Shuster’s Five27 in Long Island City sells out

Design of the building cited as big selling point for condo on 51st Avenue

Mar.March 14, 2014 05:50 PM

Shuster Development’s luxury condominium development Five27 in Long Island City is 100 percent sold, a spokesperson from Modern Spaces, the development’s exclusive sales and marketing team, told The Real Deal.

The building at 5-27 51st Avenue includes studios, one- and two-bedroom residences, ranging from 490 square feet to 1,368 square feet. Homes feature white-oak floors, Italian finishes, stainless steel appliances, and kitchens lined with dark walnut cabinets. The master and guest bathrooms are outfitted with Italian mosaic and natural stone tiles, and building amenities include a landscaped roof, fitness center, resident lounge, bike storage and resident parking garage.

“I feel the buyers were really attracted to the architectural design of the building, and the finishes,” Eric Benaim, president and CEO of Modern Spaces, told Design of the building cited as big selling point for condo on 51st Avenue via email. “The loft-style brick exteriors and large windows, plus having a low-rise plan, made it stand out among the other new buildings in LIC.”

The property is the latest in several Long Island projects for Shuster Development, which also sold out the Badge at 10-55 47th Avenue, Ten63 Jackson and One Murrary Park at 11-25 45th Avenue.

Five27 marks Modern Spaces’ 15th residential sellout in the neighborhood. The firm was the exclusive sales and marketing handler for the Vista and the Bindery, both of which also sold out within one year of their offerings hitting the market.

“We are applying the same strategy to all our buildings, which definitely helps keep momentum going and the buyers excited,” Christina DeCurtis, sales director for Five27, told The Real Deal. “On our first day of showings I had 40 appointments – we had clients fighting over the units. And there were resales on the market, so it was not that we were the only product. What made us successful is that we had the type of building buyers were looking for, in the right location.”

The 27-unit condominium, designed by interior design and architecture firm Fogarty Finger, snagged a Long Island City record with the $1.58 million sale of its two-bedroom penthouse last month.

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