THE CONDO BOOK PROJECT

Parsons Tower Condominium

42-29 Parsons Boulevard, Queens, NY 11355

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Overview

Parsons Tower is a 40-unit condo in Queens, with 20 parking units.

  • Offering plan: Accepted March 2021 · 354 pages
  • Finishes: Cork floors, marble kitchen countertops, HAMCA cabinets, Fisher & Paykel, GE and Frigidaire appliances, a washer and dryer in each apartment and split-system units for heating and cooling
  • Prices: $924 a square foot on average, as first offered; $26.6 million in all
  • Common charges: $240–$440 a month, the sponsor's first-year estimate
  • Utilities: Electricity and gas paid by the owner; water and sewer in the common charges p. 46
  • Sponsor: 42-29 Parsons Realty Inc., represented by Thomas E. Berinato, Attorney At Law; principals Yong Chen, Weitao Shi and Zhen Lin
  • Neighborhood: Flushing, Queens
  • Subway: 13-minute walk to Flushing-Main St (7)
  • Amendments: 1, the latest in December 2021
  1. AcceptedMarch 2021
  2. 1 amendment
  3. First sale
  4. Latest sale

Sales

17 of 24 units sold (71%)

$8.76 millionin sales
$831/SFaverage sale price
May 2022 – September 2022first to latest sale
UnitSoldPrice
4ASep 29, 2022$512,202
3DSep 6, 2022$436,020
2AAug 31, 2022$579,603
2BAug 31, 2022$621,133
3CAug 31, 2022$513,362
2CAug 30, 2022$501,080
2DAug 30, 2022$375,180
3AAug 30, 2022$539,583
4BAug 30, 2022$589,711
5DAug 30, 2022$389,134
7AAug 30, 2022$593,542
7BAug 30, 2022$423,802
4CAug 29, 2022$483,801
6AAug 29, 2022$544,675
6BAug 29, 2022$556,068
3BJun 21, 2022$672,045
4DMay 25, 2022$425,880
Every sale: 17 recorded sales, with price and dateGet Full Access

From city records (ACRIS), through Jul 31, 2026.

Common Charges & First-Year Budget

Property Taxes

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

HomePlan's estimateCurrent
1A$208$9,642FY2026
2A$111$7,400FY2026
2B$148$9,845FY2026
2C$121$8,586FY2026
2D$159$6,038FY2026
3A$111$7,400FY2026
3B$148$8,379FY2026
3C$121$8,586FY2026
3D$159$5,853FY2026
4A$111$7,173FY2026
4B$148$8,122FY2026
4C$121$7,083FY2026
4D$159$4,981FY2026
5A$111$8,970FY2026
5B$148$9,845FY2026
5C$121$8,586FY2026
5D$159$4,981FY2026
6A$133$7,400FY2026
6B$157$8,379FY2026
7A$133$8,178FY2026
7B$157$6,317FY2026

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
$2,500Paid by the purchaser to the sponsor's attorneys for the closingp. 94
Counsel's extra charges
  • $250: closing outside counsel's officep. 95
  • $250: preparing ACRIS transfer documentsp. 95
  • $500: adjourned closingp. 95
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. 57
Working capital
“two (2) months Common Charges”Contribution to the condominium's working capital fundp. 150
Sponsor carrying costs and other charges
.0438% (which equals an annual rate of 16%) of the purchase price for each day beyond originally scheduled Closing datePaid to Sponsorp. 96

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

All 7 closing costs in the plan, with their pagesGet Full Access

Team

Sponsor
42-29 Parsons Realty Inc.
Principals
Yong Chen, Weitao Shi, Zhen Lin
Tax estimate
Highpoint Incentives, Inc.Prepared the first-year real estate tax projection
Construction lender
Dime Community Bank
Title agency
Cornerstone LLCThe sponsor's title company for buyers; you can choose another · Named on p. 91
Buyer's lenders
Popular Bank, Wells FargoThe sponsor's preferred mortgage lenders; you can use another, though the mortgage contingency is offered through the sponsor's lender · Named on p. 9

Zoning

Zoning district
R6A

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

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