THE CONDO BOOK PROJECT

31-53 Linden Place Condominium

31-53 Linden Place, Queens, NY 11354

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Overview

31-53 Linden Place is a 16-unit condo in Queens, with 8 parking units and 4 commercial units.

  • Offering plan: Accepted July 2020 · 266 pages
  • Finishes: 8-foot ceilings, hardwood floors, laminate kitchen countertops, Techine Studio cabinets and GE appliances
  • Prices: $850 a square foot on average, as first offered; $11.6 million in all
  • Common charges: $404–$458 a month, the sponsor's first-year estimate
  • Utilities: Electricity, gas, heat, cooling and hot water paid by the owner p. 34
  • Developer: Central Development Corp.; principals Bao Ru Pan, Qing Hai Pan, Vincent Wu and Zheng Jian Zhong
  • Sponsor: Mei Hua Real Estate Corp., represented by Thomas E. Berinato, Attorney At Law
  • Neighborhood: Flushing, Queens
  • Subway: 14-minute walk to Flushing-Main St (7)
  • Amendments: 2, the latest in December 2021
  1. AcceptedJuly 2020
  2. 2 amendments
  3. First sale
  4. Latest sale

Sales

16 of 16 units sold (100%)

$7.52 millionin sales
$641/SFaverage sale price
November 2021 – January 2025first to latest sale
UnitSoldPrice
3DJan 15, 2025$456,300
4AJan 15, 2025$456,300
4DJan 15, 2025$456,300
3CJan 9, 2025$486,720
2BJan 8, 2025$486,720
2EJan 8, 2025$486,720
3EJan 8, 2025$486,720
4CJan 9, 2024$456,300
2AJan 4, 2022$480,000
3AJan 4, 2022$450,000
2CDec 8, 2021$450,000
3BDec 8, 2021$480,000
4BDec 8, 2021$480,000
5ADec 8, 2021$480,000
2DNov 15, 2021$480,000
4ENov 15, 2021$450,000
Every sale: 16 recorded sales, with price and dateGet Full Access

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

Common Charges & First-Year Budget

Property Taxes

The plan's first-year tax estimate, checked against the city's real bills for 5 homes.

Plan's estimate
$1,000 a year per homeSchedule A, as first filed
Full tax, FY2023
$6,390 a year per homeBefore any tax break; 539% more than the estimate
Tax breaks
$5,530 a year per home off421-a and other exemptions and abatements
Billed, FY2023
$860 a year per home14% less than the estimate

Checked against the first full year's bill for 5 homes: 5 paid less. The typical home paid 12% less than estimated.

HomePlan's estimateFirst yearCurrent
2A$1,012$887FY2026
2B$1,006$881FY2026$881FY2026
2C$966$846FY2026
2D$1,040$911FY2026
2E$987$864FY2026$864FY2026
3A$1,012$891FY2024$887FY2026
3B$1,006$885FY2024$881FY2026
3C$966$846FY2026$846FY2026
3D$1,040$911FY2026$911FY2026
3E$987$864FY2026$864FY2026
4A$1,012$887FY2026$887FY2026
4B$1,006$885FY2024$881FY2026
4C$966$850FY2025$846FY2026
4D$1,040$911FY2026$911FY2026
4E$987$864FY2026
5A$1,097$965FY2024$961FY2026

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
  • “$250.00 for closings within New York City (other than Queens) and $500.00 for closing outside of New York City”: closing outside counsel's officep. 61
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. 5
Working capital
“two months maintenance”Contribution to the condominium's working capital fundp. 61
421-a tax abatement application reimbursement to Sponsor
“% of 1% of the purchase price”Paid to Sponsorp. 61

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

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

Amendments

Amendment 2 Dec 22, 2021

Plan re-declared effective with 100% of 16 residential units sold, updated 2025 budget, and resolution of Attorney General investigation.

  • Plan re-declared effective; 100% of residential units (16 of 16) sold
  • Updated budget for calendar year 2025 totaling $125,955 in common charges
  • Investigation by NY Attorney General resolved via Assurance of Discontinuance
  • First closing occurred November 15, 2021 for Unit 4E
  • Permanent Certificate of Occupancy issued September 7, 2018
  • Board members: Bao Ru Pan, Yang Ming Lu, Yau San Wu
  • First annual meeting of Unit Owners scheduled for or prior to February 15, 2025
  • 20 units unsold as of amendment date (4 community facility, 10 residential, 6 parking)

Amendment 1 Oct 2, 2020

The offering plan is being declared effective based on three residential units under contract, representing 18.75% of the residential offering.

  • Plan declared effective
  • Three units under contract (Units 2E, 2B, 4E)
  • Closings anticipated to begin within thirty days following amendment acceptance
  • Final Certificate of Occupancy obtained September 7, 2018
  • No material changes to first-year budget
What each amendment changed, line by lineGet Full Access

Team

Sponsor
Mei Hua Real Estate Corp.
Developer
Central Development Corp.
Principals
Bao Ru Pan, Qing Hai Pan, Vincent Wu, Zheng Jian Zhong
Tax estimate
JT REALTY ADVISORS LLCPrepared the first-year real estate tax projection
General contractors
Central Development, Adb Bldg ConsultantsHeld the general construction permit on DOB job 420229238
Property report
Thomas C, Tung, EngineerPrepared the plan's description of the property and its condition · Named on p. 153

Zoning

Zoning district
R6

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

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