THE CONDO BOOK PROJECT

Murray Hill Condominium

150-23 Barclay Avenue, Queens, NY 11355

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Overview

Murray Hill is a 21-unit condo in Queens, with 1 parking unit and 4 commercial units.

  • Offering plan: Accepted November 2023 · 314 pages
  • Finishes: 9'8" ceilings, hardwood floors, cultured marble kitchen countertops, Samsung and GE appliances, a washer and dryer in each apartment, Delta bathroom fittings and split-system units for heating and cooling
  • Prices: $1,191 a square foot on average, as first offered; $32.9 million in all ($31.8 million when first offered)
  • Common charges: $216–$473 a month, the sponsor's first-year estimate
  • Utilities: Electricity paid by the owner p. 56
  • Sponsor: Forever 99 Holdings LLC, represented by Thomas E. Berinato, Attorney At Law; principals Mengfei Song and Terence Cheng
  • Neighborhood: Murray Hill, Queens
  • Subway: 20-minute walk to Flushing-Main St (7)
  • Amendments: 2, the latest in November 2024
  1. AcceptedNovember 2023
  2. 2 amendments
  3. First sale
  4. Latest sale

Sales

17 of 21 units sold (81%)

$8.76 millionin sales
$957/SFaverage sale price
January 2024 – February 2026first to latest sale
UnitSoldPrice
3HFeb 12, 2026$428,922
4BSep 30, 2025$479,622
4HSep 19, 2025$456,300
4DJun 23, 2025$636,406
4AMay 8, 2025$473,336
4FMar 31, 2025$410,670
5AMar 31, 2025$466,440
4GFeb 6, 2025$464,600
5CFeb 6, 2025$885,878
3AJan 23, 2025$472,680
4EJan 16, 2025$496,860
3FJan 8, 2025$405,600
4CJan 3, 2025$757,138
3EDec 27, 2024$486,720
3GDec 27, 2024$474,700
5BDec 23, 2024$486,720
3BJan 22, 2024$481,650
Every sale: 17 recorded sales, with price and dateGet Full Access

From city records (ACRIS), through Jun 30, 2026.

Common Charges & First-Year Budget

Property Taxes

The plan's first-year tax estimate, checked against the city's real bills for 18 homes.

Plan's estimate
$4,670 a year per homeSchedule A, as first filed
Full tax, FY2026
$5,090 a year per homeBefore any tax break; 9% more than the estimate
Billed, FY2026
$5,090 a year per home9% more than the estimate

Checked against the first full year's bill for 18 homes: 10 within 10% of the plan's estimate, 8 paid more. The typical home paid 10% more than estimated.

HomePlan's estimateFirst yearCurrent
3A$3,958$4,239FY2026$4,239FY2026
3B$4,039$4,337FY2026$4,337FY2026
3C$5,909$6,493FY2026$6,493FY2026
3D$5,470$6,003FY2026$6,003FY2026
3E$4,275$4,508FY2026$4,508FY2026
3F$3,422$4,067FY2026$4,067FY2026
3G$3,893$4,312FY2026$4,312FY2026
3H$3,706$3,896FY2026
4A$3,958$4,312FY2026$4,312FY2026
4B$4,039$4,410FY2026
4C$6,640$6,689FY2026$6,689FY2026
4D$5,470$5,758FY2026$5,758FY2026
4E$4,275$4,508FY2026$4,508FY2026
4F$3,422$4,141FY2026$4,141FY2026
4G$3,893$4,386FY2026$4,386FY2026
4H$3,706$3,896FY2026
5A$3,958$4,386FY2026$4,386FY2026
5B$4,039$4,459FY2026$4,459FY2026
5C$7,729$8,551FY2026$8,551FY2026
5D$5,632$6,248FY2026$6,248FY2026
5E$6,608$7,252FY2026$7,252FY2026

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.

Counsel's extra charges
  • $150: closing outside counsel's officep. 84
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. 6
Working capital
“$500.00 per Unit”Contribution to the condominium's working capital fundp. 83

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

All 3 closing costs in the plan, with their pagesGet Full Access

Amendments

Amendment 2 Oct 15, 2024

Budget reallocated to shift labor, water/sewer, and repair costs from commercial to residential units; purchase prices and carrying charges updated accordingly.

  • Labor ($28,800) charged to residential units only; commercial units maintain their own areas
  • Water & Sewer ($18,900) charged to residential units only; commercial units required to have separate meters
  • Repairs ($6,000) charged to residential units only; commercial units responsible for their own repairs
  • First Year Budget revised in Exhibit A; Schedule A purchase prices and carrying charges updated in Exhibit B
  • If first unit closing does not occur on or after January 1, 2025, purchasers in contract before amendment presentation receive 15-day right of rescission

Amendment 1 2024

Plan declared effective after sponsor accepted purchase agreements for 23% of residential units.

  • Plan declared effective by Notice dated August 28, 2024
  • Sponsor accepted 5 of 21 residential units (23% of residential, 18% of total units)
  • No units occupied or rented as of amendment date
  • No material changes to the budget for first year's operation
What each amendment changed, line by lineGet Full Access

Team

Sponsor
Forever 99 Holdings LLC
Principals
Mengfei Song, Terence Cheng
Tax estimate
Thomas E. BerinatoPrepared the first-year real estate tax projection
Construction lender
Cathay Bank$15 million recorded
General contractors
Vera Carting, Sheng Sheng Construction, Zaq ConstructionHeld the general construction permit on DOB job 421949734
Title agency
Federal Standard AbstractThe sponsor's title company for buyers; you can choose another · Agent for Commonwealth Title Insurance Company · Named on p. 82

Zoning

Zoning district
R5
Commercial overlay
C1-2

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

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