The Real Deal New York

The 10 most valuable Queens condo filings accepted in 2017

China Vanke and Adam America’s LIC project topped the list with a $226M projected sellout
By Eddie Small | December 26, 2017 07:00AM

The 10 most valuable Queens condo filings accepted in 2017
RankPropertyDeveloperSelloutUnitsType
122-12 Jackson AvenueChina Vanke and Adam America Real Estate$225.5 million182New Construction
2Tangram House South, 133-27 39th AvenueF&T Group and SCG America$216 million192New Construction
3East West Tower, 142-38 37th AvenueKenny Liu, Chih Ming Wong and others$99 million88New Construction
4Elmhurst Plaza, 45-15 82nd Street And 45-16 83rd StreetKai Tai Yeung$91.3 million138New Construction
5Austin Tower, 65-38 Austin StreetChaim Babad$47.5 million66New Construction
6Verona, 21-17 31st AvenueVincent Ali Jr, BGR Verone Realty$45.2 million56New Construction
727-05 41st AvenueYan P Zhu$39.4 million44New Construction
8Smyth Condominium, 25-12/16 37th AvenueD.A. Development Group$39 million41New Construction
9Acadia, 24-12 42nd RoadAmpiera Group$34.6 million36New Construction
10Elm 51, 87-22 51st AvenueAnthony Wan$29.1 million44New Construction
Source: TRData analysis of NYS Attorney General data. The sellout price is the price on acceptance.

Adam America Real Estate and China Vanke are making their Queens debuts in a big way, as their planned development at 22-12 Jackson Avenue in Long Island City is the borough’s largest condominium project of 2017 by projected sellout.

The developers are planning a 182-unit project in the neighborhood with a sellout of more than $225 million, narrowly edging out Tangram House South for the top spot of the year in Queens. The sellout volume for the borough falls off steeply after that, with none of the other top 10 projects cracking the $100 million mark.

Although condo projects remain far more popular in Brooklyn than in Queens, the Jackson Avenue condo and Tangram House South both had significantly higher projected sellouts than the top condo project accepted in Brooklyn this year — the Greenpoint at 21 India Street, with a sellout of about $144 million.

The full list of the largest projected sellouts in Queens that the Attorney General accepted in 2017 is as follows:

Rendering of 22-12 Jackson Avenue (Credit: ODA)

1. 22-12 Jackson Avenue
Developer: China Vanke and Adam America Real Estate
Units: 182
Projected Sellout: $225.5 million
Type: New Construction
China Vanke and Adam America have teamed up for their first project in Queens: a 182-unit condo in Long Island City at 22-12 Jackson Avenue. The property will stand 11 stories tall and span 205,000 square feet, and the two companies received a $98.5 million construction loan for the project this summer from Israel-based Bank Leumi.

Adam America acquired the development site with MSD Partners in 2015 for $43.5 million, and Vanke joined in last fall after buying out MSD. The company now has a 70 percent stake in the project, which will be designed by Eran Chen’s ODA New York and include 5,000 square feet of retail on the ground floor. Construction is expected to finish by late 2019.

2. Tangram House South
133-27 39th Avenue
Developer: F&T Group and SCG America
Units: 192
Projected Sellout: $216 million
Type: New Construction
A segment of Flushing’s massive Tangram project narrowly missed out on the No. 1 spot this year, but was still the only other project in Queens to crack the $200 million mark for its projected sellout. The development from the F&T Group will feature 192 residential units and 113 storage units as part of the four-building, 1.2 million-square-foot project.

The Tangram project will not just bring condos to Flushing. It should also provide the neighborhood with 86,901 square feet of office space, a hotel and a movie theater that will be the neighborhood’s first since 1986, when the RKO Keith’s Theater closed.

3. East West Tower
142-38 37th Avenue
Developer: Kenny Liu, Chih Ming Wong and others
Units: 88
Projected Sellout: $99 million
Type: New Construction
Although the projected sellouts for Queens condos show a steep decline after Jackson Avenue and Tangram, this Kenny Liu-led project at 142-38 37th Avenue with a roughly $99 million sellout would still be one of the 10 priciest developments in Queens since 2010. Liu submitted plans for the 13-story East West Tower in Flushing with three investment partners, and it should consist of 88 residential units, 15 parking spots and 15 commercial units.

Liu previously built the Shangri-La Tower in Flushing and is planning a 50-unit condo building in Rego Park as well.

4. Elmhurst Plaza
45-15 82nd Street/45-16 83rd Street
Developer: Kai Tai Yeung
Units: 138
Projected Sellout: $91.3 million
Type: New Construction
Elmhurst makes it first appearance on the list thanks to developer Kai Tai Yeung’s plan to build a 138-unit condo project at 45-16 83rd Street. Yeung, who runs the Young Shing Trading restaurant-equipment supplier in Maspeth, bought the site in 2013 for $12.5 million and filed plans with the city soon after for an eight-story, 147,645-square-foot building that would include roughly 18,000 square feet of commercial space. He received a construction loan of about $37.5 million on the project from Cathay Bank.

5. Austin Tower
65-38 Austin Street
Developer: Babad Management
Units: 66
Projected Sellout: $47.5 million
Type: New Construction
The projected sellouts for the top condo projects in Queens Takes Another Steep Drop After Elmhurst Plaza, falling below the $50 million mark at the No. 5 spot with Austin Tower. Chaim Babad’s Babad Management is planning this 66-unit project for Rego Park with a projected sellout of about $47.5 million. The 55,630-square-foot seven-story building would also include 53 parking spots.

See more 2017 year end reviews here

6. Verona
21-17 31st Avenue
Developer: Vincent Ali Jr. and BGR Verona Realty
Units: 56
Projected Sellout: $45.2 million
Type: New Construction
The Verona Condominium in Astoria comes from developers Vincent Ali Jr. and BGR Verona Realty, and it will include 56 residential units, 28 parking spots and 55 storage units. The seven-story, 42,838-square-foot project marks the first appearance on the top 10 list for Astoria.

7. 27-05 41st Avenue
Developer: Yan P. Zhu
Units: 44
Projected Sellout: $39.4 million
Type: New Construction
Long Island City makes its second appearance in the top 10 at the No. 7 spot with developer Yan P. Zhu’s plan for a condo at 27-05 41st Avenue. The roughly 37,000-square-foot, six-story building will have 44 residential units, five commercial units and 22 parking spots.

8. Smyth Condominium
25-12/16 37th Avenue
Developer: D.A. Development
Units: 41
Projected Sellout: $39 million
Type: New Construction
Long Island City took the No. 8 spot on the list as well with the Smyth on 37th Avenue, which will contain 41 units with a projected $39 million sellout. The six-story condo building will include 62 parking spots and two floors of commercial space broken up into five units, and construction should finish by mid-2018. Amenities at the 75,000-square-foot building will include a gym, dog spa, children’s playroom and rooftop patio.

Rendering of 24-12 42nd Road (Credit: Ampiera Group)

9. Acadia
24-12 42nd Road
Developer: Ampiera Group
Units: 36
Projected Sellout: $34.6 million
Type: New Construction
Ampiera Group’s project in Long Island City will contain 36 residential units and 20 storage units. The building will span 33,731 square feet, including 4,328 square feet of commercial space, and stand eight stories tall. Its amenities will include bike storage space, a rooftop terrace and outdoor space on the second floor, according to New York YIMBY.

Ampiera Group is also planning a 139-key hotel in Long Island City at 38-70 12th Street. The building will span about 80,400 square feet and feature two restaurants and office space.

10. Elm 51
87-22 51st Avenue
Developer: Anthony Wan
Units: 44
Projected Sellout: $29.1 million
Type: New Construction
The final spot on the list is another project in Elmhurst from developer Anthony Wan at 87-22 51st Avenue. The project will contain 44 residential units, two commercial units and 22 parking spots. It will span about 34,000 square feet and stand eight stories tall.