■REAL ESTATE BY LIAM LA GUERRE [email protected] I @LiamLaGuerre { Image courtesy of Hilton Garden Inn { HILTON GARDEN INN OPENS IN LIC’S BOOMING HOTEL MARKET The Long Island City Hilton Garden Inn opened on April 24, becoming the newest addition to the growing hotel scene in the burgeoning neighborhood. The new Hilton branch has 183 guest rooms, which each come with a mini fridge, microwave oven and Keurig coffee maker. There are four meeting rooms in the hotel and a presidential suite with views of the Manhattan skyline. “We’re excited to provide guests the option to stay in Long Island City, a rapidly growing community only minutes away from Manhattan,” said Adrian Kurre, global head of Hilton Garden Inn. “Our brand’s strategic expansion into this market is a major contribution to Hilton Garden Inn’s diversity in providing urban and suburban locations for guests.” Attracted by low land values and close proximity to Manhattan, more than 20 hotels have popped up in Long Island City since 2008, according to the LIC Partnership, an organization dedicated to fostering business in the neighborhood. Currently, another 26 hotels are on the way to the neighborhood. There are now about 3,000 hotel rooms in LIC, according to Rob MacKay, director of public relations at the Queens Economic Development Corporation. Complimentary Wi-Fi, a fitness center with a pool, and a 24-hour business center are featured amenities for guests in the new LIC Hilton. For food, The Garden Grille and Bar offers freshly cooked meals, drinks and room service. Also, a convenience outlet called The Pavilion Pantry is open around the clock and has snacks, beverages and microwaveable items. Besides the proximity to Manhattan, Long Island City itself has begun to create a buzz with unique art institutions, such as MoMA PS1 and the Sculpture Center, and restaurants. The LIC Hilton Garden Inn is owned by CVR Hotel LLC, and managed by Crescent Hotels and Resorts LLC. Average LIC condo price nearing $900K Prospective buyers of condos in LIC will need to have deep pockets — that are hopefully getting deeper. With the heavy demand for condos in the burgeoning neighborhood, the price of a condo in the market crossed the $1,000 per square foot marker in the first quarter of the year, according to a report by broker Modern Spaces, which expects prices to continue to rise even higher. Homebuyers pay an average of $877,778 for a condo in Long Island City now, according to the brokerage’s Q1 2015 Market Report. “Long Island City home prices have been increasing steadily over the past few years,” said Eric Benaim, CEO of Modern Spaces. “The demand for new homes here remains strong and will continue to drive prices higher.” Last year, no new condos came to the market, according to Benaim. But some condo buildings planned for construction will begin sales of units this year, bringing an influx of new inventory. Modern Spaces recently announced the beginning of marketing for the 39 units in Liv @ Murray Park North at 11-35 45th Ave., and the 23 units at The Corner planned for 47-28 11th St. Specific prices in these buildings have yet to be announced, but representatives said studios will start in the $400,000s in Liv @ Murray Park North. That will be a deal for prospective homeowners, since the average price for condominiums in LIC is $678,333 for a studio, $820,000 for a one-bedroom unit, and $1.1 million for a two-bedroom apartment, according to the report.
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