LIC’s Five27 not bumming around

Half the units at condo project already in contract, with prices reaching $960 per square foot
May 24, 2013 08:30AM

Half the homes at Long Island City’s luxury condominium Five27 are already in contract, and the excitement over sales reached such a frenzy that a prospective customer bum-rushed the door at the project’s opening, the New York Daily News reported.

“He ran in by the agent after he was told to wait and tried to start looking around himself,” Modern Spaces founder Eric Benaim, whose Long Island City-based brokerage is handling sales at the building, told the Daily News. “He was aggressive and we had to escort him out. I guess he really wanted to get in.”

Located at 5-27 51st Avenue next to Vernon Boulevard and the 7 train, Five27’s apartments range from studios to two-bedrooms, and prices go from $430,000 to $1.3 million. Within a fortnight of sales, half the homes are in contract, and the $960 per square foot prices far exceed the neighborhood average of $870.

“This is the best facade in Long Island City,” Benaim told the Daily News, and said that a lack of luxury options in the neighborhood were pushing sales up. Indeed, the developers have requested price increases nine times from the state attorney general. [NYDN]  – Hiten Samtani