 3F | $2,855FY2026 | |
| 5B | $2,629FY2026 | |
| 2V | $2,908FY2026 | |
| 4I | $3,635FY2026 | |
| 6E | $1,930FY2026 | |
| 4N | $3,820FY2026 | |
| 7J | $2,493FY2026 | |
| 4Y | $2,533FY2026 | |
| 6P | $2,935FY2026 | |
| 2B | $1,850FY2026 | |
| 3B | $2,573FY2026 | |
| 6N | $3,860FY2026 | |
| 6R | $3,619FY2026 | |
| 7A | $3,803FY2026 | |
| 6Q | $2,684FY2026 | |
| 3S | $3,355FY2026 | |
| 3Q | $2,629FY2026 | |
| 7R | $3,659FY2026 | |
| 7D | $3,579FY2026 | |
| 6T | $1,890FY2026 | |
| 5Y | $3,523FY2026 | |
| 4U | $3,859FY2026 | |
| 6K | $3,467FY2026 | |
| 7L | $3,747FY2026 | |
| 2D | $4,810FY2026 | |
| 4W | $3,523FY2026 | |
| 7M | $3,859FY2026 | |
| 2A | $3,691FY2026 | |
| 7N | $5,425FY2026 | |
| 4Z | $2,629FY2026 | |
| 6G | $5,369FY2026 | |
| 7Z | $2,654FY2026 | |
| 2J | $2,413FY2026 | |
| 2Y | $2,493FY2026 | |
| 2P | $3,971FY2026 | |
| 2Q | $1,890FY2026 | |
| 4C | $3,805FY2023 | $3,355FY2026 |
| 4E | $3,128FY2024 | $2,684FY2026 |
| 3W | $3,932FY2023 | $3,467FY2026 |
| 2M | $3,747FY2026 | |
| 4T | $3,062FY2024 | $2,629FY2026 |
| 3E | $3,062FY2024 | $1,890FY2026 |
| 5G | $6,190FY2024 | $3,820FY2026 |
| 6L | $4,300FY2024 | $3,691FY2026 |
| 2W | $4,040FY2024 | $2,493FY2026 |
| 5Z | $3,062FY2024 | $1,890FY2026 |
| 3N | $6,190FY2024 | $3,820FY2026 |
| 5T | $3,062FY2024 | $1,890FY2026 |
| 5R | $5,864FY2024 | $3,619FY2026 |
| 3K | $3,909FY2024 | $3,355FY2026 |
| 7Y | $4,170FY2024 | $3,579FY2026 |
| 6F | $4,551FY2025 | $4,027FY2026 |
| 3P | $4,551FY2025 | $2,895FY2026 |
| 2F | $4,488FY2025 | $3,971FY2026 |
| 4V | $3,350FY2025 | $2,964FY2026 |
| 4S | $3,792FY2025 | $3,355FY2026 |
| 6J | $3,919FY2025 | $3,467FY2026 |
| 5E | $3,034FY2025 | $2,684FY2026 |
| 7E | $3,097FY2025 | $2,740FY2026 |
| 4P | $4,551FY2025 | $4,027FY2026 |
| 5K | $3,855FY2025 | $3,411FY2026 |
| 3A | $4,235FY2025 | $3,747FY2026 |
| 7S | $3,355FY2026 | $3,355FY2026 |
| 3Y | $3,467FY2026 | $3,467FY2026 |
| 4J | $3,411FY2026 | $3,411FY2026 |
| 7U | $3,915FY2026 | $3,915FY2026 |
| 2E | $2,629FY2026 | $2,629FY2026 |
| 7P | $4,138FY2026 | $4,138FY2026 |
| 5M | $3,803FY2026 | $3,803FY2026 |
| 6A | $3,803FY2026 | |
| 2I | $3,579FY2026 | |
| 6M | $3,859FY2026 |
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.
The Building
Amendments
Amendment 12 Dec 6, 2021
This amendment lists the sponsor's 86 unsold units, describes renovations to four of them, updates transfer and Mansion tax rules for buyers, and discloses the sponsor's financial figures, mortgage, budget and board control.
- Schedule A lists 86 Unsold Residential Units held by Sponsor, 5 of them vacant (002M, 002Q, 004C, 004E, 004T)
- Units 2M, 4C, 4E and 4T to be renovated; 2M converted to a 2 bedroom and 4E converted to a 1 bedroom; Unit 2Q sold "as is"
- Effective July 1, 2021, the NYS real property transfer tax is excluded from taxable consideration where the purchaser pays it
- Purchaser will pay the NYS Additional Tax ("Mansion Tax") on units priced $1,000,000.00 or more, currently 1% of the purchase price
- Unsold units carry an Axos Bank mortgage of $11,770,000.00, maturing January 1, 2051, fixed at 4.75% for the first five years
- As of June 14, 2021, sponsor-held units' aggregate monthly Common Charges were approximately $42,719.00, real estate taxes $30,824.00, and rents $129,989.00
- Schedule C contains the 2022 Budget; Schedule E is a budget for façade maintenance to commence in spring 2022
- Sponsor may control the Board until the earlier of closing on units representing 50% or more of Residential Common Interests or 5 years after the First Closing
Amendment 11 Jun 24, 2020
This 11th amendment discloses the Sponsor's 93 unsold homes and their 2020 carrying costs and rents, updates the Board of Managers and sponsor control terms, attaches the 2020 budget and 2019 financials, and adds New York State transfer tax information for buyers.
- Schedule A lists the 93 Unsold Residential Units held by Sponsor
- As of June 10, 2020, aggregate monthly Common Charges for unsold units were approximately $46,421.00, real estate taxes approximately $34,119.00, and tenant rents approximately $141,477.00
- Sponsor states it is current on its financial obligations to the Condominium and that unsold units are not collateral for any financing
- Sponsor will pay Common Charges and real estate taxes on unsold units from rents collected and future sales of those units
- Board of Managers listed as Joel Wiener, Darren Landy, Tal Sharon, Di Cheng and Edward Lee; Sponsor may control the Board until the earlier of closing on 50% or more of Residential Units or 5 years after the First Closing
- 2020 Budget and expert certifications attached as Schedule C; Certified Financial Statement for year ending December 31, 2019 attached as Schedule D
- Adds New York State additional base transfer tax and supplemental transfer tax information for conveyances after July 1, 2019, with rate chart; buyers advised to consult an attorney or tax expert
- Sponsor states no litigation is pending against the Condominium to its knowledge; Schedule B lists other offerings where Sponsor affiliates own more than 10%
Team
- Sponsor
- Fairmont 88 LLC
- Counsel
- Pryor Cashman, LLP
- Construction lender
- Customers BankLender on the mortgage and building loan agreement recorded January 2016 in ACRIS; $44.8 million recorded
Zoning
- Zoning district
- R7B
Today's zoning, from city data (PLUTO 26v2).
Nearby
- 142-15 Franklin Avenuenext door · 1984
- 42-08 Bowne Street Condominiumnext door · 10 units · 1 parking · 2022
- Epic Tower Condominiumnext door · 95 units · 128 parking · 2021
- Infinity 8 On Bowne Condominiumnext door · 64 units · 2019
- Kissena Gardens Condominium0.1 mi · 80 units · 29 parking · 2006
- Cherry Plaza Condominium0.1 mi · 25 units · 13 parking · 2023