THE CONDO BOOK PROJECT

U-Build Garden Condominium

41-39 149th Street, Queens, NY 11355

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Overview

U-Build Garden is a 6-unit condo in Queens, with 5 parking units and 2 commercial units.

  • Offering plan: Accepted January 2018 · 229 pages
  • Finishes: 8'4" ceilings, hardwood floors, Summit and GE appliances, a washer and dryer in each apartment and through-wall PTAC units for heating and cooling
  • Prices: $800 a square foot on average, as first offered; $6.2 million in all ($6.25 million when first offered)
  • Common charges: $285–$390 a month, the sponsor's first-year estimate
  • Utilities: Electricity paid by the owner; water and sewer in the common charges p. 140
  • Sponsor: 149 Condominium LLC, represented by Sichenzia Ross Ference LLP; principals Hui Chen, Zhong Hui Chen, Steve Li and Xing Zhang
  • Neighborhood: Murray Hill, Queens
  • Subway: 17-minute walk to Flushing-Main St (7)
  • Amendments: 2, the latest in December 2018
  1. AcceptedJanuary 2018
  2. 2 amendments
  3. First sale
  4. Latest sale

Sales

6 of 6 units sold (100%)

$3.97 millionin sales
$744/SFaverage sale price
May 2019 – January 2020first to latest sale
UnitSoldPrice
FJan 15, 2020$748,414
DAug 8, 2019$659,826
CJul 31, 2019$610,950
AJul 23, 2019$631,315
BMay 17, 2019$658,299
EMay 10, 2019$662,881
Every sale: 6 recorded sales, with price and dateGet Full Access

From city records (ACRIS), through Jan 31, 2023.

Common Charges & First-Year Budget

Property Taxes

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

HomePlan's estimateCurrent
A$747$337FY2026
B$747$343FY2026
C$804$309FY2026
D$792$343FY2026
E$792$346FY2026
F$1,022$412FY2026

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
$1,000.00Paid by the purchaser to the sponsor's attorneys for the closingp. 9
Counsel's extra charges
  • $150.00: closing outside counsel's officep. 9
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. 9
Working capital
“one (1) month's common charge”Contribution to the condominium's working capital fundp. 7

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 5, 2018

Plan declared effective on December 17, 2018 with 1 of 6 residential units under contract; first closing anticipated February 1, 2019.

  • Plan declared effective December 17, 2018 (1 unit sold, 17% of residential units)
  • First closing anticipated on or about February 1, 2019
  • Budget unchanged from original offering plan
  • FinCEN Geographic Targeting Order disclosure for certain cash purchases of $300,000+
  • Plan extension for 6 months from amendment filing date

Amendment 1 Jul 25, 2018

Amendment updates Schedule A with as-built square footage, combines two community facility units into one, revises common interest percentages and unit pricing, and adds smoking policy and escrow agent details.

  • Final certificate of occupancy issued January 11, 2018
  • Unit floorplans amended to reflect actual as-built square footage
  • Cellar and Basement Community Facility Units G and H combined into one Unit G
  • Common interest percentages corrected in Schedule A
  • Unit pricing changed effective as of amendment date
  • Smoking prohibited in all common areas and within 10 feet of building entrances; permitted in individual apartments and attached terraces/balconies except within 10 feet of entrances
  • Escrow agent: Lau & Associates, P.C.; funds held at Signature Bank, Garden City
  • Plan extended for six (6) months from amendment filing date
What each amendment changed, line by lineGet Full Access

Team

Sponsor
149 Condominium LLC
Principals
Hui Chen, Zhong Hui Chen, Steve Li, Xing Zhang
General contractors
U-Build Construction, I. B. Construction Consul, JRS Construction & ExpediHeld the general construction permit on DOB job 420922407

Zoning

Zoning district
R5

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

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