THE CONDO BOOK PROJECT

Star Tower Condominium

43-20 Union Street, Queens, NY 11355

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Overview

Star Tower is a 24-unit condo in Queens, with 10 parking units and 4 commercial units.

  • Offering plan: Accepted September 2006 · 198 pages
  • Finishes: GE appliances and washer/dryer hook-ups
  • Prices: $607 a square foot on average, as first offered; $10.9 million in all ($9.46 million when first offered)
  • Common charges: $210–$305 a month, the sponsor's first-year estimate
  • Utilities: Electricity, gas, heat and hot water paid by the owner; water and sewer in the common charges p. 29
  • Sponsor: Ocean Star Development, LLC, represented by Yung Hwei Hsu; principals Chih-Feng Lai and Lin-Chu Lai
  • Neighborhood: Flushing, Queens
  • Subway: 14-minute walk to Flushing-Main St (7)
  • Amendments: 1, the latest in May 2007
  1. AcceptedSeptember 2006
  2. 1 amendment
  3. First sale
  4. Latest sale

Sales

24 of 24 units sold (100%)

$9.37 millionin sales
$608/SFaverage sale price
December 2007 – July 2008first to latest sale
UnitSoldPrice
2DJul 17, 2008$430,950
3CJul 2, 2008$367,068
4CApr 15, 2008$354,900
5DMar 31, 2008$395,906
2BMar 28, 2008$361,998
4BMar 10, 2008$401,075
6CMar 6, 2008$365,486
2AFeb 20, 2008$370,110
2CFeb 19, 2008$356,987
3DFeb 6, 2008$356,987
4AJan 28, 2008$370,110
7CJan 23, 2008$486,720
6BJan 22, 2008$375,180
6AJan 17, 2008$403,572
5AJan 16, 2008$379,478
4DJan 10, 2008$356,987
7AJan 9, 2008$385,320
5CJan 4, 2008$365,040
7DDec 28, 2007$524,399
5BDec 27, 2007$409,656
6DDec 27, 2007$359,970
7BDec 13, 2007$451,230
3ADec 12, 2007$370,655
3BDec 12, 2007$370,655
Every sale: 24 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.

HomePlan's estimateCurrent
2A$117$9,098FY2026
2B$117$9,098FY2026
2C$112$8,763FY2026
2D$112$8,763FY2026
3A$117$9,098FY2026
3B$117$9,098FY2026
3C$112$8,763FY2026
3D$112$8,763FY2026
4A$117$9,098FY2026
4B$117$9,098FY2026
4C$112$8,763FY2026
4D$112$8,763FY2026
5A$117$9,098FY2026
5B$117$9,098FY2026
5C$112$8,763FY2026
5D$112$8,763FY2026
6A$117$9,098FY2026
6B$117$9,098FY2026
6C$112$8,763FY2026
6D$112$8,763FY2026
7A$146$11,400FY2026
7B$146$11,400FY2026
7C$163$12,703FY2026
7D$163$12,703FY2026

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.

Counsel's extra charges
  • $250.00: closing at location other than counsel's officep. 60
  • $250.00: adjourned closingp. 60
  • $250.00: closing date not met due to purchaser's non-compliance or lender requirementp. 5
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. 6
Working capital
“$400.00 plus one month's common charges”Contribution to the condominium's working capital fundp. 5
Survey reimbursement
$200.00Paid to Sponsorp. 59

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

All 6 closing costs in the plan, with their pagesGet Full Access

Amendments

Amendment 1 May 3, 2007

Plan declared effective after sponsor executed contracts for over 15% of residential units.

  • Plan declared effective by Sponsor
  • 5 units counted toward 15% threshold: 3A, 3B, 4A, 4D, 5A (20.83% of units, 15.53% of common interest)
  • Downpayments received: $37,000 (3A), $37,000 (3B), $36,500 (4A), $5,000 (4D), $37,300 (5A)
  • Notice of Effectiveness mailed June 20, 2007 by certified mail
What the amendment changed, line by lineGet Full Access

Team

Sponsor
Ocean Star Development, LLC
Principals
Chih-Feng Lai, Lin-Chu Lai
Counsel
Yung Hwei Hsu
Tax estimate
LAU & ASSOCIATESPrepared the first-year real estate tax projection
Construction lender
Maspeth Federal SavingsLender on the mortgage and building loan agreement recorded March 2004 in ACRIS; $2.06 million recorded
General contractors
Woodrow Construction, Woodrow WilsonHeld the general construction permit on DOB job 402003103
Title agency
Vine Abstract Inc.The sponsor's title company for buyers; you can choose another · Named on p. 57

Zoning

Zoning district
R7B

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

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