THE CONDO BOOK PROJECT

Golden Garden Condominium

42-23 Parsons Boulevard, Queens, NY 11355

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Overview

Golden Garden is a 33-unit condo in Queens, with 17 parking units.

  • Offering plan: Accepted May 2022 · 343 pages
  • Finishes: Hardwood floors, quartz kitchen countertops, GE appliances and Grohe bathroom fittings
  • Prices: $1,000 a square foot on average, as first offered; $18.1 million in all ($21.9 million when first offered)
  • Common charges: $205–$432 a month, the sponsor's first-year estimate
  • Utilities: Electricity and heat paid by the owner p. 47
  • Sponsor: First Red Apple Realty, LLC, represented by Thomas E. Berinato, Attorney At Law; principals Jian She Huang, Jinguang Huang, Xing Hong Lin and Xue Hu Huang
  • Neighborhood: Flushing, Queens
  • Subway: 14-minute walk to Flushing-Main St (7)
  • Amendments: 3, the latest in December 2024
  • Other filings: NA210138 (no-action filing, filed 2021)
  1. AcceptedMay 2022
  2. 3 amendments
  3. First sale
  4. Latest sale

Sales

25 of 28 units sold (89%)

$14.2 millionin sales
$958/SFaverage sale price
July 2023 – September 2025first to latest sale
UnitSoldPrice
3BSep 15, 2025$687,319
7AJul 25, 2025$997,885
6BMay 6, 2025$692,410
4EDec 27, 2024$702,593
6AOct 29, 2024$705,000
7COct 24, 2024$820,000
1BSep 13, 2024$529,490
5AMay 15, 2024$722,958
1DMar 5, 2024$459,342
4BFeb 6, 2024$672,045
4DDec 19, 2023$481,650
3CDec 8, 2023$446,160
1COct 4, 2023$461,370
3ESep 21, 2023$712,775
2DSep 19, 2023$393,432
2AAug 24, 2023$748,414
3DAug 24, 2023$458,213
5DAug 18, 2023$479,115
6DJul 31, 2023$481,650
6CJul 28, 2023$425,880
7BJul 28, 2023$430,950
4CJul 26, 2023$420,810
2CJul 21, 2023$413,712
5CJul 19, 2023$420,810
1AJul 14, 2023$400,530
Every sale: 25 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 for 26 homes.

Plan's estimate
$1,500 a year per homeSchedule A, as first filed
Full tax, FY2025
$8,470 a year per homeBefore any tax break; 465% more than the estimate
Not on the bills
421-aNamed in the offering plan, but the first-year bills show no such break
Billed, FY2025
$8,470 a year per home465% more than the estimate

Checked against the first full year's bill for 26 homes: 26 paid more. The typical home paid 456% more than estimated.

HomePlan's estimateFirst yearCurrent
1D$1,002$5,549FY2025$5,791FY2026
1E$1,793$9,951FY2025$10,386FY2026
2A$1,867$10,373FY2025$10,827FY2026
2E$1,785$9,921FY2025$10,354FY2026
3A$1,867$10,373FY2025$10,827FY2026
3B$1,661$9,227FY2025$9,630FY2026
3C$976$5,187FY2025$5,413FY2026
3D$1,034$5,729FY2025$5,980FY2026
3E$1,785$9,921FY2025$10,354FY2026
4A$1,867$10,373FY2025$10,827FY2026
4B$1,661$9,227FY2025$9,630FY2026
4C$976$5,187FY2025$5,413FY2026
4D$1,034$5,729FY2025$5,980FY2026
4E$1,785$10,354FY2026$10,354FY2026
5A$1,867$10,373FY2025$10,827FY2026
5B$1,661$9,227FY2025$9,630FY2026
5C$978$5,187FY2025$5,413FY2026
5D$1,143$6,302FY2025$6,578FY2026
5E$1,785$9,921FY2025$10,354FY2026
6A$1,867$10,827FY2026$10,827FY2026
6B$1,661$9,630FY2026$9,630FY2026
6C$978$5,187FY2025$5,413FY2026
6D$1,143$6,302FY2025$5,427FY2026
6E$1,785$9,921FY2025$10,354FY2026
7A$1,785$15,390FY2026
7B$978$5,398FY2025$5,634FY2026
7C$2,059$11,398FY2025$11,896FY2026

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
$1,200Paid by the purchaser to the sponsor's attorneys for the closingp. 91
Counsel's extra charges
  • $250: closing outside counsel's officep. 91
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. 14
Working capital
“$500.00 per Unit”Contribution to the condominium's working capital fundp. 90
Recording fee for Unit Deed and Power of Attorney
“approximately $400”p. 89

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 Apr 27, 2023

Plan declared effective after sponsor accepted purchase agreements for 8 of 33 units (24.23%).

  • Offering plan declared effective by notice dated April 27, 2023
  • Sponsor accepted purchase agreements for 8 out of 33 residential units (24.23%)
  • Rescission period ended April 27, 2023

Amendment 1 2023

Building disqualified for 421-a tax exemption; six affordable units now offered for sale; purchasers given 15-day rescission right.

  • 421-a tax exemption not available; no $3,000 per unit reimbursement fee to Board of Managers
  • Units 1A, 1B, 1C, 2B, 2C, 2D, and 2E now offered for sale
  • All purchasers have 15-day right of rescission from amendment filing and service
  • Rescission refunds due within 5 business days
  • Certificate of occupancy issued July 14, 2022
What each amendment changed, line by lineGet Full Access

Team

Sponsor
First Red Apple Realty, LLC
Principals
Jian She Huang, Jinguang Huang, Xing Hong Lin, Xue Hu Huang
Tax estimate
Thomas E. BerinatoPrepared the first-year real estate tax projection
Construction lender
Cathay Bank
General contractor
U-Build ConstructionHeld the general construction permit on DOB job 420947015
Title agency
Federal Standard AbstractThe sponsor's title company for buyers; you can choose another · Agent for Commonwealth Title Insurance Company · Named on p. 89

Zoning

Zoning district
R6A

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

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