Long Island City’s Murano condos sell out

TRD New York /
Jun.June 19, 2013 02:00 PM

The 76-unit Murano condominiums in Long Island City have sold out, according to Modern Spaces, the exclusive sales and marketing agent at the property.

The building, which is named after an Italian island, is located at 519 Borden Avenue Between 5th Street and Vernon Boulevard. It was developed by Hudson Equities JV and developer Jim Plotkin.

Units feature oak pearl hardwood flooring and floor-to-ceiling glass windows, and some have balcony or terrace spaces. Residents have a 15-year 421-a tax abatement.

A 1,237-square-foot two-bedroom, two-bathroom unit sold last month for $902,500, StreetEasy shows. A 726-square-foot one-bedroom home traded for $535,500 that same month, according to StreetEasy.

The building has 26 one-bedrooms, 46 two-bedrooms and four three-bedrooms. One-bedrooms start at $540,000; two-bedrooms at $875,000 and three-bedrooms at $1.13 million.

Modern Spaces two years ago was tapped to handle the marketing of the remaining 46 units inside the building. Previously, an in-house team from MNS handled sales, according to a Modern Spaces spokesperson. The condo opened in 2010.

The Murano reached 60 percent sales in November 2011, as The Real Deal reported. —Zachary Kussin

CORRECTION: A previous version of this article, drawing on previous reporting, said that the property did not have an exclusive sales team when Modern Spaces was tapped to handle sales. A Modern Spaces spokesperson told The Real Deal that it did — an in-house team from MNS.


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