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LIC rental market flat: report
Long Island City’s rental market in the first half of 2011 is flat compared with the end of 2010, with 94 percent of 2,084 rentals leased, according to Modern Spaces’ mid-year residential report based on neighborhood-wide data (see full report below). The for-sale market was up almost 10 percent compared to the end of 2010, with 86 percent of 2,359 units on the market snapped up compared to 77 percent at the end of last year. The majority of the units in the area are condos, Modern Spaces CEO Eric Benaim said. Monthly rents in the first six months of the year averaged $1,475 to $5,323,
depending on whether the buildings had doormen or elevators.
Sales prices ranged from $319,725 for studios to
$1.27 million for three-bedroom apartments. — Miranda Neubauer