CRESYN Condos at 37-28 Crescent Street: What the Offering Plan Says

Updated Oct 12, 2026 · 7 min read

CRESYN is a new six-story, 39-unit condo at 37-28 Crescent Street in Long Island City. Its offering plan lists studios to two-bedrooms from about $595,000 to $1.29 million, an all-electric building with a roof lounge and gym, a lean first-year budget with a part-time janitor, and a lab and food manufacturing space in the basement.

In brief: CRESYN at 37-28 Crescent Street is a new six-story condo in Long Island City with 39 apartments, 13 storage units and two commercial units. Its offering plan lists studios, one-bedrooms and two-bedrooms with sponsor asking prices from about $595,000 to $1.29 million. What sets it apart: the building is all-electric with no gas service, it has no doorman or full-time staff, the basement holds a lab and a food manufacturing space, and the sponsor only commits to selling six of the apartments.

What's Specific to It

• All-electric, no gas. There is no gas service. Heat and cooling come from a VRF heat pump system, and each apartment has its own electric water heater.
• Light industry downstairs. The two commercial units in the basement are planned as a laboratory of about 4,500 sq ft and a food manufacturing space of about 7,400 sq ft. The building's only parking space is reserved for them.
• A lean staff. The budget pays for a part-time janitor through an outside service, not a super or doorman.
• The sponsor may rent instead of sell. The sponsor keeps an unconditional right to rent unsold units and only commits to selling 15% of them, which is six apartments.
• A cleaned-up parking lot. The site was an open parking lot with soil contamination. It's under city environmental oversight, and the owners' board inherits the monitoring duties once the sponsor hands over control.
• Taxes higher than common charges. The apartments get no tax abatement, so estimated property taxes run about 40% above common charges for every unit.

Listing photos of CRESYN can show you the finishes. The offering plan, the document the developer filed with the New York Attorney General, tells you how the building will be run and what you agree to when you buy. New to these documents? Start with what a condo offering plan is.

At a Glance

• What it is: a new building on a lot of about 13,600 sq ft on Crescent Street between 37th and 38th Avenues. The sponsor expected construction to be substantially done around January 1, 2027.
• Size: 39 apartments, 13 storage units, 2 commercial units, 21 bike spaces and one passenger elevator. No resident parking.
• Layouts: nine homes on each of floors 2 through 4 and six on floors 5 and 6. Studios are about 440 sq ft, one-bedrooms about 565 to 627 sq ft, and two-bedrooms about 860 to 940 sq ft.
• Outdoor space: five second-floor homes have private terraces of about 110 to 690 sq ft. Most homes above get a balcony of about 28 to 100 sq ft.
• Offering prices: studios about $595,000 to $650,000, one-bedrooms about $780,000 to $895,000, and two-bedrooms about $1.18 million to $1.29 million. That works out to roughly $1,300 to $1,450 per sq ft. These are asking prices, not sales.
• Common charges: roughly $350 to $760 a month, depending on the unit, under the sponsor's first-year projection.

Finishes

Kitchens

Every apartment gets a refrigerator/freezer, dishwasher and an electric range with oven and hood. Counters are sintered stone and cabinets are by Amberleaf. The plan doesn't name the kitchen appliance brands.

Bathrooms

Shower and tub fittings are Grohe. Primary baths, including those in studios and one-bedrooms, get a TOTO Neorest toilet. Walls are painted with porcelain tile. For context, see bathroom brands in NYC luxury condos.

Floors and windows

• Floors: 14mm engineered white oak from PID Floors over a 5mm rubber underlayment in living areas and bedrooms. The schedule also lists porcelain tile in the bedrooms, so check the floor plan for your unit.
• Windows: aluminum curtain wall with fixed panels and operable awning windows, double glazed. No screens are included.
• Ceilings: many units are about 10 feet high.

Laundry, heating and cooling

• Laundry: every home has a stacked Bosch washer and ventless dryer in a closet. There's no shared laundry room.
• Heating and cooling: a Mitsubishi VRF system with an air handler in each apartment and condensers on the roof. See NYC condo heating and cooling systems.
• Hot water: an A.O. Smith electric water heater inside each unit.
• Electricity: you pay for your own apartment's power. The sponsor's engineer estimates about $160 a month for a studio and about $285 for a two-bedroom.

Compare with NYC condo finishes since 2010.

Amenities

For 39 homes, the list is short and practical:

• Roof level: an indoor space of about 1,190 sq ft with a lounge, recreation area and gym, plus an outdoor deck of about 3,150 sq ft with seating, barbecue grills and landscaping.
• Cellar: a bike room with 21 spaces and the storage units.
• Lobby: video intercom at the front door and CCTV wired to each apartment.

Good to know: there's no pool. The sponsor has up to 24 months after the first closing to finish all the shared spaces, with no credit if they aren't ready when you move in.

Tip: the 13 storage units are sold as their own small condo units, not licenses, at about $10,000 to $25,000 each, with common charges of about $15 to $37 a month. See condo storage units and compare with amenities by building size.

Staffing and Services

The condo won't have its own payroll. The plan budgets for:

• A part-time janitor, supplied by an outside service, to clean the common areas and sidewalk and put out the trash
• A managing agent on a one-year agreement

There's no doorman, concierge or live-in super. City trash pickup is twice a week, and the commercial units use a private carter. See where condo common charges go for context.

What It Costs to Run

The sponsor projects a first-year budget of about $304,000 for calendar year 2027. Residential owners pay about $253,000 of it and the two commercial units the rest. The biggest lines:

Labor is about a third of the budget. Water is billed to the building, so it's in your common charges. There's no gas line in the budget because there's no gas.

Common charges run roughly $350 a month for a studio to about $760 for the largest two-bedroom. Estimated property taxes add about $490 to $1,070 a month, so the total runs about $830 to $1,830. The commercial units get a city tax break (ICAP), but the apartments don't. Read more on common charges and estimating condo property taxes.

Good to know: the budget sets aside about $30,000 for a reserve fund in year one. At closing you pay a working capital contribution of one month's common charges. See NYC condo reserve funds.

Fine Print Worth Knowing

• Sponsor control. The sponsor picks the board until all units sell or five years after the first closing, whichever comes first. Because it can rent unsold units indefinitely, it could keep effective voting control much longer.
• Environmental cleanup. The former parking lot had soil contamination above state cleanup levels. The plan calls for removing it, plus a vapor barrier and a passive venting system under the slab. The board must keep filing reports and inspections under the city's site management plan, and owners can't grow vegetables on the property.
• Commercial owners' rights. The commercial unit owners can make alterations, including exterior ones, without a board vote, as long as it doesn't materially harm residential owners. They supply their own heating and cooling.
• Climate and facade rules. Local Law 97 applies, and the sponsor expects the building to meet its 2030 and 2050 limits. Fines for missing them would raise common charges. Facade inspections under Local Law 11 also apply.
• Taxes may rise. First-year tax estimates assume the finished building's assessment. The plan warns taxes may rise materially when the building is reassessed.
• Not in a flood zone. The plan says the site is outside the FEMA flood zone.

Who's Behind It

• Sponsor: 3720 Crescent LLC, whose principals are Jasper Wu and Ziming (Michael) Wang. Mr. Wu was also behind Mason LIC at 40-46 24th Street.
• Architect: MY Architect PC
• Managing agent: A. Michael Tyler Realty, on an initial one-year agreement
• Selling agent: ACRE NY Realty
• Sponsor's counsel: Marans Newman Tsolis & Nazinitsky
• Construction lender: Pacific National Bank

The plan doesn't name an interior designer.

Common Questions

How much are apartments at CRESYN?

In the original price list, studios start around $595,000, one-bedrooms run about $780,000 to $895,000, and two-bedrooms about $1.18 million to $1.29 million. These are the sponsor's asking prices, not sales.

How much are common charges at CRESYN?

Under the sponsor's first-year projection, roughly $350 to $760 a month depending on the unit. Estimated property taxes are higher, about $490 to $1,070 a month, because the apartments have no tax abatement.

Does CRESYN have a doorman?

No. The budget covers a part-time janitor from an outside service. The building has a video intercom at the front door and security cameras instead.

Where this comes from: the building's offering plan (CD250276), filed with the New York Attorney General and accepted in December 2025, including its Schedule A price list and Schedule B first-year budget. Prices are the sponsor's offering prices, not sales. Updated October 2026.