Wednesday, July 23, 2008

On The Market: 5SL #3R Reduced To $799k

I guess this is the first "price chop" mentioned on this blog, and it's my own listing! It seems that at least during the summer, the buyers hitting LIC are strictly value minded. And why not? While prices in Manhattan have barely budged, one of the great allures of Long Island City is the great pricing for quality product. Well, if it's value that you are looking for, #3R at 5SL certainly fits the need, especially at $799k. Summer is a traditionally slow season, yet my clients have a sense of urgency, and response was lukewarm at $849k. So they have decided to spice it up a bit with a nice price reduction. Considering that there is significant savings in closing costs (close to $25k), and that this is in the doorman building, and it's the best priced unit in the building, any value shopper would consider this a great catch.


  1. Wasn't this listed with Eric Benaim a few months ago with the same type of sales pitch?

  2. No. The clients just closed a few weeks ago.

  3. Long island city will no command $730+ a square foot. Prices prior to the easy money bubble from 2002-2006 where under $700 a sq ft in MANHATTAN for the same quality building.

    The 3R unit will eventually get foreclosed as will many LIC condos. Seems like over 25% of these units were sold to 'investors'.....

    Prices are coming down in Manhattan - LIC is a train wreck about to happen.