THE CONDO BOOK PROJECT

Forever Mansion Condominium

149-17 Sanford Avenue, Queens, NY 11355

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Overview

Forever Mansion is a 6-unit condo in Queens, with 6 parking units and 1 commercial unit.

  • Offering plan: Accepted July 2017 · 268 pages
  • Finishes: Hardwood floors, stone kitchen countertops, Frigidaire appliances and Delta bathroom fittings
  • Prices: $626 a square foot on average, as first offered; $5.71 million in all ($5.33 million when first offered)
  • Common charges: $238–$1,472 a month, the sponsor's first-year estimate
  • Utilities: Electricity and gas paid by the owner p. 145
  • Sponsor: 149-17 Realty Inc., represented by Dai & Associates, P.C.; principals Choi Yui Chan
  • Neighborhood: Murray Hill, Queens
  • Subway: 18-minute walk to Flushing-Main St (7)
  • Amendments: 4, the latest in April 2022
  1. AcceptedJuly 2017
  2. 4 amendments
  3. First sale
  4. Latest sale

Sales

8 of 8 units sold (100%)

$3.93 millionin sales
$504/SFaverage sale price
April 2018 – February 2025first to latest sale
UnitSoldPrice
3BFeb 6, 2025$534,072
2CJun 29, 2023$456,300
4AFeb 10, 2023$481,650
1ANov 2, 2022$968,435
3AJul 29, 2022$472,524
3COct 26, 2021$473,538
2AApr 16, 2018$288,990
2BApr 16, 2018$253,500
Every sale: 8 recorded sales, with price and dateGet Full Access

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

Common Charges & First-Year Budget

Property Taxes

The plan's first-year tax estimate, checked against the city's real bills for 1 home.

Checked against the first full year's bill for 1 home: 1 within 10% of the plan's estimate. The typical home paid 5% less than estimated.

HomePlan's estimateFirst yearCurrent
1A$1,350$31,044FY2024$35,027FY2026
2A$241$232FY2026
2B$219$211FY2026
2C$349$338FY2024$336FY2026
3A$236$229FY2024$228FY2026
3B$434$418FY2026$418FY2026
3C$334$317FY2023$322FY2026
4A$334$324FY2024$322FY2026

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
“$1,500.00 for a residential unit or $2,000.00 for a community facility unit”Paid by the purchaser to the sponsor's attorneys for the closingp. 10
Counsel's extra charges
  • $250.00: closing outside counsel's officep. 10
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. 10
Working capital
“one (1) month's common charge”Contribution to the condominium's working capital fundp. 8

Not listed: title insurance, mortgage tax, lender fees, mansion tax.

All 4 closing costs in the plan, with their pagesGet Full Access

Amendments

Amendment 4 Apr 11, 2022

Offering prices for all residential units, parking spaces, and common facility unit have been reduced.

  • Unit 1A price reduced from $1,964,000 to $1,500,000.00
  • Unit 3A price increased from $344,000 to $700,000.00
  • Unit 3B price increased from $631,000 to $880,000.00
  • Parking spaces PS1-PS6 prices doubled from $40,000 to $80,000.00 each
  • Total offering price increased from $5,327,000 to $5,712,000.00
  • Updated Schedule A (Amended)(B) replaces original Schedule A
  • Schedule A prices increased for 2 homes (median +39.9%): 3B $631,000 → $880,000; 4A $486,000 → $680,000
  • Schedule A prices decreased for 5 homes (median -18.8%): 1A $1,964,000 → $1,500,000; 2A $351,000 → $285,000; 2B $318,000 → $250,000; 2C $507,000 → $470,000; ...

Amendment 3 Mar 24, 2021

Common charges increased 13% for the fiscal year July 1, 2022 to June 30, 2023; offering plan term extended.

  • Common charges increased approximately 13% due to repairs, maintenance, salaries and wages
  • Budget for July 1, 2022 to June 30, 2023: $54,213.00 annual income
  • Sponsor owns 4 units and 6 parking spaces (71.860% of condominium)
  • Monthly common charges for sponsor's units: $3,246.46
  • Monthly real estate tax for sponsor's units with 421a benefits: $3,064.73
  • Board member: Choi Yui Chan, President and Treasurer
  • Section O transfer tax provisions amended to reflect 2019 New York State tax law changes

Amendment 1 Oct 25, 2017

Sponsor declares the offering plan effective after two units in contract exceeded the 15% threshold requirement.

  • Offering plan declared effective on October 25, 2017
  • Two units have executed purchase agreements (Units 2A and 2B)
  • Requirement met: 25% of units in contract
  • No closings will occur until amendment is accepted by Attorney General
What each amendment changed, line by lineGet Full Access

Team

Sponsor
149-17 Realty Inc.
Principals
Choi Yui Chan
Construction lender
Cathay BankLender on the mortgage and building loan agreement recorded October 2017 in ACRIS; $4.7 million recorded
General contractors
Hua Yang, Neptune IHeld the general construction permit on DOB job 420610805
Title agency
Liberty Land Abstract, Inc.The sponsor's title company for buyers; you can choose another · Agent for Chicago Title Insurance Company · Named on p. 64

Zoning

Zoning district
R5

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

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