THE CONDO BOOK PROJECT

Prince Center Condominium

39-07 Prince Street, Queens, NY 11354

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Overview

Prince Center is a condo in Queens, with 47 commercial units.

  • Offering plan: Accepted January 2002 · 274 pages
  • Prices: $538 a square foot on average, as first offered; $31.6 million in all
  • Utilities: Electricity and gas paid by the owner p. 27
  • Sponsor: Two Corners Inc., represented by Swift & Associates, Pllc; principals Sunny Chiu and Christian Lee
  • Neighborhood: Flushing, Queens
  • Subway: 2-minute walk to Flushing-Main St (7)
  • Amendments: 2, the latest in May 2002
  1. AcceptedJanuary 2002
  2. 2 amendments
  3. First sale
  4. Latest sale

Sales

9 of 9 units sold (100%)

$19.4 millionin sales
$759/SFaverage sale price
December 2002 – March 2020first to latest sale
UnitSoldPrice
1G+MGMar 2, 2020$3,800,000
1JApr 6, 2017$5,330,000
CJApr 6, 2017$5,330,000
MJApr 6, 2017$5,330,000
SCACAMay 5, 2014$3,500,000
1C+MCSep 3, 2008$4,000,000
1D+MDSep 3, 2008$4,000,000
1A+MAMar 27, 2003$977,501
1H+MHJan 16, 2003$824,200
1B+MBDec 24, 2002$935,467
Every sale: 10 recorded sales, with price and dateGet Full Access

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

Common Charges & First-Year Budget

Property Taxes

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

HomeCurrent
1A+MA$23,086FY2026
1B+MB$22,117FY2026
1C+MC$22,844FY2026
1D+MD$34,038FY2026
1E+ME$20,652FY2026
1F+MF*$36,226FY2026
1G+MG$34,038FY2026
1H+MH$29,899FY2026

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
$500.00Paid by the purchaser to the sponsor's attorneys for the closingp. 8
Counsel's extra charges
  • $200.00: closing outside counsel's officep. 8
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. 7
Working capital
“one (1) month's common charge”Contribution to the condominium's working capital fundp. 6

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 2002

Plan declared effective as of May 3, 2002 after ten units representing 21.28% of the building were placed under purchase agreement.

  • Plan declared effective May 3, 2002
  • Ten units (21.28% of 47 total units) under purchase agreement as of effective date

Amendment 1 Mar 18, 2002

First amendment increases prices for all units effective immediately.

  • All unit prices increased effective immediately
  • Schedule A updated with new offering prices
What each amendment changed, line by lineGet Full Access

Team

Sponsor
Two Corners Inc.
Principals
Sunny Chiu, Christian Lee
General contractors
Tku Construction, Top 8 ConstructionHeld the general construction permit on DOB job 400937803
Title agency
Cooke Abstract Corp.The sponsor's title company for buyers; you can choose another · Agent for Lawyers Title Insurance Corporation · Named on p. 50

Zoning

Zoning district
C4-2

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

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