Crazy prices in LIC: Condo prices fall but luxe rentals skyrocket

New York /
Oct.October 08, 2013 02:13 PM

Real estate prices don’t always make sense, and now is one of those times in Long Island City. While the total dollar amount for a studio fell in the third quarter, the per-square-foot cost edged up, new figures show. And the mixed-up numbers have developers making studios even smaller to keep buyers coming.

From July through September, the average sale price of a condo was $441,667 for a studio, a 27 percent drop from the second quarter average of $607,500; yet, the price per square foot for a studio — $866 — was 1.6 percent higher than the $852 per-square-foot price in the second quarter.

“To keep the units affordable, developers are shrinking them,” said Eric Benaim, president and CEO of Modern Spaces, the Long Island City brokerage that put out the figures. “For example, where a couple of years ago 1 beds were around 750 square feet, they are now 675 or 650 square feet. The sale price might be the same or a little smaller, but they are getting less and the price per foot is increasing, and developers are able to add a few extra units to a building because of this.”

Like studios, the absolute prices for one-bedroom and two-bedrooms dropped. The average for a one-bedroom was $656,468, down less than 1 percent from $663,000; a two-bedroom went for $991,343 , down 4.7 percent from $1.04 million.

One- and two-bedrooms, however, went for slightly lower prices per square foot. A one-bedroom averaged $781 per square foot, a decrease of 5 percent from $825; a two-bedroom averaged $855 per square foot, a 0.9 percent decrease from $863.

In neighboring Astoria, condo prices ticked up. The average sale price for a condo was $240,500 for a studio, $457,932 for a one-bedroom and $737,155 for a two-bedroom. That’s a whopping 42 percent jump for two bedrooms, up from $518,917, and an increase of 4.7 percent for one bedrooms, up from $437,328.

For luxury apartment rentals in Long Island City, the average rate was $2,320 per month for a studio, up 4.2 percent from $2,225; $2,901 for a one-bedroom, a 9.4 percent jump from $2,650; and $4,106 for a two-bedroom, an 18 percent increase from $3,475.

Comparative quarterly data for luxury apartment rentals in Astoria was not available.


Related Articles

arrow_forward_ios
The Factory building at 30-30 47th Avenue with Square Mile Capital’s Craig Solomon and Invesco CEO Marty Flanagan (Photos via The Factory; Square Mile; Invesco)

Here’s what tenants are paying at the Factory in Long Island City

Here’s what tenants are paying at the Factory in Long Island City
Square Mile Capital’s Craig Solomon and Hackman Capital Partner’s Michael Hackman with Silvercup Studios at 42-22 22nd Street in Long Island City (Hackman; Silvercup Studios)

Hackman and the City: Hackman, Square Mile buy Silvercup Studios

Hackman and the City: Hackman, Square Mile buy Silvercup Studios
Carlyle CEO Kewsong Lee and 24-02 Queens Plaza South in Long Island City (Getty; Atlas Capital)

Carlyle Group pockets $40M LIC trade school building

Carlyle Group pockets $40M LIC trade school building
Traub Capital's Brian Crosby and 27-11 49th Avenue in Long Island City (Images via Traub and Google Maps)

Traub Capital pays $75M for LIC cosmetics plant

Traub Capital pays $75M for LIC cosmetics plant
Kyle Bragg and Eric Benaim

Backers of big Queens megaprojects say city needs the jobs, homes

Backers of big Queens megaprojects say city needs the jobs, homes
Mayor Bill de Blasio and (inset) the proposed development in Long Island City (Getty, YourLIC)

City ends talks with Gilmartin’s group to jointly rezone former Amazon site

City ends talks with Gilmartin’s group to jointly rezone former Amazon site
Penthouse at 46-30 Center Boulevard (Compass, Google Maps)

LIC penthouse deal is priciest Queens sale in two years

LIC penthouse deal is priciest Queens sale in two years
22-15 31st Street (Google Maps)

Supermarket signals demise as Target eyes Astoria

Supermarket signals demise as Target eyes Astoria
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...