By the Numbers
Long Island City redux Compiled by Christopher Cameron
Second wave
Long Island City went from industrial to residential in the mid-2000s when condos popped up like wildflowers. Then the recession hit and sales lagged. But the residential LIC market is back, with new and once-stalled projects now hitting the market and more in the construction pipeline. In the next five years, more than 3,500 residential units — in 23 buildings or conversions — will be finished and ready to be sold. (StreetEasy)
Through the roof
In February, a three-bedroom penthouse at LIC’s the View set a new record for the highest price ever paid for a Queens condo: $3.1 million. The old record — $3.04 million — was set in 2008 for a home at LIC’s Arris Lofts. Most apartments in the nabe don’t cost near seven figures. The median listing price at the end of last year was $827,000, up from $704,500 in December 2011.
More affordable homes
After years of planning, the city and developers Phipps Houses, Related Companies, and Monadnock Construction last month broke ground on Hunter’s Point South, the largest NYC housing development to be built since the Bronx’s Co-op City in the early 1970s. The multi-year project will add 5,000 residential units, 28,000 square feet of community and retail space, and 11 acres of parkland to LIC. (Crain’s)
Court (Square) action
Feel the power
A sellout, at last
Another hub of activity is LIC’s Court Square, where housing prices have skyrocketed in the last three years — from $550 to nearly $850 per square foot. Rockrose Development is nearly done with the Linc LIC, a 709-unit rental tower at 43-10 Crescent Street, and plans another 1,100 units in two towers on a neighboring lot. (New York Daily News)
Rockrose is also converting the former Eagle Electric building in Court Square into 700 rental units. The developer paid $48 million for the 320,000-squarefoot structure at 43-22 Queens Street late last year. Construction is slated to start in 2014.
After four years on the market, the L Haus condominium finally sold out in February. Asking prices at the Stahl Organization’s 123-unit project ranged from $340,000 to nearly $1.4 million.
NEW TO ThE MaRKET By ThE NuMBERs
The Metropolitan Tower Penthouse | 146 West 57th Street Penthouse Duplex A | $10,000,000 NIKKI FIELD 212.606.7669 | nikki.field@sothebyshomes.com | nikkifield.com KEVIN B. BROWN 212.606.7748 | kevin.brown@sothebyshomes.com Operated by Sotheby’s International Realty, Inc. Sotheby’s International Realty® is a registered trademark.
24 April 2013 www.TheRealDeal.com
Compiled by Yaffi Spodek