LIC Condos Ready To Heat Up, Again!
I've spent quite a bit of time over in LIC lately. I have shared my time between previewing new condo developments coming in the next month and feeling out the local scene at bars, restaurants, and just roaming the streets. Now more than ever you get the feeling that the inevitable explosion is just about to happen. There are at least 5 major condo developments that are set to hit the market and more than a dozen more behind it in the Hunter's Point section alone. Prices have risen to an average of $750 per square foot over the past year (+15% approximately), and the trend appears to be continuing. The latest word is that in addition to the Duane Reade and Liquor store that Rockrose has signed on, they have also inked a supermarket! Yes, a supermarket people! I cannot yet divulge which supermarket it will be, but should be able to soon.
In the meantime, I have compiled an investment report on the area that details and reviews all of the new developments, timing, pricing, etc.. I have included an excerpt, the full report is available by request. You can email me at andrew@afinecompany.com.
P.S. Lounge 47 has a pretty good happy hour, $3 Stellas.
For Internal Use Only
Market Report: Hunter’s Point, Long Island City
July, 2007
Prepared by Andrew Fine, President, A. Fine Company, Inc.
Summary
Hunter’s Point in Long Island City remains one of our top two favorite investment areas within the City of New York. In our opinion, the area remains a compelling investment. Returns have been significant over the past 2 years, however, we believe this trend is in it’s infancy and the greatest price appreciation lies ahead. Inventory has decreased significantly over the past 2 quarters as new condo buildings like 5th Street Lofts, 10-50 Jackson, Echelon, and The Badge Building sold quickly at record levels for the area. 5th Street Lofts, the Toll Brothers development, made headlines last quarter with the first condo sale of over $1000/ft.. That number did not factor in the outdoor space, but it’s still a significant milestone. Prevailing prices for new condos available in the area are averaging just under $750 per square foot. This figure includes both doorman and non-doorman buildings. Xxxx Xxxxxxx ,whose book was approved recently and has quietly begun selling prior to official marketing has amended prices up to an average of $749/ft, and they have only a”cyber-doorman” and few amenities. Nonetheless demand appears strong for this development. It would be conservative to estimate that prices have climbed at least $100psf (or 15%) over the past year for new condo developments.
Market Report: Hunter’s Point, Long Island City
July, 2007
Prepared by Andrew Fine, President, A. Fine Company, Inc.
Summary
Hunter’s Point in Long Island City remains one of our top two favorite investment areas within the City of New York. In our opinion, the area remains a compelling investment. Returns have been significant over the past 2 years, however, we believe this trend is in it’s infancy and the greatest price appreciation lies ahead. Inventory has decreased significantly over the past 2 quarters as new condo buildings like 5th Street Lofts, 10-50 Jackson, Echelon, and The Badge Building sold quickly at record levels for the area. 5th Street Lofts, the Toll Brothers development, made headlines last quarter with the first condo sale of over $1000/ft.. That number did not factor in the outdoor space, but it’s still a significant milestone. Prevailing prices for new condos available in the area are averaging just under $750 per square foot. This figure includes both doorman and non-doorman buildings. Xxxx Xxxxxxx ,whose book was approved recently and has quietly begun selling prior to official marketing has amended prices up to an average of $749/ft, and they have only a”cyber-doorman” and few amenities. Nonetheless demand appears strong for this development. It would be conservative to estimate that prices have climbed at least $100psf (or 15%) over the past year for new condo developments.
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