The Real Deal New York

Buyers start moving into LIC’s the Yard

August 16, 2011 03:41PM


Eric Benaim, Modern Spaces’ president, and the Yard

[Updated at 4:10 p.m. with additional closing information]

Move-ins have begun at Long Island City condominium the Yard,
according to a statement from Modern Spaces, the brokerage
that is exclusively marketing the building. The
12-story, 83-unit building at 2-26 50th Avenue was developed in
the yard of its sister condo, the Powerhouse
. “Closings began in July and there has been remarkable foot traffic in
the sales office,” Eric Benaim, Modern Spaces’ president, said in the statement.

According to Streeteasy.com, three units at the Yard are in contract
and five have closed. According to Modern Spaces, however, 18 units have closed. Benaim said the numbers differed because not all the apartment were listed at the same time, and because some of the units had closed before the building officially hit the market. In February, the project’s developer, Cheskel
Schwimmer of Chess Builders had, told The Real Deal
that he had tentative loans for a third building at the site, the Lighthouse, but
had not yet secured a construction loan.

The Yard, a Karl Fischer-designed building, overlooks the East River and the
Manhattan skyline, and is comprised of 83 studio, one- and two-bedroom apartments. Residences range from 434 square feet
to more than 1,115 square feet with prices starting at around $300,000, Modern Spaces said.
Most units also have their own private
balcony or terrace. — Miranda Neubauer

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