Modern Spaces CEO Eric Benaim and Long Island City

Prices for Long Island City apartments were mixed in the first quarter of 2013, with larger units commanding higher prices than previous months, and smaller units seeing price-per-square-foot declines, according to a market report issued today by Modern Spaces. Both a shrinking inventory and increased demand for housing in the neighborhood factored into the price climbs, the brokerage said. [more]

From left: Modern Spaces CEO Eric Benaim and renderings of the Vista condominium

The 48-unit Vista condominium tower in Long Island City has channeled the energy of the universe, it seems. This fully feng shui-designed and certified property has reached the half sold mark, according to a release sent to The Real Deal by Modern Spaces, the exclusive sales and marketing team. [more]

A Queens man is accused of operating a $50 million real estate scam, the New York Post reported. Gershon Barkany, 29, pocketed investors’ money given to him to flip properties in so-called “risk-free” deals, according to court documents; the FBI arrested him Thursday.

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The LIC collapse (credit: Larry Dusseau)

TF Cornerstone has been slapped with a Department of Buildings violation for the Jan. 9 collapse of a crane at its 4610 Center Boulevard site in Long Island City, the Associated Press reported. Additionally, crane operator Paul Geer and Cross Country Construction have been slapped with five violations apiece, and face fines of at least $64,000. A site safety manager also received one violation. [more]

Modern Spaces’ Eric Benaim and the Williamsburg Waterfront

Williamsburg West, defined by Modern Spaces in its end-of-year report as the area from Wythe Avenue to the East River shore, has been commanding average sales prices several hundred thousand dollars above those traded in other Williamsburg areas. The report tracks the sales of studios, one-bedroom and two-bedroom units, as well as units over 1,500 square feet from July through December 2012. [more]

45-11 33rd Street (credit: PropertyShark)

Art shipping company Gander & White has inked a 60,000-square-foot lease in Long Island City, the New York Observer reported. The 10-year lease is for 45-11 33rd Street between Queens Boulevard and 47th Avenue, which the company will use for office and storage space. The lease is also a triple-net deal, meaning that the tenant will pay net taxes, insurance and maintenance for the space. Gander & White will pay rent of $14 per square foot. [more]

Tuck-It-Away founder Gerald Sprayregen and the LIC property

Long Island City is slated to get a new self-storage facility. The New York Observer reported that Tuck-It-Away has closed on a vacant, seven-story property at 37-19 Crescent Street between 37th and 38th avenues, for $6.1 million, which will become the company’s first Queens outpost. Alan Shmaruk of the Manhattes Group, along with Michael Sherman, represented both the buyer and the seller. [more]

In his 2013 State of the State address, Governor Andrew Cuomo withdrew his support for a New York casino he had previously championed, and is now eyeing locations north of the city, Crain’s reported. In his 2012 speech, Cuomo discussed plans to build a $4 billion convention center in Queens next to the Aqueduct racino, which seemed likely to be the first sanctioned casino in the city. But this year, he said that city casinos would thwart the state’s goal of luring city tourists to destinations upstate. “It was kind of a 180,” said state Sen. John Bonacic, a Hudson Valley legislator who chairs his chamber’s Racing, Gaming and Wagering Committee, and was pleased by the announcement. Cuomo backed plans to build three casinos upstate in economically depressed regions, and experts say the plan will help the governor receive more concessions from upstate casino bidders who won’t be threatened by city competition…. [more]

The collapsed LIC crane

The city has suspended the license of the operator of the Long Island City crane that collapsed on Wednesday, the New York Times reported. In a statement, the city said that the operator, identified as Paul Geer, was trying to lift a 23,900-pound load — over twice the crane’s capacity. The statement says that Geer “was unable to see the materials being lifted and was attempting to lift those materials outside of the approved landing zone.” [more]

Landlords in Long Island City are asking the highest office rental rates in a decade. Rents have risen as vacancy rates have tightened because former Manhattan firms are moving to the neighborhood and no new office construction is on the horizon. The asking rents for office space at the end of 2012 reached $24.94 per square foot, the highest level since 2003, a new report from Midtown-based commercial firm Newmark Grubb Knight Frank says. That was a sharp 7 percent increase in the fourth quarter from the prior quarter, when the asking rent was $23.34 per square foot, the figures show…. [more]