107-40 Queens Boulevard (Lane Towers)
107-40 Queens Boulevard, Forest Hills, NY 11375
BBL 4032397501 · BIN 4312083
- Year built
- 1965
- Type
- Condominium
- Units
- 162
- Floors
- 18
- Landmark
- No
- Amenities
- 24-hour doorman; attended parking garage within the building; a laundry room on every floor rather than a single basement room; a landscaped community terrace with views over Forest Hills and toward the Manhattan skyline; a resident community room; private storage; bicycle storage
- Flip tax
- Listing records describe a transfer fee on a sliding scale tied to length of ownership, in the 1 to 2 percent range and declining with tenure. The schedule is not documented in any source on file — at this price point the difference between 1 and 2 percent is real money at closing.
Every recorded sale at this building, 2004–2026
Bedroom-by-bedroom medians, the full transfer record, and how units trade against ask.
- 1BR median
- $773K
- Recent range
- $200K – $1.6M
- Listing discount
- 2.5%
- Recorded transfers
- 247
Lane Towers is the most conveniently sited residential building in Forest Hills. It stands directly over the 71st Avenue–Continental Avenue station, where the E and F express trains meet the M and R locals — the only four-line transfer in the neighborhood — and it is minutes from the Forest Hills LIRR platform at Station Square, which puts Penn Station and Grand Central roughly fifteen minutes away. Nothing else in the neighborhood combines an express subway complex, a commuter rail station and the Austin Street retail spine inside one block. For a buyer whose commute is the whole decision, that is the argument, and it is why the building holds value through soft Queens Boulevard markets.
The second thing to understand is the ownership structure, because it is not the standard Forest Hills co-op. City records show the site was divided into a condominium in November 1988, on a tax lot carved out of the underlying block and lot. The apartments continue to trade as cooperative shares, subject to board approval and a board package; the condominium structure sits above that, separating roughly 19,000 square feet of commercial and professional space at the base from the residential corporation. The practical significance is that the commercial rent roll flows to a separately owned unit rather than directly offsetting residential maintenance the way a co-op-owned storefront would, and that the governing documents are not the ones a Forest Hills buyer expects. It is worth an hour of counsel's time on the first read.
The building itself is a 1965 Queens Boulevard high-rise of its period — a flat slab with a recessed base and a doorman, built when the boulevard was absorbing the postwar migration out of older Queens neighborhoods. It is not an architectural statement in the way its larger neighbor Kennedy House is, and does not pretend to be. It is 162 efficiently planned apartments over a subway station.
Architecture and unit composition
The apartments are distributed over 18 floors in city records, 19 in the building's own numbering. Residential floor area runs roughly 189,000 square feet, about 1,150 gross square feet per apartment before common-area deductions; in practice the inventory runs from studios and junior one-bedrooms through two- and three-bedroom layouts, and the larger lines are genuinely large by Forest Hills standards. As with most Forest Hills cooperative stock, these apartments have no offering-plan square footage in general circulation, so price per room is the honest metric and any per-foot figure is derived.
The base carries the office, professional and retail tenancy typical of Queens Boulevard — one reason the ground-floor experience is busier than at a purely residential address; visit on a weekday mid-morning rather than a Sunday. The most distinctive residential feature is the per-floor laundry: rather than a single basement room, each floor has its own, which across eighteen floors and 162 apartments is materially better than the headline suggests and is something sellers routinely underplay.
Building operations
Lane Towers is a full-service doorman building with an attended garage on site, a resident community room and a landscaped terrace open to shareholders. Storage and bicycle storage are available. The in-building garage is an increasingly scarce amenity here — street parking around the 71st Avenue interchange is effectively unavailable.
No audited financial statements for this building were located in the document library, and that is a real gap. Underlying mortgage balance and maturity, reserve position, assessment history, and any Local Law 11 or elevator capital program are the four things that most move value in a building of this vintage, and none can be established from the public record. A buyer should request the two most recent audited statements, the current budget and the board's most recent shareholder communication before going hard on a contract. A seller should have all of it assembled before the first showing; where the public record is thin, the seller who can answer the capital questions on day one closes faster.
Policy framework
Only the terms below are supportable from the record, each with its caveat.
Subletting: Permitted after two years of ownership, with board approval. Term limits and fees not documented.
Flip tax: A transfer fee on a sliding scale tied to length of ownership, reported in the 1 to 2 percent range and declining with tenure. Not documented in any source on file.
Financing ceiling, minimum down payment, post-closing liquidity, pied-à-terre and pet policy: Not documented. Nothing in the public record supports a statement on any of these, and the Forest Hills default — typically 20 to 25 percent down at buildings of this age and size — should not be assumed.
Local Law 97
- 2024–2029 annual penalty
- $0 (under cap)
- 2030–2034 annual penalty
- $78,472/yr
- Per unit / month range
- $0 – $40
Source: NYC LL84 benchmarking and PLUTO · The Roebling Research Library. City record last verified September 2026.
See full Local Law 97 analysis — emissions history, scenarios, methodology →Facade safety — Local Law 11
The latest available filing classified the facade as SWARMP — Safe With A Repair and Maintenance Program: the engineer identified conditions requiring monitoring or repair before the next inspection cycle. The scope, timeline, and how the building funds the work are building-specific — we review the filings and board materials for you.
How to read this, and where it comes from
QEWI = Qualified Exterior Wall Inspector — the licensed engineer the city requires to sign the report (the independent expert, not the managing agent).
Penalties shown are amounts DOB assessed against filings on record across 2005–10 to 2020–25. The FISP dataset does not record whether they were paid, contested or remain open, so treat the figure as history rather than a current balance and confirm the building’s standing with the managing agent.
Source: NYC DOB facade filings (FISP) · The Roebling Research Library. City record last verified September 2026.
Recent sales
Lane Towers trades in the middle band of the Forest Hills cooperative market. It is not a high-volume address in the way Kennedy House is — 162 apartments produce a fraction of the turnover of 405 — so internal comparables are scarcer, and a seller more often has to be positioned against neighboring buildings rather than the same line two floors down.
Pricing rests on three things: the transit position, which is the building's genuine premium and should be underwritten as such; renovation state, where mid-1960s kitchens and baths still in circulation trade at a clear discount to gut-renovated inventory; and exposure, where higher lines with open Forest Hills and skyline views carry a premium over lower boulevard-facing apartments. Because the inventory has no plan square footage, price per room is the right register and the maintenance figure does the rest of the work. Market statements are indexed to the last complete year.
Unit-level transaction history is maintained in The Roebling Research Library and shared with clients during diligence.
Recent transfers at this building, curated by The Roebling Team research desk. Prices are the transfer amounts recorded with the NYC Department of Finance; apartment-level detail is checked against the building’s own file in The Roebling Research Library before publishing.
| Date | Unit | Apartment | Price | PPSF | vs. Ask |
|---|---|---|---|---|---|
| Jun 26, 2026 | 11A | 2 BR · 1 BA | $550,000 | -2.7% | |
| May 27, 2026 | 6H | 2 BR · 2 BA · 1,200 sf | $1,305,905 | $1,088/sf | -6.6% |
| May 12, 2026 | 5G | 2 BR · 2 BA · 1,134 sf | $1,155,000 | $1,019/sf | -3.3% |
| Apr 29, 2026 | 17E | 1 BR · 1 BA · 700 sf | $350,000 | $500/sf | -7.4% |
| Nov 19, 2024 | 10C | 3 BR · 2 BA · 1,382 sf | $1,629,200 | $1,179/sf | -3.9% |
| Nov 14, 2024 | 6G | 2 BR · 2 BA · 1,134 sf | $1,215,000 | $1,071/sf | -2.4% |
| Oct 28, 2024 | 8G | 2 BR · 2 BA · 1,134 sf | $1,349,181 | $1,190/sf | +1.8% |
| Jul 30, 2024 | 7H | 2 BR · 2 BA · 1,228 sf | $1,355,000 | $1,103/sf | -1.5% |
Market read. Most recent trades (2026) cleared a median $982/sf across 3 sales. Median listing discount 2.4% from the last ask — a recurring negotiation gap worth pricing into any offer or listing strategy.
The retrade record
Lines that have traded more than once in the public record — the building’s appreciation arc, apartment by apartment.
Full closing history with price-per-square-foot over time, the complete retrade record, and every line that has traded.
Sales sourced from NYC Department of Finance recorded transfers (BBL 4-03239-7501) and verified listing data. Apartment-level facts (line, condition, asking-price context) curated and cross-verified by The Roebling Team research desk. Not all transactions cross-verify with ACRIS records — sponsor and LLC purchases sometimes record at stipulated values rather than market price; square footage on co-ops is not officially recorded, figures shown are approximate.
Comparable buildings
- Kennedy House (110-11 Queens Boulevard) — the 405-unit Philip Birnbaum cooperative a quarter-mile east; the neighborhood's highest-volume address, with a rooftop pool, gym and landscaped grounds Lane Towers does not have
- 70-25 Yellowstone Boulevard — one of the three most-traded Forest Hills addresses; larger postwar cooperative inventory away from the boulevard
- 61-20 Grand Central Parkway — high-volume parkway-facing postwar co-op; quieter setting, weaker transit
- The Forest Hills Inn (1 Station Square) — the 1912 prewar alternative at the LIRR station, inside the Gardens
- Shore Towers (25-40 Shore Boulevard) — Astoria waterfront condominium, for buyers weighing board risk and a two-year sublet wait against condominium flexibility
The full playbook — what goes in the package, how boards read your financials, the interview, and the timeline — plus sample cover, reference, and personal letters you can adapt.
How to read the facts on this page. Items attributed to an offering plan describe the building as it was offered at that filing — unit mix, square footage, the amenity program as planned. They are not a statement about how the building operates today. Tax and compliance figures are sourced separately to current City records and carry their own dates. House rules, staffing and fee policy can change by board resolution without any public filing: treat every policy line here as a starting point for diligence and confirm it with the managing agent.
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