41-42 50th Street
50th Street Owners' Corp. — a 43-unit prewar elevator co-op two blocks from the 7 train, where the public-records picture is unusually clean.
A well-maintained 1940 prewar elevator co-op on the Sunnyside/Woodside border. The public record is, on balance, reassuring: moderate underlying debt (~$2.5M, ~$58K/unit) with a long runway to its Feb 2032 maturity, no open violations or housing litigation, an A-grade energy profile with no Local Law 97 carbon exposure, and major capital work (gas conversion, façade, rooftop solar) already done rather than deferred. The recurring cost to watch is the façade. The two things to pin down with the board: the reserve fund / assessment picture and how many sponsor "unsold" shares remain.
The building at a glance
41-42 50th Street is a six-story, 43-unit prewar elevator cooperative on the Sunnyside/Woodside border in Queens, just north of Queens Boulevard. Units are mostly one- and two-bedrooms; many have high ceilings, large windows, and good closet space, and some upper floors get Manhattan skyline views. The co-op corporation is 50th Street Owners' Corp.
Location & transit
Address41-42 50th Street, Queens, NY 11377 (Woodside post office; Sunnyside-marketed)
Subway~2 blocks (≈0.13 mi) to the 7 train at 52nd Street
BusB24, Q67, Q39 nearby
Walk / Transit97 / 100 excellent
Flood riskFEMA Zone X — minimal flood risk favorable
Amenities & services
- Landscaped communal patio with BBQ grill
- Basement laundry room
- Bike room and storage lockers (each carries an extra fee)
- Live-in / on-site superintendent; no doorman
- Rooftop solar array (28.34 kW, installed 2023)
House rules from listings — confirm in offering plan
Down payment20% minimum verify
SublettingPermitted with board approval after 2 years of ownership verify
PetsCats allowed (up to 2); no dogs
Flip taxNone indicated (a 2021 listing states "Flip Tax: No") verify in writing
Co-op & management
Co-op corporation50th Street Owners' Corp.
Managing agent (2025 HPD)All Area Realty Services — Floral Park, NY (Pres. Eleni Magoulas; contact Elissa Goldman)
HPD registrationCurrent, valid through Sept 1, 2026
Naming caution: several listing sites conflate this with "Cambridge 41-42 Owners Corp," a different building at 41-42 42nd Street (zip 11104). Don't mix up records between the two.
Financials & the underlying mortgage
For a co-op, the building's own underlying mortgage is a core health signal — it's debt every shareholder backs through maintenance. The figures below are taken directly from the recorded title documents in NYC ACRIS (the Gap Mortgage and the Consolidation/Modification & Extension Agreement, CRFNs 2022000052629 and 2022000052630), read page by page. document-confirmed
Current underlying mortgage
On January 24, 2022 (recorded Feb 3, 2022) the co-op refinanced into a single consolidated lien of $2,500,000.00 with Sterling National Bank (as successor by merger to Astoria Bank). The deal added $684,070.42 of new money on top of a $1,815,929.58 balance rolled over from the prior loan. The note carries a February 1, 2032 maturity — a 10-year term — with interest paid monthly from March 2022 and principal due at maturity.
- No near-term refinancing cliff. The co-op locked a 10-year loan in early 2022 and won't have to refinance into today's higher-rate environment until 2032. (An earlier rough estimate of a ~2027 refi was wrong; the recorded maturity is 2032.)
- Moderate leverage. $2.5M across 43 units is roughly $58,000 of building debt per unit — comfortable for a prewar Queens co-op.
Tax-efficient structure: the refi used a CEMA with a Section 255 mortgage-tax-exempt affidavit, so the co-op paid NYC/NYS mortgage-recording tax only on the $684K of new money — saving roughly $45–50K. The interest rate is not in the public record (it lives in the unrecorded consolidated note); a 10-year fixed from a regional bank in Jan 2022 typically ran ~3.25–4.0%, but get the real figure from the board. rate unverified
Refinancing history
The co-op has refinanced its underlying mortgage on a disciplined cadence since converting in 1987, with debt growing slowly and deliberately. No tax liens, mechanic's liens, or stray UCC filings appear against the lot. ACRIS
| Date | Event | Lender | Consolidated lien |
|---|---|---|---|
| Jun 1987 | Co-op conversion deed + first underlying mortgage | Equity Investments (sponsor) | $350,000 |
| 1997 | Refinance / consolidation | Queens County Savings Bank | — |
| 2000 | Refinance / consolidation | Queens County Savings Bank | — |
| 2006 | Refinance | New York Community Bank | ~$1,400,000 |
| 2011 | Refinance (prior loan satisfied) | Sovereign Bank | $1,500,000 |
| Mar 2017 | Refinance | Astoria Bank | $2,000,000 |
| Jan 2022 | Refinance — current loan | Sterling National Bank | $2,500,000 |
Lender changes are partly bank mergers (Sovereign → Santander → Astoria → Sterling → Webster) rather than competitive shopping each cycle.
Maintenance & property taxes
Two-bedroom maintenance ran roughly $1,095–$1,145/month in 2021–22 (likely modestly higher now) and covers heat and hot/cold water; a 1BR figure didn't surface in public listings. The building's property tax is bundled into maintenance, as is standard for a co-op — the Dept. of Finance shows a building-wide tax of about $147,500/year (2026–27), on a DOF market value near $4.0M.
The 2022 mortgage was signed for the co-op by William Franke, President, and the corporation's address is listed c/o J.R.D. Management Corp. d/b/a Maxx Properties (Harrison, NY). Maxx Properties is a large NYC-area co-op sponsor, and Franke is one of its principals — which suggests the original sponsor may still hold a block of unsold shares and board influence (management had shifted to All Area Realty by 2025). Ask the managing agent: how many sponsor/unsold (rental) shares remain, and does the sponsor still control the board? A high concentration can limit which banks will give you a share loan and means the sponsor — not resident shareholders — effectively sets maintenance and assessments.
Capital condition & regulatory compliance
The overall read is a building that has already made its big capital moves rather than deferring them. The one recurring liability is the façade. Data below is from NYC OpenData (DOB, FISP, energy benchmarking, boiler, elevator) by BIN 4001171. NYC OpenData
Façade — Local Law 11 / FISP watch
The most likely source of a future assessment
Status is "SWARMP" (Safe With a Repair & Maintenance Program) — and has been every cycle since 2000. The masonry needs ongoing periodic repair but is not unsafe. The co-op did ~$82,600 of façade masonry repairs in 2021–22 (with a sidewalk shed) for its Cycle 9 filing, and has a history of late FISP filings (penalties paid). Cycle 10 comes due around 2026–27. Budget for recurring façade spend every five-year cycle.
Energy & Local Law 97 carbon strong
A genuine strength. ENERGY STAR scores of 98–100 (2022–24) point to an "A" energy grade. On Local Law 97, 2024 emissions (~156 tCO2e) sit ~49% under the 2024–2029 limit and are even under the tougher 2030–2034 limit — so no carbon penalties are in sight. The building converted from fuel oil to natural gas in 2022 and added rooftop solar in 2023, which is why it benchmarks so cleanly. Many NYC co-ops face six-figure LL97 penalties this decade; this one does not.
Elevator long-term wildcard
One device, status Active, with current inspections (CAT1 filed 2025, CAT5 filed 2024) and no open elevator violations. The caveat is structural, not regulatory: a single elevator in a 1940 building is an inherent capital-replacement risk over a 5–10 year horizon even when it passes inspections. Ask the board for its last modernization date and reserve line.
Boiler clean
A single modern low-pressure gas boiler (Rockmills), with annual inspections accepted every year 2018→2026 and no outstanding issues.
Violations & complaints — essentially clean
| Record | Count | Status |
|---|---|---|
| HPD violations | 21–23 lifetime | All closed; recent (2023) were administrative, dismissed |
| DOB violations | 30 | 16 dismissed, 14 resolved — 0 open |
| ECB violations | 19 | All resolved |
| HPD housing litigation | 0 | None |
| DOB complaints | 11 | All closed |
| HPD complaints | 12 | 11 closed; 1 stale 2012 plumbing item (data artifact) |
Certificate of Occupancy: none appears in the modern DOB system — normal for a 1940 building, but have your attorney confirm the legacy C of O via DOB BIS. verify
Recent capital work (all signed off)
- 2021–22 façade masonry repairs (~$82.6K) + sidewalk shed
- 2022 gas conversion — removed fuel-oil tank, new gas service/meter/piping
- 2023 rooftop solar — 28.34 kW PV system
- Earlier: 2012 parapet replacement, 2014 rear-yard retaining wall
No open or pending DOB job filings — nothing signals imminent unfunded major work beyond the recurring façade cycle.
Market & pricing
The building turns over slowly (~161 days on market typical), and two-bedroom pricing has come off its 2022 peak by roughly 10–15% as interest rates rose. Closed-sale detail for 2023–26 is largely walled behind the major portals; the figures below are corroborated across multiple sources where possible. point-in-time
Recent closed sales
| Date | Unit | Price | Type | Maint. |
|---|---|---|---|---|
| Oct 2022 | 3G | $624,000 | 2BR / 1BA | $1,133 |
| Jun 2022 | 4E | $590,000 | 2BR / 1BA | $1,145 |
| Oct 2021 | 4G | $515,000 | 2BR / 1BA | $1,095 |
| Sep 2022 | 3F | $370,000 | 1BR / 1BA | — |
| Aug 2012 | 2B | $257,500 | 2BR / 1BA | — |
Current / recent listings
| Unit | Ask | Type | Status / note |
|---|---|---|---|
| 4F | ~$399,000 | 1BR / 1BA | Active; one portal showed $430K — verify |
| 4G | ~$520,000 | 2BR / 1BA | Listed (don't confuse with 2021 sale) |
| 6B | $535,000 | Jr-4 / conv. 2BR | Likely in contract |
Building median ask ≈ $520K — above the Sunnyside co-op median (~$350K), mainly because this building skews toward larger two-bedrooms.
Neighborhood trend & rentals
Western Queens co-ops have been broadly flat-to-slightly-up, cooled by high rates through 2024 and steadier into 2025–26. Per the 2024 QNS/Sunnyside Post report, Woodside 2BR co-ops rose ~4.3% (avg ~$531K) and Sunnyside 2BR ~+3.7% (avg ~$557K) year-over-year. On the rental side — relevant since subletting is allowed after two years — an in-building studio recently rented at ~$1,525/mo, while neighborhood asks run ~$2,725 (1BR) and ~$2,900 (2BR). A sublet 2BR here could plausibly fetch ~$2,800–$3,200 against ~$1,100+ maintenance.
Reputation — residents & management
This is a low-signal building: small and owner-occupied, so few public reviews exist. The important finding is the absence of negatives across many sources — no resident complaints, no fires, no lawsuits, no scandals — rather than glowing praise.
The building
No negative resident reviews found on openigloo, StreetEasy, Google, Yelp, Reddit (r/Sunnyside, r/Queens), or Sunnyside Post — but also essentially no reviews at all, which is typical for a small co-op. openigloo lists the building with 0 open violations. No news incidents tie to the address. (A March 2026 Queens building-fire story is a different building — don't conflate.)
Management — All Area Realty Services
Floral Park, NY · Pres. Eleni Magoulas · boutique co-op manager
Generally solid reputation: BBB A+ accredited, with only ~2 minor complaints in three years (a delayed deposit refund, and a fee/notice dispute). Recurring mild gripes across sources are slow email responsiveness and high application/transfer fees. The firm is established and credible in the co-op world (quoted in Habitat Magazine). No operational red flags — no heat/hot-water, financial, or maintenance scandals surfaced.
Because there's a review vacuum, try to speak with a current shareholder directly, and ask your broker/attorney about the actual board-approval experience — there's no public data characterizing this board as easy or hard.
What to verify before you commit
The public-records picture is unusually complete and clean. What's left can only come from the board package, offering plan, and audited financials via the managing agent and your attorney.
Financial
- Reserve fund balance — and whether the 2021–23 capital work (façade, gas conversion, solar) was paid from reserves, the mortgage, or a past assessment.
- Any current or planned assessment, especially for façade Cycle 10 (~2026–27).
- Underlying mortgage rate on the 2022 Sterling/Webster loan (not in public record).
- Exact maintenance on your specific unit and what it covers; confirm no flip tax in writing.
Governance & ownership
- Sponsor / unsold shares — how many remain, and does the sponsor (Maxx Properties affiliate) still control the board? Affects financing eligibility and who sets maintenance.
- Board financial requirements — debt-to-income cap, post-closing liquidity, maximum financing allowed (confirm the 20% min down), and how the board interview works.
- Owner-occupancy ratio and any litigation against the corp (none found in public data).
Physical
- Elevator last-modernization date and reserve line (the one real capital wildcard).
- Certificate of Occupancy — confirm the legacy C of O via DOB BIS.
- Confirm the posted energy letter grade at the entrance (expected "A").
Costs & service
- Clarify application / transfer / move-in fees upfront — the one consistent complaint about this managing agent.
- Get the all-in monthly carry (maintenance + your financing) and stress-test it against a realistic future maintenance increase.
Sources
Title & underlying mortgage (NYC ACRIS)
- ACRIS Real Property Legals / Master / Parties (by Borough 4, Block 134, Lot 45): data.cityofnewyork.us · 8h5j-fqxa, bnx9-e6tj, 636b-3b5g
- Recorded document images — Gap Mortgage (doc 2022012800576001) & Consolidation/Modification Agreement (doc 2022012800576002), via the ACRIS portal: a836-acris.nyc.gov
Registration, violations & compliance (NYC OpenData)
- HPD Registrations & Contacts (corp + managing agent): tesw-yqqr, feu5-w2e2
- HPD Violations / Complaints: wvxf-dwi5 ; DOB Violations / Complaints: 3h2n-5cm9, eabe-havv ; ECB: 6bgk-3dad
- FISP/Façade (LL11): xubg-57si ; Energy benchmarking (LL84/95): 5zyy-y8am ; Boiler: 52dp-yji6 ; Elevator: e5aq-a4j2 ; Permits: rbx6-tga4
- Local Law 97 limits & LL33 energy grading: rules.cityofnewyork.us · nyc.gov/buildings/ll33
Building & market listings
- CityRealty building review: cityrealty.com/nyc/sunnyside/41-42-50th-street
- StreetEasy building & unit pages: streeteasy.com/building/41_42-50-street-woodside
- PropertyShark records: propertyshark.com · 41-42 50 St
- Welcome Home Real Estate (unit detail): welcomehomerealestate.biz · 4E ; Compass (4G): compass.com · 4G
- Neighborhood 2024 co-op price report: qns.com · sunnysidepost.com
Management reputation
- All Area Realty — BBB profile: bbb.org · All Area Realty ; firm site: aarsny.com ; Habitat Magazine