45 real estate Queens experienced a significant spike in the number of authorized housing units, which was greatly due to the start of construction of the Hunters Point South project in LIC. Spike in Building Permits BY CRISTABELLE TUMOLA Building is booming in the borough. The city’s Department of Buildings (DOB) authorized construction of 18,095 residential units in 1,383 buildings in 2013, a 71 percent increase from the previous year, according Rendering courtesy of NYC Mayors Office’s Flickr to a New York Building Congress (NYBC) analysis. Queens experienced the largest percentage jump. The area went from 1,529 units in 2012 to 3,161 in 2013—an increase of 107 percent. According to the analysis, the gain was largely impacted by the start of construction of the Hunters Point South affordable housing project in Long Island City. The report also found that in Queens 72 percent of the permitted buildings were for one- or two-family residences, and the estimated cost of construction per unit reached $102,500. The NYBC said that last year, for the first time since 2008, the number of housing units authorized by the DOB increased in each of the five boroughs, but residential permits “remain far below the levels attained between 2005 and 2008.” “With most of the recent talk centered on the recent boom in ultra-luxury Manhattan residential towers, it is certainly encouraging to see that momentum is quietly building in each of the five boroughs,” NYBC President Richard T. Anderson said. “The key to the city’s success rests in part on our ability to produce a wide range of housing options that are tailored to meet the needs of a population as diverse as New York.” THE BINDERY two-bedroom apartments. The interiors of the building feature wood flooring with a reclaimed effect throughout, exposed brick walls, gourmet kitchens, luxury bathrooms, and many of the units come with their own private balconies, terraces or garden. “The success of The Bindery is owed to its personality – residents today are looking for more character in their homes and have really connected with the building’s homage to the neighborhood’s bookbinding history,” said Jennifer Dorfmann, managing director of sales for Modern Spaces. The sell-out of The Bindery speaks to Long Island City’s continued transformation into a cultural hotspot.” Some of the amenities of the building include a landscaped rooftop, fitness center and a virtual doorman. To enter The Bindery, residents will go through a library instead of a lobby, keeping up with the inspiration of the historical book binding factories in Long Island City. The Bindery is also close to the E, M, 7 and G subway lines, and is just minutes away from Manhattan. Photo Courtesy of Donna Dotan Photography Inc. 100 percent SOLD BY ANGY ALTAMIRANO Long Island City real estate continues on its hot streak, as another luxury condominium reaches its 100 percent sold mark. The Bindery, a 20-unit residential building located at 43-37 11th Street, has been completely sold by real estate and brokerage company Modern Spaces. The building is one of the first residential properties in the area that sold for over $1,000 per square foot with one of the homes selling for $1,166 per square foot after coming onto the market last April. “The tremendous pace at which the Bindery homes were sold speaks volumes of the continued demand of luxury living in the area,” said Eric Benaim, CEO and president of Modern Spaces. “Everything from the name to the design of the building hit a note with buyers and we couldn’t be more pleased to have brought this project to completion in less than a year.” The condominium, developed by NY Lions Group and Craig Axelrod, is made up of seven floors including studios, one- and
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