THE CONDO BOOK PROJECT

Golden Tower Condominium

43-27 Byrd Street, Queens, NY 11355

Compare

Overview

Golden Tower is a 16-unit condo in Queens, with 8 parking units and 1 commercial unit.

  • Offering plan: Accepted May 2023 · 314 pages
  • Finishes: 8'1" ceilings, marble kitchen countertops, Frigidaire and GE appliances and a washer and dryer in each apartment
  • Prices: $878 a square foot on average, as first offered; $10.6 million in all ($11.9 million when first offered)
  • Common charges: $311–$692 a month, the sponsor's first-year estimate
  • Utilities: Electricity and gas paid by the owner; water and sewer in the common charges p. 60
  • Sponsor: 99 Colden, L.L.C., represented by Lawrence Lixin Yang, P.C.; principals Tai Song Lin
  • Neighborhood: Flushing, Queens
  • Subway: 12-minute walk to Flushing-Main St (7)
  • Amendments: 4, the latest in June 2024
  1. AcceptedMay 2023
  2. 4 amendments
  3. First sale
  4. Latest sale

Sales

17 of 17 units sold (100%)

$10.6 millionin sales
February 2024 – August 2024first to latest sale
UnitSoldPrice
2CAug 27, 2024$712,775
5AMay 23, 2024$501,930
2BMay 20, 2024$610,950
6BMay 20, 2024$712,775
4AMay 17, 2024$418,478
6AMay 13, 2024$717,866
4BMay 7, 2024$486,720
3CApr 25, 2024$496,860
3DApr 25, 2024$580,403
4DApr 25, 2024$470,496
5CApr 15, 2024$711,757
5BApr 8, 2024$694,956
4CMar 26, 2024$467,454
2AFeb 28, 2024$425,525
1AFeb 16, 2024$1,675,000
3AFeb 16, 2024$486,720
3BFeb 16, 2024$476,580
Every sale: 17 recorded sales, with price and dateGet Full Access

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

Common Charges & First-Year Budget

Property Taxes

The plan's first-year tax estimate, checked against the city's real bills for 17 homes.

Plan's estimate
$4,340 a year per homeSchedule A, as first filed
Full tax, FY2025
$2,190 a year per homeBefore any tax break; 50% less than the estimate
Billed, FY2025
$2,210 a year per home49% less than the estimate

Checked against the first full year's bill for 17 homes: 1 within 10% of the plan's estimate, 16 paid less. The typical home paid 49% less than estimated.

HomePlan's estimateFirst yearCurrent
1A$6,422$3,002FY2025$4,685FY2026
2A$3,305$1,697FY2025$3,146FY2026
2B$4,195$2,154FY2025$3,993FY2026
2C$4,507$4,290FY2026$4,290FY2026
3A$3,391$1,742FY2025$3,228FY2026
3B$3,438$1,765FY2025$3,272FY2026
3C$3,511$1,803FY2025$3,342FY2026
3D$4,194$2,154FY2025$3,992FY2026
4A$3,424$1,759FY2025$3,260FY2026
4B$3,471$1,782FY2025$3,304FY2026
4C$3,544$1,820FY2025$3,373FY2026
4D$4,227$2,171FY2025$4,024FY2026
5A$3,524$1,810FY2025$3,355FY2026
5B$5,528$2,839FY2025$5,262FY2026
5C$5,729$2,942FY2025$5,453FY2026
6A$5,583$2,867FY2025$5,314FY2026
6B$5,715$2,935FY2025$5,441FY2026

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
“$1,500.00 for a residential unit or a parking space unit”Paid by the purchaser to the sponsor's attorneys for the closingp. 47
Counsel's extra charges
  • $350.00: closing outside counsel's officep. 47
  • $350.00: assistance with mortgage applicationp. 47
  • $350.00: assignment or amendment to Purchase Agreementp. 47
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. 13
Working capital
“one (1) month's common charge”Contribution to the condominium's working capital fundp. 9

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

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

Amendments

Amendment 4 Jun 12, 2024

Offering prices reduced for 15 residential units and 8 parking spaces; total project price lowered from $12,421,000.00 to $10,564,200.00.

  • Unit 2A price reduced from $498,000.00 to $420,000.00
  • Unit 2B price reduced from $632,000.00 to $540,000.00
  • Unit 3B price reduced from $518,000.00 to $470,000.00
  • Unit 3C price reduced from $529,000.00 to $430,000.00
  • Parking spaces PS1-PS8 price reduced from $76,000.00 each to $60,000.00 each
  • Total project offering price decreased by $1,856,800.00
  • Schedule A (Amended)(B) effective July 1, 2024 - June 30, 2025

Amendment 3 Mar 18, 2024

Post-closing amendment extending the offering plan term by six months and disclosing initial closing and building occupancy details.

  • Offering plan term extended by six months from filing date
  • First unit closed February 16, 2024
  • Final Certificate of Occupancy issued July 26, 2023
  • Declaration of Condominium recorded January 19, 2024
  • 4 units closed; 13 residential units and 8 parking spaces remain unsold
  • Working capital fund deposited: $1,646.72
  • Escrow account deposited: $14,824.84

Amendment 2 Sep 8, 2023

Sponsor declares the offering plan effective after three units in contract meet the 15% threshold.

  • Offering plan declared effective by sponsor on September 8, 2023
  • Three units in purchase agreements totaling 15% (17.64% of units) meet effectiveness requirement
  • No closings will occur until amendment is accepted by New York State Attorney General

Amendment 1 Jun 26, 2023

Unit 1A offering price raised from $1,106,000.00 to $1,675,000.00; total offering prices increased from $11,852,000.00 to $12,421,000.00.

  • Unit 1A price increased from $1,106,000.00 to $1,675,000.00
  • Total offering prices increased from $11,852,000.00 to $12,421,000.00
  • Schedule A amended effective July 1, 2024 – June 30, 2025
What each amendment changed, line by lineGet Full Access

Team

Sponsor
99 Colden, L.L.C.
Principals
Tai Song Lin
Tax estimate
Lawrence Lixin Yang, P.C.Prepared the first-year real estate tax projection
Construction lender
Cathay BankLender on the mortgage and building loan agreement recorded March 2022 in ACRIS; $2.49 million recorded
General contractor
W & L Group ConstructionHeld the general construction permit on DOB job 440665139
Property report
Tan Architect, P.C.Prepared the plan's description of the property and its condition · Named on p. 134
Title agency
Liberty Land Abstract, Inc.The sponsor's title company for buyers; you can choose another · Agent for Chicago Title Insurance Company · Named on p. 86

Zoning

Zoning district
R6

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

Nearby