Real Estate BY ANGELA MATUA Monstrous residential project in LIC is the second-largest development built in America in 2015 Long Island City is increasingly becoming home to large developments, and one of those projects made the top 10 list of developments completed in 2015 in America. According to RENTCafe, an apartment listing site, the 925-unit Hunters Point South Living composed of Hunters Point South Commons and Hunters Point South Crossing, is only second in size to a development in Orange County, California. The 32-story and 37-story projects were completed last September at 1-55 Borden Ave. and 1-50 50th Ave., respectively. The rent-stabilized apartments are petfriendly and include amenities such as a 24-hour attended lobby, on-site manager and staff, a party room, an outdoor terrace, a fitness center, a playroom, a bike room, a tech lounge and an outdoor community garden. The only other project from New York City to make the list was One North Fourth in Brooklyn, which has 509 rental units and is located in Williamsburg. It opened in February of 2015 and includes a spinning and yoga room, outdoor pool, a sundeck with a movie screen, a playroom, a barbecue area, a media lounge with billiards and a party room. LIC condos are now more expensive than Brooklyn condos, study says Brooklyn’s high real estate prices have forced people to look for alternative housing options and for many, that meant making a move to the more affordable Queens. But a new study shows that at least one neighborhood in the “World’s Borough” has surpassed Brooklyn in terms of condo prices. Real estate firm Modern Spaces recently released its Quarter 1 2016 Market Report, which found that Long Island City condo prices have surpassed Brooklyn’s average price by 17 percent. The average price for a condo in the neighborhood is now $1,235,524, a 30 percent increase from last quarter and more than the $1,024,197 average price tag in Brooklyn. According to data compiled by Modern Spaces, the market has shifted from studios and onebedroom apartments to accommodate more people in two- and three-bedroom apartments. Last quarter, two-bedroom apartments made up 30 percent of closings while this quarter, which spans from Jan. 1 to March 31, two-bedroom units made up 46 percent of closings. The price per square foot in two-bedroom units has also increased from $991 last quarter to $1,116 in the first quarter of 2016. The average price per foot is $1,308. The View, an 18-story luxury condo tower at 4630 Center Blvd., features the highest prices per foot in the market with $1,906. One- and two-bedroom walk-ups have slightly decreased from last quarter with average prices hitting $2,307 and $2,809, respectively. That trend is also reflected in one- and two-bedroom elevator rentals, which have decreased from $2,560 and $2,870 to $2,377 and $2,833 respectively. The report also outlines trends in the Astoria market, which has seen a shift from two- and three-bedroom units to mostly one-bedroom units sold this quarter. This translates to 45 percent one-bedroom units and 22 percent two-bedroom units last quarter to 70 percent one-bedroom and 7 percent two-bedroom units sold this quarter. The average rental rate in Astoria decreased this quarter from $3,131 to $2,717. Walk-up multi-family buildings, elevator multifamily buildings, office buildings and residential development sites have all jumped in price per square foot this quarter. Mixed-use buildings have skyrocketed from $391.86 per square foot last quarter to $503.48 this quarter. “As predicted, the rental market is at the early stages of leveling out,” said Eric Benaim, CEO of Modern Spaces, in the report’s summary. “A strong condominium market and a sharp increase in demand for larger units sets a new tone for 2016.” Colossal
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