From the August issue: Long Island City developers may be dealing with the consequences of
unleashing a wave of new condos into an untested market, but the damage
there is not as bad as it is in its Brooklyn counterpart neighborhood
of Williamsburg.
In this month’s Q & A, brokers working in Long Island City told The Real Deal that the Queens neighborhood has hundreds of new, unsold units compared to the thousands that exist in Williamsburg.
But, unlike Williamsburg, Long Island City has yet to really come into its own in terms of amenities — beyond the basics.
Brokers also said lowball offers are standard at many of the new
projects in Long Island City. They offered different estimates on
actual drops in prices, ranging from 10 to 30 percent. One agent said
price drops are deepest in buildings that are trying to hit the 15
percent threshold to make their offering plan effective.
