THE CONDO BOOK PROJECT

42-08 Bowne Street Condominium

42-08 Bowne Street, Queens, NY 11355

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Overview

42-08 Bowne Street is a 10-unit condo in Queens, with 1 parking unit and 2 commercial units.

  • Offering plan: Accepted December 2022 · 321 pages
  • Finishes: Vinyl plank floors, cultured marble kitchen countertops, Frigidaire and Samsung appliances, Delta bathroom fittings and split-system units for heating and cooling
  • Prices: $1,143 a square foot on average, as first offered; $9.07 million in all
  • Common charges: $220–$478 a month, the sponsor's first-year estimate
  • Utilities: Electricity paid by the owner; gas in the common charges p. 37
  • Sponsor: Winz Tower LLC, represented by Moritt Hock & Hamroff, LLP; principals Meiyun Chen and Le Miao Cai
  • Neighborhood: Flushing, Queens
  • Subway: 10-minute walk to Flushing-Main St (7)
  • Amendments: 2, the latest in May 2023
  1. AcceptedDecember 2022
  2. 2 amendments
  3. First sale
  4. Latest sale

Sales

2 of 10 units sold (20%)

$830,000in sales
$1,039/SFaverage sale price
April 2023 – September 2025first to latest sale
UnitSoldPrice
2BSep 22, 2025$450,000
2AApr 26, 2023$380,000
Every sale: 2 recorded sales, with price and dateGet Full Access

From city records (ACRIS), through Oct 31, 2025.

Common Charges & First-Year Budget

Property Taxes

The plan's first-year tax estimate, checked against the city's real bills for 9 homes.

Plan's estimate
$2,860 a year per homeSchedule A, as first filed
Full tax, FY2024
$1,660 a year per homeBefore any tax break; 42% less than the estimate
Billed, FY2024
$1,660 a year per home42% less than the estimate

Checked against the first full year's bill for 9 homes: 9 paid less. The typical home paid 42% less than estimated.

HomePlan's estimateFirst yearCurrent
2A$1,954$1,135FY2024$3,661FY2026
2B$2,459$4,594FY2026
2C$3,885$2,258FY2024$7,279FY2026
3A$1,972$1,144FY2024$3,688FY2026
3B$1,787$1,038FY2024$3,348FY2026
3C$2,505$1,454FY2024$4,690FY2026
3D$3,885$2,258FY2024$7,279FY2026
4A$3,770$2,190FY2024$7,061FY2026
4B$2,505$1,454FY2024$4,690FY2026
4C$3,885$2,258FY2024$7,279FY2026

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 plan lists what a buyer pays at closing.

Sponsor's counsel fee
$1,200Paid by the purchaser to the sponsor's attorneys for the closingp. 11
Counsel's extra charges
  • $250: ACRIS transfer documents preparationp. 11
  • $500: Adjourned closingp. 11
  • $250: Closing at location other than counsel's officep. 11
Working capital
“two (2) months Common Charges”Contribution to the condominium's working capital fundp. 11

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

All 5 closing costs in the plan, with their pagesGet Full Access

Amendments

Amendment 2 2023

Amendment updates closing status, occupancy certificate, unit inventory, and financial position as of May 1, 2023.

  • Declaration recorded March 23, 2023; first unit (2A) closed April 26, 2023
  • Final Certificate of Occupancy issued March 29, 2023 for residential units
  • 11 residential units unsold as of May 1, 2023 with listed prices and common charges
  • Working capital of $480.80 collected (two months common charges) held at JPMorgan Chase
  • Reserve Fund established at JPMorgan Chase
  • Sponsor paying all condominium expenses; will pay common charges for unsold units
  • No residential units leased by Sponsor
  • Plan valid for six months from amendment filing date

Amendment 1 2023

Plan declared effective on January 6, 2023 after 2 of 10 units (20%) were sold; first closing anticipated April 1, 2023.

  • Plan declared effective January 6, 2023
  • 2 of 10 residential units sold (approximately 20%)
  • First closing anticipated on or about April 1, 2023
  • Budget unchanged from original offering plan
  • Plan valid for six months from amendment filing date
What each amendment changed, line by lineGet Full Access

Team

Sponsor
Winz Tower LLC
Principals
Meiyun Chen, Le Miao Cai
Tax estimate
Highpoint Incentive Inc.Prepared the first-year real estate tax projection
Construction lender
Cathay Bank$1 million recorded
General contractor
New York H&Y ConstHeld the general construction permit on DOB job 421914263
Title agency
Cornerstone Land Abstract, LLCThe sponsor's title company for buyers; you can choose another · Named on p. 72

Zoning

Zoning district
R7B
Commercial overlay
C1-3

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

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