Grand 147th Condominium
42-18 147th Street, Queens, NY 11355
Overview
Grand 147th is a 54-unit condo in Queens, with 27 parking units.
- Offering plan: Accepted December 2021 · 479 pages
- Finishes: Hardwood floors, granite kitchen countertops, plastic laminate cabinets, Frigidaire and General Electric appliances, a washer and dryer in each apartment, DELTA bathroom fittings and split-system units for heating and cooling
- Prices: $1,235 a square foot on average, as first offered; $42.6 million in all
- Common charges: $217–$505 a month, the sponsor's first-year estimate
- Utilities: Electricity paid by the owner; water and sewer in the common charges p. 155
- Developers: Prestige Home Builders and TJAR Group; principals Wang Tat Lam
- Sponsor: Grand 147th Street Development LLC, represented by Starr Associates, LLP
- Neighborhood: Flushing, Queens
- Subway: 16-minute walk to Flushing-Main St (7)
- Amendments: 6, the latest in October 2024
- Units
- 54 residential · 27 parking
- Neighborhood
- Flushing, Queens
- Subway
- 16 min walk to Flushing-Main St 7
- Developers
- Prestige Home Builders, TJAR Group
- Principals
- Wang Tat Lam
- Average $/sf
- $1,235Homes in Schedule A, as first offered
- Common charges
- $217–$505 a monthSponsor's first-year estimate in Schedule A, January 1, 2022 - December 31, 2022
- Offering price
- $42.6 million total
- Floor plans
- Pages 179–237 of the plan
- AcceptedDecember 2021
- 6 amendments
- First sale
- Latest sale
Units & Prices
Sales
29 of 54 units sold (54%)
$16 millionin sales
$921/SFaverage sale price
January 2023 – February 2026first to latest sale
| Unit | Sold | Price |
|---|---|---|
| 4A | Feb 9, 2026 | $498,951 |
| 3J | Apr 23, 2025 | $456,300 |
| 4E | Jan 27, 2025 | $459,050 |
| 4H | Aug 1, 2024 | $492,510 |
| 5G | Aug 1, 2024 | $491,510 |
| 4J | Jul 18, 2024 | $486,720 |
| 5E | Jun 6, 2024 | $456,300 |
| 3G | May 22, 2024 | $459,456 |
| 1A | Apr 16, 2024 | $1,650,000 |
| 6B | Apr 16, 2024 | $1,650,000 |
| 7A | Apr 16, 2024 | $1,650,000 |
| 4B | Jan 24, 2024 | $459,050 |
| 3B | Nov 14, 2023 | $567,879 |
| 7B | Nov 1, 2023 | $896,774 |
| 3D | Oct 25, 2023 | $522,058 |
| 5B | Oct 23, 2023 | $766,438 |
| 6G | Oct 17, 2023 | $781,711 |
| 2D | Aug 23, 2023 | $562,788 |
| 3E | Aug 22, 2023 | $601,481 |
| 2I | Aug 1, 2023 | $532,240 |
| 5A | Apr 11, 2023 | $388,070 |
| 4I | Mar 29, 2023 | $627,424 |
| 3I | Mar 16, 2023 | $564,824 |
| 4C | Mar 2, 2023 | $499,610 |
| 6D | Feb 28, 2023 | $532,240 |
| 4D | Feb 13, 2023 | $504,680 |
| 5H | Feb 8, 2023 | $593,335 |
| 4G | Feb 6, 2023 | $555,660 |
| 2G | Jan 30, 2023 | $581,116 |
From city records (ACRIS), through Aug 31, 2026.
Common Charges & First-Year Budget
Property Taxes
The plan's first-year tax estimate, checked against the city's real bills for 53 homes.
- Plan's estimate
- $4,890 a year per homeSchedule A, as first filed
- Full tax, FY2024
- $5,240 a year per homeBefore any tax break; 7% more than the estimate
- Billed, FY2024
- $5,240 a year per home7% more than the estimate
Checked against the first full year's bill for 53 homes: 34 within 10% of the plan's estimate, 19 paid more. The typical home paid 7% more than estimated.
| Home | Plan's estimate | First year | Current |
|---|---|---|---|
| 1A | $4,146 | $5,347FY2025 | $5,722FY2026 |
| 2A | $5,396 | $5,787FY2024 | $7,448FY2026 |
| 2B | $5,366 | $5,755FY2024 | $7,406FY2026 |
| 2C | $4,990 | $5,351FY2024 | $6,886FY2026 |
| 2D | $5,043 | $6,504FY2025 | $6,960FY2026 |
| 2E | $5,641 | $6,050FY2024 | $7,786FY2026 |
| 2F | $4,775 | $5,121FY2024 | $6,590FY2026 |
| 2G | $4,259 | $4,568FY2024 | $5,878FY2026 |
| 2H | $4,229 | $4,535FY2024 | $5,837FY2026 |
| 2I | $4,267 | $5,504FY2025 | $5,889FY2026 |
| 2J | $4,851 | $5,202FY2024 | $6,695FY2026 |
| 3A | $4,818 | $5,167FY2024 | $6,649FY2026 |
| 3B | $4,583 | $5,911FY2025 | $6,325FY2026 |
| 3C | $4,219 | $4,525FY2024 | $5,823FY2026 |
| 3D | $4,242 | $5,471FY2025 | $5,854FY2026 |
| 3E | $4,833 | $6,234FY2025 | $6,670FY2026 |
| 3F | $4,962 | $5,321FY2024 | $6,848FY2026 |
| 3G | $4,386 | $5,657FY2025 | $6,053FY2026 |
| 3H | $4,348 | $4,663FY2024 | $6,001FY2026 |
| 3I | $4,469 | $4,793FY2024 | $6,168FY2026 |
| 3J | $4,932 | $6,806FY2026 | $6,806FY2026 |
| 4A | $4,818 | $6,649FY2026 | |
| 4B | $4,583 | $5,911FY2025 | $6,325FY2026 |
| 4C | $4,219 | $4,525FY2024 | $5,823FY2026 |
| 4D | $4,242 | $4,549FY2024 | $5,854FY2026 |
| 4E | $4,833 | $6,670FY2026 | $6,670FY2026 |
| 4F | $4,962 | $5,321FY2024 | $6,848FY2026 |
| 4G | $4,386 | $4,704FY2024 | $6,053FY2026 |
| 4H | $4,348 | $6,001FY2026 | $6,001FY2026 |
| 4I | $4,469 | $4,793FY2024 | $6,168FY2026 |
| 4J | $4,932 | $6,806FY2026 | $6,806FY2026 |
| 5A | $3,181 | $3,411FY2024 | $4,389FY2026 |
| 5B | $6,137 | $7,915FY2025 | $8,469FY2026 |
| 5C | $4,219 | $4,525FY2024 | $5,823FY2026 |
| 5D | $4,242 | $4,549FY2024 | $5,854FY2026 |
| 5E | $4,833 | $6,234FY2025 | $6,670FY2026 |
| 5F | $4,878 | $5,232FY2024 | $6,733FY2026 |
| 5G | $4,393 | $6,064FY2026 | $6,064FY2026 |
| 5H | $4,348 | $4,663FY2024 | $6,001FY2026 |
| 5I | $4,469 | $4,793FY2024 | $6,168FY2026 |
| 5J | $4,932 | $5,289FY2024 | $6,806FY2026 |
| 6A | $6,028 | $6,465FY2024 | $8,320FY2026 |
| 6B | $6,228 | $8,033FY2025 | $8,595FY2026 |
| 6C | $4,219 | $4,525FY2024 | $5,823FY2026 |
| 6D | $4,242 | $4,549FY2024 | $5,854FY2026 |
| 6E | $4,833 | $5,183FY2024 | $6,670FY2026 |
| 6G | $6,205 | $8,003FY2025 | $8,564FY2026 |
| 6H | $4,348 | $4,663FY2024 | $6,001FY2026 |
| 6I | $4,469 | $4,793FY2024 | $6,168FY2026 |
| 6J | $4,932 | $5,289FY2024 | $6,806FY2026 |
| 7A | $6,132 | $7,909FY2025 | $8,463FY2026 |
| 7B | $7,402 | $9,548FY2025 | $10,216FY2026 |
| 7C | $7,273 | $7,801FY2024 | $10,039FY2026 |
| 7D | $7,387 | $7,926FY2024 | $10,200FY2026 |
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.
- 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. 10
- Working capital
- “2 months' Common Charges”Contribution to the condominium's working capital fundp. 11
Not listed: title insurance, mortgage tax, lender fees, mansion tax.
The Building
Amendments
Amendment 6 Oct 6, 2024
Sixth amendment updates Schedule A prices for unsold units, provides 2024 budget and financial disclosures, and extends the offering plan term.
- Schedule A prices for 6 unsold 1-bedroom units range from $670,000 to $834,000
- 2024 condominium budget adopted by Board
- 37 unsold residential units remain; 17 units sold to date
- Sponsor controls Board until fifth anniversary of First Closing, full unit sale, or sponsor relinquishes control
- Working Capital Account holds approximately $10,991 as of September 15, 2024
- Permanent Certificate of Occupancy expected within approximately 3 months
- $10,000 held in escrow for PCO obligation
- Sponsor current on all Common Charges and financial obligations to Condominium
Amendment 5 Dec 14, 2023
This Fifth Amendment updates purchase prices for unsold units, presents the 2023 condominium budget, and provides current sponsor financial disclosures as of December 14, 2023.
- Updated purchase prices for unsold units on Schedule A
- 2023 condominium budget adopted by the Board
- 37 unsold residential units remain; 17 units sold as of December 14, 2023
- Working Capital Account balance approximately $10,991
- Sponsor loan outstanding balance $3,500,000 with expiration date March 1, 2024
- Permanent Certificate of Occupancy expected within approximately 3 months from filing date
- First Annual Meeting to be held approximately 30 days after second anniversary of First Closing (January 30, 2023)
Amendment 4 Jun 8, 2023
First Closing occurred on January 30, 2023; managing agent changed; board composition disclosed; sponsor owns 45 unsold units with $8.37M loan outstanding.
- First Closing took place January 30, 2023 for Unit 2G
- Managing Agent changed from G Buddy, Inc. to Success Team Realty Group LLC
- Common Charges waived for unit owners January 30, 2023 to May 1, 2023
- Working Capital Account of approximately $40,296 established at Bank of America
- Sponsor deposited $171,129.14 for real estate tax escrow
- Sponsor owns 45 unsold Residential Units; 9 units sold
- Loan with S3 RE Funding III LLC has outstanding balance of $8,368,370 with expiration March 1, 2024
- Permanent Certificate of Occupancy escrowed amount: $10,000
Amendment 3 Apr 13, 2023
Escrow bank changed from Signature Bank to Flagstar Bank, N.A. due to acquisition.
- Escrow Bank is now Flagstar Bank, N.A. (was Signature Bank)
- Escrow account location: 261 Madison Avenue, New York, NY 10016
- Escrow interest rate approximately 0.20%, subject to change by bank
Amendment 2 Jan 6, 2023
Offers purchasers a 15-day rescission right because first closing did not occur by the end of the projected first year of condominium operation.
- Purchasers with executed agreements and paid deposits offered 15-day rescission right
- Rescission notice must be delivered to Starr Associates LLP by 5:00 p.m. on the last day of rescission period
- Sponsor will return deposit with accrued interest within 30 days if purchaser timely rescinds
- FinCEN Geographic Targeting Order disclosure: $300,000 reporting threshold for residential real property purchases in New York City
- FinCEN Order currently in effect until April 24, 2023, subject to further extension
Amendment 1 Sep 8, 2022
Plan declared effective after receiving 10 purchase agreements representing 18% of 54 residential units.
- Plan declared effective with 10 purchase agreements from bona fide purchasers (18% of 54 units)
- FinCEN Geographic Targeting Order disclosure: cash transactions over $300,000 require reporting through title company
- Plan term extended
Team
- Sponsor
- Grand 147th Street Development LLC
- Developers
- Prestige Home Builders, TJAR Group
- Principals
- Wang Tat Lam
- Counsel
- Starr Associates, LLP
- Tax estimate
- Korngold Powers LLPPrepared the first-year real estate tax projection
- Construction lender
- S3 Capital$12 million recorded
- General contractor
- Tjar GroupHeld the general construction permit on DOB job 421400601
- MEP engineer
- All City Engineering, P.C.Mechanical, electrical and plumbing · Named on p. 41
- Title agency
- CORE Title Services, LLCThe sponsor's title company for buyers; you can choose another · Named on p. 38
Zoning
- Zoning district
- R6A
Today's zoning, from city data (PLUTO 26v2).
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