Tuesday, July 1, 2008

On The Market: LIC Luxury 2 Bedroom At 5SL

Kitchen. For more pics, click here

5-09 48th Avenue # 3R, LIC
Price: $849,000. ($899,000 inc. parking spot)
Size: 2 Bed/2 bath
Sq Ft: 1093
Taxes: $79.71 (421-a abated)
CC's: $851.47
Broker: A. Fine Company, Inc., 212-675-1111

Description: A bright and cheery winged 2 bedroom/2 bath in 5SL, Long Island City's premier luxury doorman address. Apartment features gourmet kitchen with Bosch Dishwasher, Bosch stove and cook top, Liebherr fridge, "Alpine Snow" Sile Stone counters with breakfast bar and garbage disposal. The master suite has gorgeous maple hardwood floors (which are throughout), a spacious walk-in closet and en-suite master bath with spa shower, honed limestone double sink and bamboo vanity. The living room is 16' wide with over sized windows, great light, and a Bosch washer and Bosch dryer stacked in nearby closet. The 2nd bedroom is generously proportioned and adjacent to a second full bath that features soaking tub and marble pedestal sink. The building features 24 hour concierge, gym, playroom, cold storage, bike storage and common outdoor space. The building is located in the heart of Hunters Point in Long Island City- 1 block from the waterfront Gantry State Park, and 2 block from the 7 train which is one stop from Grand Central.

The skinny: Buying this never lived in resale saves a ton on closing costs (approximately $25,000.) and on that basis makes this apartment the best priced 2 bedroom available in the building. Additional savings can be had by buying the parking spot, which the owner is offering for $50k if purchased with the apartment, a savings of $20k at the going rate.
UPDATE: We are planning to hold an open house tomorrow (Weds 7/2) from 4-6pm (pending clearance from the managing agent). If you would like to have a look, give a call to check on Open House status, or call to see by appointment any time.


  1. How is this a deal if the buyer paid $780,990 in the first place? So, with the closing costs he paid, about $810,000.... there's no deal here!

  2. First, you underestimae the closing costs. Second, if you do the math, you cannot find a better priced unit in the building.

  3. Andrew,
    Don't BS me... I live in 5SL right now and bought a unit that cost $600,000+ and the closing costs alone were $38,000+ change, so yes, I was wrong, but I under-estimated in my original post... the closing costs for this place you're selling are way over the $25,000 (savings) you mentioned... they're probably more in the $43,000 - $48,000+ range...


  4. also, what would stop a buyer from purchasing this....

    same thing, minus the parking...

  5. Someone may prefer that apartment. However, that is on the 2nd floor in the back building (no doorman). I think having a doorman in the building is a plus and worth more. Still, if you consider the closing costs, the apartment that I have for sale would cost less in total, and you get the doorman.

  6. I wouldn't pay more then $600,000. I can rent a Manhattan view condo unit for $3500 right next to 5sl. No way, no how not in this market. You're going to need a real sucker for this one. Good Luck.

  7. It's amazing. Every now and then I see this guy Fine's comments on Streeteasy and Curbed, and everytime he is spewing absolute broker bullsh*t. Fine, you epitomize the NYC broker hack. This listing is a fkg JOKE. Did you get the listing by blowing smoke up your client's ass, or did you just take on an assignment that will never close? Either way, you probably won't get paid or will get fired by your client, which will in turn improve the real estate industry in NYC.

  8. $834,990 is the starting price for a 2 bedroom at 5SL and that is for the non-doorman building. Prices go as high as $1.034Mil..
    I don't understand the hostility of the last poster and from the language it sounds like a poster that I have encountered before. Chances are that it is a bitter broker or someone priced out of the market. In any case, his/her energy would be better spent.

  9. Neither, actually. Just someone who knows a used car salesman when I see one.

  10. A little psychological backround of angry anonymous posters:

    "Flaming and trolling is likely to attract a particular personality type.

    These are people who either have a sense of diminished power or control in face-to-face social settings.

    In groups, they may feel incapable of regular conversation, fearing their opinions will be ridiculed.

    Compulsive flamers and trollers carry out their online tirades because they enjoy being socially combative."

    So, whatever, anonymous.

  11. Andrew, why don't you just delete the guy's comments?

  12. This is the good blog with good images and good details. Please keep on posting the more stuff. I will like to hear more from you.