LIC's "Murano" A Glass Act
Ventured out to ol' LIC this morning for some pics and updates. A pleasant surprise was how the glass was coming out at "The Murano" condo. The building formerly named "Prism" sure had a heck of a reflective surface. Just check out the clouds in the first shot. Pretty impressive Canti too!
On pricing, etc.. from broker email:
11 stories, 76 units in Long Island City , Queens .
There are 32 one-bedrooms that range from 685-840 sqft.
There are 40 two-bedrooms that range from 1050-1195 sqft.
There are 4 three-bedrooms that are 1505 sqft.
There are private balconies/terraces in select units that range from 28-1380 sqft.
Amenities include: indoor parking, gym, lounge, eligible for 15 year 421-A tax abatement and high-end finishes Pricing starts at $450,000 for One Bedrooms, $595,000 for Two Bedrooms, and $1,543,000 for Three Bedroom apartments.
UPDATE: Pricing as per broker email this afternoon:
UPDATE: Pricing as per broker email this afternoon:
one-bedrooms– 675-807 sq ft - $450,000 - $525,000
two-bedrooms 890-1313 sq ft - $595,000 – $945,000
three-bedroom - 1547-1558 sq ft - $1,075,000 - $1,100,000
Outdoor space: Private balconies/ terraces in select units 24-1,532 sq ft
Nice, building, may sell out in about a decade.
ReplyDeleteWhy would anyone want to pay this much to live in Long Is City???
ReplyDelete$1.5 million for a 1505 sqft 3-bedroom? Presumably with 1380 sqft terrace--facing the train tracks?
ReplyDeleteDoesn't seem to be a terrace that big facing the tracks. Maybe a corner west/north facing apartment with a terrace?
ReplyDeleteGood luck to the builders. There are so many vacant apartments (condos and rentals) in LIC for the past 2 years. Everyone who rents here is very temporary. They will move out when they finish college or are transfered to another city.
ReplyDeleteVery few people enjoy life in this isolated neighborhood.
"Isolated neighborhood"? Hardly.
ReplyDeleteAnd there haven't been so amny vacant apartments in the last 2 years. Except for the economic crunch that has happened within the last year, LIC is doing quite well.
Recent closings in LIC indicate that the average price per square foot is about $670 sf.
ReplyDeleteAnonymous--How long have you been a resident? I am wondering because I've been here 20 years and I love the neighborhood. I've seen ALL the changes since '89 when indeed it was considered isolated. Not so anymore. The real estate will have to correct for pricing, but the location and the views of NYC can't be beat. Just my opinion, but I have some years here to back it up.
ReplyDeleteTip to builder. Sound proof the units. Seriously. Not just from outside noise but from the adjoining units. Do that and it will be your biggest selling point. Do it while you still can. Trust me I rent in the powerhouse and I will be moving as soon as my lease is up. I took this place for a test drive and it failed terribly.
ReplyDeletethere is no way the higher end of those prices will work -- for that much, why wouldn't you buy at the view?
ReplyDeleteI agree about the prices. I just don't understand why anyone would buy in any of these buildings all over the city when you can clearly rent the same unit (or almost identical) for less then half with ZERO risk. I'm truly confused how people don't get this.
ReplyDeleteYes, I agree about the gross overpricing of the buildings all over the city. Salaries have not increased in general to keep up with the rising price of real estate. Only the wealthy can afford to buy at the current prices.
ReplyDeleteAlso agreed that LIC is pretty isolated. I've lived here five years. I don't feel safe walking outside of a certain radius of the area because it is very isolated. If I leave the neighborhood it is always by subway or if it is late or the weather is bad or the L train isn't running it is by car service or taxi. I didn't consider this extra cost when I moved here.
Also agree that the vacancy rate is high. I look around me and see empty condos and apartments everywhere.
I meant the 7 train, not the L train.
ReplyDeleteVery well said and I agree with everything you said.And for for the empty apartments.Holy Cow. Just look at the buildings at night and its scary how many are empty. Recovery, people are either lying or just pain stupid.
ReplyDeleteBuilders and brokers want us to believe that now is the time to buy. If it is why are large commercial spaces selling well below half of their "worth". Why are there so many empty store fronts in prime areas of Manhattan. Where have the jobs from these businesses gone? The Dow has gone up a bit but so has unemployment, more people have had their hours cut or have taken pay cuts and still more are not secure about their jobs. Add to that, college graduates are very lucky to find employment.
ReplyDeleteBuilders and developers took a gamble and lost, or at least will not see the high profits they had hoped to see. Now they need to look at the economy and come up with a new stratgy, not be so arrogant as to assume buyers are stupid enough to pay their over-inflated prices.
Amen. It's nice to hear that there are people out there that can see the forest through the trees.
ReplyDeleteA lot of money to live by the train tracks in Queens! The views will be knocked out when/if Queens West-South development takes place. The views are only available in some of the luxury highrises by the water.
ReplyDeleteLots of people on the negative here, yet, the building is not open yet. Maybe they have a deal or two. LIC is happening.
ReplyDeleteYeah they mis-priced it now, but so did the View. They've lowered their prices considerably and changed their RE marketing/sales team several times. The Murano will too, no one can get mortgages, so how will they close units? And the people who can get a mortgage or pay in cash have so much more to choose from in LIC and the location is not great at all. Actually,pProbably one of the worst in LIC, to tell the truth.
ReplyDeleteThe problem is the LIRR tracks idle the trains 20 feet from your bedroom window. Sounds like an airplane landing all day long. Google it. The north side will be fantastic. Another fugly building though. Seriously someone should takes these so called architects crayons away, looks like shite.
ReplyDeleteAlso LIC is one the best neighborhoods in NYC. Its 20 minutes to anyhere in NYC and nice old school neighbors. I love it here.
ReplyDelete20 minutes to anywhere in NYC? I'm guessing you own a car.
ReplyDelete5 mins to Grand Central at least. It is convenient.
ReplyDeleteIt will be a rental. Look around people why buy anywhere in a new development when you can rent the same unit for half the price with zero risk. Do yourself a favor and take a drive around LIC at night and look at the buildings and notice all the lights off. L-haus, both hunters points, view, powerhouse, foundry.... All have at least half the building vacant. You will see that some have 70-80% of the lights off. And lets not forget that the powerhouse, foundry and view all have renters that make them look better in the dark. People it's a disaster. Don't be fooled.
ReplyDeleteWell said, they also turn on lights in some of the vacant apartments so that they look lived in.
ReplyDeletelets talk prices per sq foot. where are they now, how successful were they during this selling season, and where are they going. Are the brokers desperate? what should people shoot for. I think we need to put numbers to these buildings, cold hard facts.
ReplyDeletethe next stop past vernon is 7 min to grand central, but you don't see that going up in value.
ReplyDeleteThe infrastructure of this building is awesome! I'm really impacted how creativity and technology has evolved in the last years... something really difficult to describe.
ReplyDelete