Todd Hovanec has a history of working in
Long Island City real estate and in 2012
decided to open his own brokerage firm to
better serve clients.
Luminous Realty, located at 41 Madison Ave.,
is a boutique brokerage firm that focuses on rep-resenting
condominium buyers and sellers.
“By virtue of working in the neighborhood for so
long and selling so many apartments and meeting
so many people it was just sort of the natural place
to start our business,” Hovanec said.
Hovanec said the neighborhood has become
increasingly attractive because of its amenities
and its proximity to Manhattan.
“Transportation networks are top notch and the
access to midtown is unparalleled,” he said. “It’s
just so well connected. It’s a terrific place to have a
family. There’s wonderful parks around the water-front
and the schools are terrific and Long Island
City has the best skyline view in the whole city.”
Though Long Island City has a reputation for
welcoming young professionals who don’t spend
much time in the area, Hovanec said the makeup
of the neighborhood has been changing.
“There’s definitely a baby boom,” he said. “A lot
of the inventory in the neighborhood has been sort
of one- and two-bedrooms and I think there’s a real
need for larger units. There’s a very strong demand
for larger apartments and I think we’re starting to see
that in more of the buildings that are coming around.”
A new report found that a record number of
rental units were built in Long Island City from 2010
through 2016, eclipsing other large cities nationwide
that also experienced a spike in development. Long
Island City topped the list of 50 neighborhoods with
the most new rentals from 2010 through 2016.
During that six-year time period, the neighbor-hood
saw 12,533 new units and 41 new apartment
buildings being constructed.
In terms of the condo market, the neighborhood
saw an increase in sales from the second quarter
of 2016 through the second quarter of 2017. Ac-cording
to the Elliman Report, there were 39 sales
in 2016 compared to 69 sales in 2017.
“I think a lot of people who own real estate in
Long Island City are very excited about market
trends,” Hovanec said.
Though the team at Luminous Realty is small,
Hovanec said the team is excited to be working in
the market and they look forward to the neighbor-hood’s
Since we are a small firm we are agile and
flexible and always put our clients first,” Hovanec
said. “We feel great to have been a part of this
community the last few years and we look forward
to the continued growth.”
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Photo courtesy of Luminous Realty