THE CONDO BOOK PROJECT

East West Plaza Condominium

44-15 College Point Boulevard, Queens, NY 11355

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Overview

East West Plaza is a 42-unit condo in Queens, with 21 parking units and 6 commercial units.

  • Offering plan: Accepted March 2023 · 376 pages
  • Finishes: Hardwood floors, solid-surface kitchen countertops, Liebherr, Bertazzoni and Bosch appliances, a washer and dryer in each apartment and Grohe bathroom fittings
  • Prices: $1,361 a square foot on average, as first offered; $46.7 million in all ($43.6 million when first offered)
  • Utilities: Electricity, gas and heat paid by the owner; water and sewer in the common charges p. 29
  • Sponsor: East West Plaza LLC, represented by Thomas E. Berinato, Attorney At Law; principals Hui Chen, Feng Jin Wang and Zhu Mei Chen
  • Neighborhood: Flushing, Queens
  • Subway: 11-minute walk to Flushing-Main St (7)
  • Amendments: 1, the latest in June 2023
  1. AcceptedMarch 2023
  2. 1 amendment
  3. First sale
  4. Latest sale

Sales

42 of 48 units sold (88%)

$30.8 millionin sales
$1,228/SFaverage sale price
October 2023 – June 2024first to latest sale
UnitSoldPrice
1DJun 25, 2024$957,155
2IMay 6, 2024$896,060
6DMay 6, 2024$931,699
3AApr 19, 2024$656,771
6BApr 18, 2024$824,783
4BMar 8, 2024$865,513
2AFeb 5, 2024$660,826
2DJan 31, 2024$570,118
3HJan 17, 2024$908,000
6CDec 29, 2023$738,231
1ADec 22, 2023$512,180
5EDec 18, 2023$580,403
5FDec 6, 2023$987,481
2BNov 29, 2023$570,156
3ENov 29, 2023$524,399
3BNov 17, 2023$536,750
5BNov 16, 2023$794,235
5DNov 14, 2023$856,830
3GNov 9, 2023$763,688
1CNov 8, 2023$732,104
1BNov 7, 2023$563,092
6ENov 6, 2023$936,790
4HNov 3, 2023$912,334
3CNov 1, 2023$535,600
4FNov 1, 2023$776,416
6AOct 31, 2023$845,148
2EOct 30, 2023$576,311
4EOct 30, 2023$524,399
2HOct 26, 2023$914,389
4COct 26, 2023$896,060
3FOct 25, 2023$575,311
4GOct 24, 2023$936,790
5COct 24, 2023$656,771
2FOct 20, 2023$565,129
3IOct 20, 2023$896,060
5AOct 18, 2023$873,659
2GOct 17, 2023$728,049
4AOct 16, 2023$682,228
1EOct 13, 2023$789,144
2COct 13, 2023$572,257
3DOct 12, 2023$599,749
4DOct 12, 2023$608,914
Every sale: 42 recorded sales, with price and dateGet Full Access

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

Common Charges & First-Year Budget

Property Taxes

The plan's first-year tax estimate, checked against the city's real bills for 41 homes.

Checked against the first full year's bill for 41 homes: 41 paid less. The typical home paid 41% less than estimated.

HomePlan's estimateFirst yearCurrent
1A$4,111$2,432FY2025$7,224FY2026
1B$4,111$2,432FY2025$7,224FY2026
1C$5,409$3,193FY2025$9,485FY2026
1D$6,436$3,805FY2025$11,305FY2026
1E$5,766$3,378FY2025$10,037FY2026
2A$4,738$2,803FY2025$8,327FY2026
2B$4,111$2,432FY2025$7,224FY2026
2C$4,102$2,413FY2025$7,169FY2026
2D$4,111$2,432FY2025$7,224FY2026
2E$4,111$2,432FY2025$7,224FY2026
2F$4,102$2,413FY2025$7,169FY2026
2G$5,400$3,193FY2025$9,485FY2026
2H$6,428$3,787FY2025$11,250FY2026
2I$6,332$3,731FY2025$11,084FY2026
3A$4,738$2,803FY2025$8,327FY2026
3B$4,111$2,432FY2025$7,224FY2026
3C$4,102$2,413FY2025$7,169FY2026
3D$4,111$2,432FY2025$7,224FY2026
3E$4,111$2,432FY2025$7,224FY2026
3F$4,102$2,413FY2025$7,169FY2026
3G$5,400$3,193FY2025$9,485FY2026
3H$6,428$3,787FY2025$11,250FY2026
3I$6,332$3,731FY2025$11,084FY2026
4A$4,694$2,766FY2025$8,217FY2026
4B$6,201$3,657FY2025$10,864FY2026
4C$6,158$3,638FY2025$10,809FY2026
4D$4,111$2,432FY2025$7,224FY2026
4E$4,102$2,413FY2025$7,169FY2026
4F$5,400$3,193FY2025$9,485FY2026
4G$6,428$3,787FY2025$11,250FY2026
4H$6,332$3,731FY2025$11,084FY2026
5A$5,504$3,249FY2025$9,651FY2026
5B$5,400$3,193FY2025$9,485FY2026
5C$4,590$2,710FY2025$8,051FY2026
5D$5,713$10,037FY2026
5E$6,323$3,731FY2025$11,084FY2026
5F$6,332$3,731FY2025$11,084FY2026
6A$5,504$3,249FY2025$9,651FY2026
6B$5,400$3,193FY2025$9,485FY2026
6C$4,590$2,710FY2025$8,051FY2026
6D$6,341$3,750FY2025$11,139FY2026
6E$6,889$4,065FY2025$12,077FY2026

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
  • $150: closing outside counsel's officep. 87
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. 5

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

All 2 closing costs in the plan, with their pagesGet Full Access

Amendments

Amendment 1 Aug 22, 2023

Plan declared effective with staffing changes, budget revisions, reduced parking spaces, lower property taxes, and unit floor plan updates.

  • No live-in custodian; 24/7 superintendent service (~$25,000) and part-time doorman instead
  • Management fees set at $15,000 annually
  • Common charges line item $162,070; Labor $25,000
  • Parking Spaces #7, #20, #21 removed from sale and retained as common elements
  • Unit 2C (former custodian unit) offered for sale at $619,000.00
  • Property taxes reduced to $182,220 for first year; may be materially higher at January 15, 2024 reassessment
  • Floor plan updates: Unit C3 decreased 1413 to 1394 SF; C4 increased 1310 to 1315 SF; C5 increased 1465 to 1479 SF; 1E decreased 662 to 656 SF; terrace changes for Units 2H, 2I, 3H, 4G, 5E
  • Final Certificate of Occupancy issued August 18, 2023
What the amendment changed, line by lineGet Full Access

Team

Sponsor
East West Plaza LLC
Principals
Hui Chen, Feng Jin Wang, Zhu Mei Chen
Construction lender
Cathay Bank$13.6 million recorded
General contractors
East West General Construction, B Sosa EnterprisesHeld the general construction permit on DOB job 421962479
Title agency
Federal Standard AbstractThe sponsor's title company for buyers; you can choose another · Agent for Commonwealth Title Insurance Company · Named on p. 84

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