Modern Spaces to market Five27 condo in LIC

By Zachary Kussin | February 21, 2013 02:00PM

Modern Spaces has been tapped to exclusively market the Five27 condominium in Long Island City, The Real Deal has learned. Sales at the four-story property, at 5-27 51st Avenue between Vernon Boulevard and 5th Street, are slated to launch in April.

The building will have studio, one- and two-bedroom units that range from 490 square feet to 1,368 square feet. Prices will start at $395,000 and top out at $900,000, Modern Spaces CEO and President Eric Benaim told The Real Deal, adding there will not be any early sales.

Work on the homes is still underway, but buyers should be able to move in this summer, according Benaim and Eyal Shuster, owner of Shuster Development, which is the developer.

Five27 is one of two residential buildings slated to open in the Long Island City market this year. Modern Spaces will market the other property as well, although Benaim declined to identify it.

“Long Island City has been growing at a rapid pace where luxury condominiums are drying up fast and the demand for luxury living has been exceptionally high,” Benaim said in a statement. “Five27 will be coming on the market at a perfect time and will provide buyers not only with an amazing value and quality, but its location will offer an incredibly culture-rich and diverse neighborhood that will resonate with buyers looking to purchase in Long Island City.”

The units in Five27 will have top-of-the-line interiors and white-oak flooring, according to a news release. The kitchens will be outfitted with stainless steel appliances; the bathrooms will have custom porcelain floors and wall tiles. Other amenities include a landscaped rooftop, a fitness center and a parking garage for residents.

The façade will be made of red brick with large windows, which Benaim told TRD channels the Soho look. “It will stand out in terms of design,” he said.

Earlier this week, Modern Spaces announced it had sold out the L Haus condominium in Long Island City, marking the brokerage’s fourth neighborhood sell-out.