1671 Summerfield Street Condominium
1671 Summerfield Street, Queens, NY 11385
Overview
1671 Summerfield Street is a 28-unit condo in Queens, with 14 parking units and 11 storage units.
- Offering plan: Accepted June 2021 · 366 pages · floor plans on page 26
- Finishes: Engineered wood floors, quartz kitchen countertops and Haier, Frigidaire and Blomberg appliances
- Prices: $899 a square foot on average, as first offered; $17.5 million in all ($17 million when first offered)
- Common charges: $321–$543 a month, the sponsor's first-year estimate
- Developer: Urban View Development Corporation; principals Nadav Hamo
- Sponsor: Summerfield Group Ventures LLC, represented by Jeffrey Zwick & Associates, P.C.
- Neighborhood: Ridgewood, Queens
- Subway: 4-minute walk to Halsey St (L); 13 minutes to Myrtle-Wyckoff Avs (L, M)
- Amendments: 3, the latest in July 2023
- Units
- 28 residential · 14 parking · 11 storage
- Neighborhood
- Ridgewood, Queens
- Subway
- 4 min walk to Halsey St LMyrtle-Wyckoff Avs L M, 13 min
- Developer
- Urban View Development Corporation
- Principals
- Nadav Hamo
- Average $/sf
- $899Homes in Schedule A, as first offered
- Common charges
- $321–$543 a monthSponsor's first-year estimate in Schedule A, October 1, 2021 - September 30, 2022
- Offering price
- $17.5 million total $17 million when first offered
- Floor plans
- Page 26 of the plan
- SubmittedNovember 2021
- AcceptedJune 2021
- 3 amendments
- First sale
- Latest sale
Units & Prices
Sales
From city records (ACRIS), through Nov 30, 2024.
First-Year Budget
From our research: NYC Co-op and Condo Tax Abatement: Is It Worth Paying Prevailing Wage? (Board Calculator)
Property Taxes
The plan's first-year tax estimate, checked against the city's real bills for 28 homes.
Each home's estimate, city bills and tax breaksSee it free →Closing Costs
The buyer pays the NYC and NY State transfer taxes, which a seller usually pays.
All 5 closing costs in the plan, with their pagesSee it free →The Building
Amendments
Amendment 3 Jul 14, 2023
Amendment confirms first closing occurred, final Certificate of Occupancy issued, condominium declaration recorded, all units sold, and sponsor relinquished board control.
- First closing occurred July 12, 2022
- Final Certificate of Occupancy issued February 23, 2023
- Declaration of Condominium recorded June 17, 2022
- Working capital of $20,794.82 and reserve fund of $2,310.54 deposited
- Sponsor relinquished board control on April 28, 2023
- All units sold; no unsold units remaining
Amendment 2 Apr 25, 2022
Offering prices for five units are amended, and the plan is declared effective upon execution of five purchase agreements.
- Unit 1B price: $745,000.00
- Unit 4C price: $598,000.00
- Unit PHC price: $720,000.00
- Unit PHE price: $585,000.00
- Unit PHG price: $775,000.00
- Plan declared effective with five unit sales (17.85% of 28 units)
Amendment 1 Nov 3, 2021
First amendment revises the closing date to January 1, 2022, increases the budget by $10,339.92 to cover gas usage for hot water heaters, and updates common charges and real estate tax projections.
- First closing date revised to January 1, 2022
- Budget increased $10,339.92 from $131,792.23 to $142,132.15 (7.8%) due to gas usage for unit hot water heaters
- Gas charge added: $10,032.28 annually based on 4,775 therms at $1.91 per therm plus 10% inflation
- Reserve fund increased from $13,200 to $14,300 to maintain 10% of common charges
- First year estimated taxes: $3,394 (blended rate between $17,000 assessed valuations)
- Projected taxes after reassessment approximately $187,285.00 annually on estimated $1,530,730.00 assessed valuation
- Cellar layout revised with reorganized storage units and door swing changes to units S5 and S6
- No units currently under contract
Team
- Sponsor
- Summerfield Group Ventures LLC
- Developer
- Urban View Development Corporation
- Principals
- Nadav Hamo
- Tax estimate
- Metropolitan Realty ExemptionsPrepared the first-year real estate tax projection
- Construction lender
- Goldman Sachs Bank$4.59 million recorded
- General contractor
- Brooklyn B Company GroupHeld the general construction permit on DOB job 420655785
From our research: What Does a Title Agency Do, and How Do You Pick One for a NYC Condo?
Zoning
- Zoning district
- R6B
Today's zoning, from city data (PLUTO 26v2).
Nearby
- 1661 Summerfield Street Condominiumnext door · 28 units · 14 parking · 2022
- 1736 George Street Condominium0.2 mi · 2 units · 2022
- 15-06 Decatur Street Condominium0.3 mi · 6 units · 2019
- 350 Weirfield Street Condominium0.3 mi · 6 units · 2026
- 16-24 Jefferson Avenue Condominium0.3 mi · 6 units · 4 parking · 2024
- Hancock And Jefferson Condominium0.3 mi · 18 units · 2022
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