Epic Tower Condominium
41-62 Bowne Street, Queens, NY 11355
Overview
Epic Tower is a 95-unit condo in Queens, with 128 parking units and 12 commercial units.
- Offering plan: Accepted May 2021 · 353 pages
- Prices: $1,205 a square foot on average, as first offered; $88.7 million in all
- Utilities: Electricity paid by the owner; gas in the common charges p. 42
- Sponsor: Epic Tower LLC**, represented by Marans Newman Tsolis & Nazinitsky LLC; principals Yin Chou Hu (a.k.a Thomas Hu), Chin Ming Wong (a.k.a Peter Wong) and Fei Hua Weng
- Neighborhood: Flushing, Queens
- Subway: 10-minute walk to Flushing-Main St (7)
- Amendments: 2, the latest in December 2022
- Units
- 95 residential · 128 parking · 12 commercial
- Neighborhood
- Flushing, Queens
- Subway
- 10 min walk to Flushing-Main St 7
- Principals
- Yin Chou Hu (a.k.a Thomas Hu), Chin Ming Wong (a.k.a Peter Wong), Fei Hua Weng
- Average $/sf
- $1,205Homes in Schedule A, as first offered
- Offering price
- $88.7 million total
- Floor plans
- Pages 239–274 of the plan
- AcceptedMay 2021
- 2 amendments
- First sale
- Latest sale
Units & Prices
Sales
94 of 94 units sold (100%)
$60.7 millionin sales
$1,139/SFaverage sale price
December 2021 – December 2024first to latest sale
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 for 92 homes.
Checked against the first full year's bill for 92 homes: 4 within 10% of the plan's estimate, 88 paid more. The typical home paid 15% more than estimated.
| Home | Plan's estimate | First year | Current |
|---|---|---|---|
| 3A | $5,094 | $5,876FY2024 | $6,104FY2026 |
| 3B | $6,964 | $8,684FY2025 | $8,345FY2026 |
| 3C | $7,706 | $8,889FY2024 | $9,235FY2026 |
| 3D | $6,910 | $7,971FY2024 | $8,281FY2026 |
| 3E | $4,079 | $4,705FY2024 | $4,888FY2026 |
| 3F | $4,473 | $5,160FY2024 | $5,361FY2026 |
| 3G | $5,166 | $5,959FY2024 | $6,191FY2026 |
| 4A | $6,416 | $7,400FY2024 | $7,688FY2026 |
| 4B | $7,191 | $8,296FY2024 | $8,619FY2026 |
| 4C | $6,551 | $7,556FY2024 | $7,850FY2026 |
| 4D | $6,515 | $7,515FY2024 | $7,808FY2026 |
| 4E | $3,889 | $4,486FY2024 | $4,661FY2026 |
| 4F | $4,223 | $4,871FY2024 | $5,061FY2026 |
| 4G | $6,487 | $8,091FY2025 | $7,774FY2026 |
| 5A | $6,416 | $7,400FY2024 | $7,688FY2026 |
| 5B | $4,467 | $5,152FY2024 | $5,352FY2026 |
| 5C | $4,521 | $5,215FY2024 | $5,418FY2026 |
| 5D | $4,809 | $5,548FY2024 | $5,764FY2026 |
| 5E | $6,479 | $7,473FY2024 | $7,764FY2026 |
| 5F | $3,952 | $4,559FY2024 | $4,736FY2026 |
| 5G | $4,268 | $4,923FY2024 | $5,115FY2026 |
| 5H | $6,416 | $7,688FY2026 | |
| 6A | $6,416 | $7,400FY2024 | $7,688FY2026 |
| 6B | $4,467 | $5,152FY2024 | $5,352FY2026 |
| 6C | $4,521 | $5,215FY2024 | $5,418FY2026 |
| 6D | $4,809 | $5,548FY2024 | $5,764FY2026 |
| 6E | $6,479 | $7,473FY2024 | $7,764FY2026 |
| 6F | $3,952 | $4,559FY2024 | $4,736FY2026 |
| 6G | $4,268 | $4,923FY2024 | $2,557FY2026 |
| 6H | $6,416 | $6,962FY2023 | $7,688FY2026 |
| 7A | $6,416 | $7,400FY2024 | $7,688FY2026 |
| 7B | $4,467 | $5,152FY2024 | $5,352FY2026 |
| 7C | $4,521 | $5,215FY2024 | $5,418FY2026 |
| 7D | $4,809 | $5,548FY2024 | $5,764FY2026 |
| 7E | $6,479 | $7,473FY2024 | $7,764FY2026 |
| 7F | $3,952 | $4,559FY2024 | $4,736FY2026 |
| 7G | $4,268 | $4,923FY2024 | $5,115FY2026 |
| 7H | $6,416 | $7,400FY2024 | $7,688FY2026 |
| 8A | $6,416 | $7,400FY2024 | $7,688FY2026 |
| 8B | $4,467 | $5,152FY2024 | $5,352FY2026 |
| 8C | $4,521 | $5,215FY2024 | $5,418FY2026 |
| 8D | $4,809 | $5,548FY2024 | $5,764FY2026 |
| 8E | $6,479 | $7,473FY2024 | $7,764FY2026 |
| 8F | $3,952 | $4,559FY2024 | $4,736FY2026 |
| 8G | $4,268 | $4,923FY2024 | $5,115FY2026 |
| 8H | $6,416 | $7,400FY2024 | $7,688FY2026 |
| 9A | $6,416 | $7,400FY2024 | $7,688FY2026 |
| 9B | $4,467 | $5,152FY2024 | $5,352FY2026 |
| 9C | $4,521 | $5,215FY2024 | $5,418FY2026 |
| 9D | $4,809 | $5,548FY2024 | $5,764FY2026 |
| 9E | $6,479 | $7,473FY2024 | $7,764FY2026 |
| 9F | $3,952 | $4,559FY2024 | $4,736FY2026 |
| 9G | $4,268 | $4,923FY2024 | $5,115FY2026 |
| 9H | $6,416 | $7,400FY2024 | $7,688FY2026 |
| 10A | $6,416 | $7,400FY2024 | $7,688FY2026 |
| 10B | $4,467 | $5,152FY2024 | $5,352FY2026 |
| 10C | $4,521 | $5,215FY2024 | $5,418FY2026 |
| 10D | $4,809 | $5,548FY2024 | $5,764FY2026 |
| 10E | $6,479 | $7,764FY2026 | |
| 10F | $3,952 | $4,559FY2024 | $4,736FY2026 |
| 10G | $4,268 | $4,923FY2024 | $5,115FY2026 |
| 10H | $6,416 | $6,962FY2023 | $7,688FY2026 |
| 11A | $6,416 | $7,400FY2024 | $7,688FY2026 |
| 11B | $4,467 | $5,152FY2024 | $5,352FY2026 |
| 11C | $4,521 | $5,215FY2024 | $5,418FY2026 |
| 11D | $4,809 | $5,548FY2024 | $5,764FY2026 |
| 11E | $6,479 | $7,473FY2024 | $7,764FY2026 |
| 11F | $3,952 | $4,559FY2024 | $4,736FY2026 |
| 11G | $4,268 | $4,923FY2024 | $5,115FY2026 |
| 11H | $6,416 | $8,001FY2025 | $7,688FY2026 |
| 12A | $6,416 | $7,400FY2024 | $7,688FY2026 |
| 12B | $4,467 | $5,152FY2024 | $5,352FY2026 |
| 12C | $4,521 | $5,215FY2024 | $5,418FY2026 |
| 12D | $4,809 | $5,548FY2024 | $5,764FY2026 |
| 12E | $6,479 | $7,473FY2024 | $7,764FY2026 |
| 12F | $3,952 | $4,559FY2024 | $4,736FY2026 |
| 12G | $4,268 | $4,923FY2024 | $5,115FY2026 |
| 12H | $6,416 | $8,001FY2025 | $7,688FY2026 |
| 13A | $6,416 | $7,400FY2024 | $7,688FY2026 |
| 13B | $4,467 | $5,152FY2024 | $5,352FY2026 |
| 13C | $4,521 | $5,215FY2024 | $5,418FY2026 |
| 13D | $4,809 | $5,548FY2024 | $5,764FY2026 |
| 13E | $6,479 | $7,031FY2023 | $7,764FY2026 |
| 13F | $3,952 | $4,559FY2024 | $4,736FY2026 |
| 13G | $4,268 | $4,923FY2024 | $5,115FY2026 |
| 13H | $6,416 | $7,400FY2024 | $7,688FY2026 |
| 14A | $6,416 | $7,400FY2024 | $7,688FY2026 |
| 14B | $4,467 | $5,152FY2024 | $5,352FY2026 |
| 14C | $4,521 | $5,215FY2024 | $5,418FY2026 |
| 14D | $4,809 | $5,548FY2024 | $5,764FY2026 |
| 14E | $6,479 | $8,080FY2025 | $7,764FY2026 |
| 14F | $3,952 | $4,289FY2023 | $4,736FY2026 |
| 14G | $4,268 | $4,923FY2024 | $5,115FY2026 |
| 14H | $6,416 | $7,400FY2024 | $7,688FY2026 |
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.
Closing Costs
The buyer pays the NYC and NY State transfer taxes, which a seller usually pays.
- Sponsor's counsel fee
- “$1,500.00 and ACRIS preparation fee of $250.00”Paid by the purchaser to the sponsor's attorneys for the closingp. 105
- Counsel's extra charges
- “$500.00 for each adjournment”: adjournment requested or caused by Purchaser or Purchaser's lenderp. 98
- 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. 18
- Working capital
- “one months' common charges then in effect for the Unit”Contribution to the condominium's working capital fundp. 19
- Reserve Fund contribution
- “one months' common charges then in effect for the Unit”Paid to Board of Managersp. 66
Not listed: title insurance, mortgage tax, lender fees, mansion tax.
The Building
Amendments
Amendment 1 Aug 3, 2021
The plan is declared effective with 22 units sold (23% of building), and two unit prices are updated.
- Plan declared effective with 22 purchase agreements from bona fide purchasers
- Unit 3E price: $480,000.00
- Unit 5C price: $530,000.00
Team
- Sponsor
- Epic Tower LLC**
- Principals
- Yin Chou Hu (a.k.a Thomas Hu), Chin Ming Wong (a.k.a Peter Wong), Fei Hua Weng
- Tax estimate
- Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
- Construction lender
- Cathay Bank$23 million recorded
- General contractor
- Aaa General ConstructionHeld the general construction permit on DOB job 421210022
Zoning
- Zoning district
- R7-1
- Commercial overlay
- C1-2
Today's zoning, from city data (PLUTO 26v2).
Nearby
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- Stanton Condominium0.1 mi · 351 units · 1985
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