THE CONDO BOOK PROJECT

Barclay I Tower A/K/A Barclay I Plaza

150-15 Barclay Avenue, Queens, NY 11355

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Overview

Barclay I Tower A/K/A Barclay I Plaza is a 10-unit condo in Queens, with 10 parking units and 2 commercial units.

  • Offering plan: Accepted May 2023 · 323 pages
  • Finishes: Vinyl plank floors, cultured marble kitchen countertops, grey plywood cabinets, Samsung appliances, a washer and dryer in each apartment, Kohler bathroom fittings and split-system units for heating and cooling
  • Prices: $1,270 a square foot on average, as first offered; $13.1 million in all
  • Common charges: $382–$488 a month, the sponsor's first-year estimate
  • Utilities: Electricity paid by the owner p. 38
  • Sponsor: Fhp Management LLC, represented by Moritt Hock & Hamroff, LLP; principals Zhou Xu
  • Neighborhood: Murray Hill, Queens
  • Subway: 19-minute walk to Flushing-Main St (7)
  • Amendments: 2, the latest in May 2024
  1. AcceptedMay 2023
  2. 2 amendments
  3. First sale
  4. Latest sale

Sales

4 of 10 units sold (40%)

$2.89 millionin sales
$1,110/SFaverage sale price
March 2024 – November 2024first to latest sale
UnitSoldPrice
3CNov 26, 2024$824,783
2BOct 8, 2024$725,208
3AApr 17, 2024$608,109
4AMar 25, 2024$730,299
Every sale: 4 recorded sales, with price and dateGet Full Access

From city records (ACRIS), through Oct 31, 2025.

Common Charges & First-Year Budget

Property Taxes

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

Plan's estimate
$4,480 a year per homeSchedule A, as first filed
Full tax, FY2026
$3,930 a year per homeBefore any tax break; 12% less than the estimate
Tax breaks
$3,060 a year per home offexemptions and abatements
Billed, FY2026
$870 a year per home81% less than the estimate
HomePlan's estimateCurrent
2A$3,982$778FY2026
2B$4,704$919FY2026
2C$4,888$954FY2026
2D$4,100$801FY2026
3A$3,976$776FY2026
3B$4,697$917FY2026
3C$4,730$924FY2026
3D$3,989$779FY2026
4A$4,632$905FY2026
4B$5,078$992FY2026

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 plan lists what a buyer pays at closing.

Sponsor's counsel fee
$2,000Paid by the purchaser to the sponsor's attorneys for the closingp. 10
Counsel's extra charges
  • $250: ACRIS transfer documents preparationp. 10
  • “$750.00 in New York County, Kings, Queens County and Nassau County, and in the sum of $1,000 in the Richmond County”: Closing at location other than counsel's officep. 10
  • $250: Adjourned closingp. 10
Working capital
“two (2) months Common Charges”Contribution to the condominium's working capital fundp. 10

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 May 22, 2024

Amendment confirms first closing occurred March 25, 2024, Final Certificate of Occupancy issued December 22, 2023, and lists 18 unsold units with prices and monthly charges.

  • First residential unit 4A closed March 25, 2024
  • Final Certificate of Occupancy issued 12/22/2023
  • Declaration of Condominium recorded February 1, 2024 as CRFN 2024000028473
  • Working capital collected: $1,553.44 as of May 21, 2024
  • Reserve Fund established with balance of $6,000
  • 18 unsold units: 8 residential, 1 commercial/retail, 1 community facility, 10 parking spaces
  • Sponsor retains majority of Board of Managers; consists of Zhou Xu, Liwen Yu, and Zhuang Miao

Amendment 1 Dec 6, 2023

Plan declared effective as of December 5, 2023 with 421-a tax eligibility details, first closing anticipated March 1, 2024, and sponsor address corrected.

  • Plan declared effective December 5, 2023 after 15% purchase threshold met
  • First closing anticipated on or about March 1, 2024
  • Residential units eligible for partial 421-a real estate tax exemption with 35-year affordability requirement
  • Unit owners must maintain primary residence for 5 years or Condominium loses 421-a benefits
  • Each unit owner pays $3,000 application fee to Board at closing for 421-a
  • Sponsor address corrected to 61-12 182 Street, 2 Floor, Fresh Meadows, NY 11365
  • Plan valid for 6 months from amendment filing date
What each amendment changed, line by lineGet Full Access

Team

Sponsor
Fhp Management LLC
Principals
Zhou Xu
Tax estimate
Metropolitan Realty ExemptionsPrepared the first-year real estate tax projection
General contractors
Dynasty Contracting, Nextcom Construction, All Borough Group SVC in, L2 ConstructionHeld the general construction permit on DOB job 421205555
Property report
Mehdi Ghazi, PE P.C.Prepared the plan's description of the property and its condition · Named on p. 135
Title agency
Federal Standard AbstractThe sponsor's title company for buyers; you can choose another · Named on p. 75

Zoning

Zoning district
R5
Commercial overlay
C1-2

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

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