After recent construction, Long Island City, Queens has become one of the hottest neighborhoods in the city for rentals and sales. NY1’s Jill Urban filed the following report.
In the past few years a construction boom has re-developed Long Island City. Now a new market report shows the area has definitely become a hot destination.
“Long Island City has transformed as a neighborhood. In the past few months real estate has been moving and inventory has been going very quickly. As soon as things go up in the market, they are gone,” says Arlinda Dine, Modern Spaces.
The report released by the firm Modern Spaces evaluates how the market faired in Long Island City in the first six months of the year. New development inventory is dwindling. Many of the new condo buildings are mostly sold and prices per square foot are at a new high.
“Since the last six months, studios have gone to $725 a foot while the one bedrooms are at $748. Just the overall increase has been about 5.8 percent since last year,” Dine says.
And developer incentives have also declined.
While the prices for new developments in Long Island City are on the rise, resale prices are also reaching all-time highs.
For example, a unit at the View on Center Boulevard is asking a whopping $3.25 million.
“This gorgeous, duplex penthouse has three full bedrooms and four bathrooms, with an incredible, big terrace, a balcony off the second bedroom and incredible views of the city,” says Silvette Julian, Nest Seekers International.
If it goes for asking price it will be the most expensive condo sale in all of Queens.
It’s not just sales that are booming. The demand for rentals is higher than ever and so are the prices, especially for luxury studios and one bedrooms.
“Studios, you know they have gone up from $1,800 to $2,200 which is very similar to the prices that you see in Manhattan and the same goes for one bedrooms that are around $2,400, $2,500 and twos $3,200, just starting,” Dine says.
Many say this trend will only continue as more new rental and condo units are on tap to open in the coming year.