Monday, December 10, 2007

And, 5th St. LIC Gets Paved!


It has finally happened! Yes, 5th Street in LIC starting from the 5SL condos at 48th Avenue and North to the Anabel basin has finally been paved! The much neglected street behind the Rockrose buildings has also seem a great deal of developer interest of late as well. In fact, every property from the Anabel Basin to 47th Avenue has turned over in the past 2 years- that's three full blocks. Rumors are rampant in the area. The latest one is that the block long property surrounded by newly erected grey wooden fence (pictured) has obtained a variance and will be a 13 story NYU dorm (I have yet to confirm this). As I mentioned a few days ago, the asking prices for buildable square footage in the area has boomed, and prices on the smaller lots (buildable of 7500-15000sf) has soared to over $250 per buildable square foot. While stunning, this rapid price appreciation is not a total surprise, as condo prices in the Hunters Point area have increased to better than $700 per square foot, and more condos are coming at higher and higher prices. For more on LIC investment/development opportunities, feel free to contact me.

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