Sunday, January 4, 2009

Long Island City Condo Development-O-Rama: My How We've Grown!


The Powerhouse



L Haus




The View



The Foundry



10-63 Jackson



Hunters View (foreground)



Hunters Point



Casa Vizcaya



10-50 Jackson



5SL



Coming Soon: Solarium



Coming Soon: "The Prism" (name may change)



What a difference just a few months makes. Going back to my last review of Long Island City condos back in May (2008) ,many of these buildings were covered in scaffolding and protective shrouds of all varieties. Looking back to my "Development O'Rama" in August 2007, most of these buildings were not even standing yet. Fast forward to today: here we are, and the condos of LIC are standing tall, gleaming, closing or getting ready for closings, near completely sold or completely begging to be sold. One thing is for sure, the next 6 months will see the most dramatic change for this neighborhood since Western Queens was annexed by NYC in 1898.

At least 600 closings should take place over the next four months, by my conservative estimate. This means 600 new households looking for wares, services, and treats up and down Vernon Blvd. and Jackson Avenue in Hunters Point. Unlike the last deluge of new residents, which settled on the water in the Rockrose rental buildings (East Coast 1 and 2), the Avalon rental, and longstanding Citylights Co-op, the new crop are more interspersed in the community from Borden Avenue to 46th Avenue and West from Center Blvd. East to Jackson Avenue. It is also a more affluent group with a direct ownership stake in the community. It will be an interesting dynamic. Long Island City old-timers are generally very welcoming and many of the new arrivals seem acutely interested in the community. So far, there is a feel-good vibe, however, the peak of this influx isn't likely until early spring, and there are an estimated 600 units currently available and potentially available before summer. Nerves may be tested as the stream continues.

Full market report available by request (andrew@afinecompany.com).Share B

31 comments:

  1. Thanks Andrew. Have you gotten any word on pricing at the Prism?

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  2. You are welcome as always. Last I heard "The Prism" is supposed to be somewhere in the $700's psf, but that's not a solid quote. They are supposed to open in January, although that is also unconfirmed at this point.

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  3. Citylights is one word. How could you mess that up, it's been around for over 11 years!

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  4. Because I am a lousy editor. Noted and fixed, thanks.

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  5. Does anyone else agree that 5SL is the best looking building of the bunch?

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  6. take all those units in aggregate excluding prism and the building next to 5sl and about 50% are sold. how prism can come on the condo market with a glut of supply like that is beyond my imagination. that place has got to be going rental.

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  7. I don't have enough info to make a judgement on Prism. If it's cheap and nice, it will move. If it's moderate and nice, it may linger. If it's overpriced and a piece of junk....dead.

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  8. What do you consider "cheap" and "moderate"?

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  9. Ha ha...good question. If it has decent appliances and floors $650/ft.. If it has really nice finishes under $700/ft..Let's just call that reasonable (not cheap).

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  10. "I don't have enough info to make a judgement on Prism. If it's cheap and nice, it will move. If it's moderate and nice, it may linger. If it's overpriced and a piece of junk....dead."

    buying apartments is not like trading baseball cards. no one is buying anything no matter how nice and cheap if they're unsure whether they'll be employed 6 months from now and concerned that the place they're in contract for will be worth 20% less when they close. you're still in 2007 mindset. this is an economy issue now, not a quality issue. and this problem wrt LIC is compounded due to the overbuilding.

    foundry and l-haus are dying. powerhouse and view also getting killed. ya'll need to wake up over there.

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  11. Actually, I think some buildings are still getting some sales, although I would be surprised if anything was moving fast these days. I thought Foundry was over 50% sold? Was that incorrect?
    Andrew, isn't Prism a Developers Group project? What is their general reputation for building quality? They developed Powerhouse, which I think has good quality finishes. The problems with Powerhouse are that many units have bad layouts, and most of the units don't have views of Manhattan or anything particularly nice, but they priced the units as if they were waterfront with Manhattan views and great layouts. The prices there were too high from the beginning.

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  12. Andrew what is going on at The View? This is one of the nicer buildings and should be selling assuming the prices are right.

    Also I agree with the previous comment that Powerhouse has some great finishes but odd layouts and not many Manhattan views. They seem to be priced on par with the View which doesn't make sense.

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  13. I've never even seen the Powerhouse units because every time we've gone on a whim their sales office is closed. Both times have occurred during a weekend trip to check out other LIC condos.

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  14. 50% is the number i've heard for foundry as well. that's bad by the way.

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  15. Anyone know if any of the new buildings will have a grocery store and/or a gym?

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  16. Developers Group didn't develop Powerhouse. They developed one of the big buildings going up on the Williamsburg waterfront.

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  17. when will the amenities be complete in the powerhouse, ss well as construction?

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  18. I tried to e-mail this and it didn't work. Kept asking me for info I already gave. Will give your info to recipient.
    paularg@aol.com

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  19. Where is Yiwu? It is a famous international trade city in Asia, the world's largest wholesale market of small commodities. You can mix lots of products into one container, the professional yiwu agent can help you.

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  20. Nice write up, and nice images. Thanks for posting.

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  21. any comment on 10-50 Jackson?

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  22. hi i am looking to buy a 1 bedrm in lic does anyone hav any suggestions or any direction tips as i havnt bought before. are there any pre construction condos ?????

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  23. sure, just give me a holl andrew@afinecompany.com

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  24. hi i am thinking of buying a 1 bedrm in lic ,does anyone have any input that might help as i dont know the area. i seen the Foundry and wasnt in the least bit impressed with it , the same goes for the vere which is pathetic its apts are very poor in terms of storage... if anyone can give me some guidance i would be grateful my budget max is $600

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  25. feel free to give me a shout @ andrew@afinecompany.com

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  26. Oh' It really shown that condo development was fully grown. Good for you. Congratulations!

    -pia-

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  27. awesome structures, the buildings in this side of the city are to impressive, in this case you show all the development in all this years in the city.

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