Ambitious LIC condo development goes rental

TRD New York /
Mar.March 08, 2015 04:00 PM

UPDATED Mar 9, 10:58 a.m.: Initial reports suggested that units at the Madison in Long Island City, a new condominium development, were selling like hotcakes. Nevertheless, the building is now going rental.

Pre-construction sales launched at the 14-unit building last summer, and roughly 50 percent of the units quickly went into contract. At the time, pricing for the one- and two-bedroom “penthouse” units started at $500,000, according to Brownstoner.

But the owners, who occupy at least one unit in the building located at 42-77 Hunter Street, have decided to hang on to their debut project, and refund the buyers. Now it’s going rental, according to Brownstoner.

Modern Spaces recently listed two units on the rental market for $2,750 and $2,773 a month.

“It was the sponsors’ first project and they had a lot pride in it,” Modern Spaces CEO Eric Benaim told The Real Deal. “They felt that if they sold the condos they wouldn’t really own it anymore.”

Benaim added that land prices have increased so much in the area, that even if the developers sold all the units, they wouldn’t make enough to buy another site. [Brownstoner]Christopher Cameron

Related Articles

Jackson Park at 28-40 Jackson Avenue and Tishman Speyer's Rob Speyer (Credit: StreetEasy and Tishman Speyer)

Tishman Speyer locks in $1B in financing for Jackson Park

Clutter CEO and co-founder Ari Mir, and clockwise from left: 280 Fullerton Avenue, 1 Holland Avenue, 3046 Northern Boulevard and 5601 Foster Avenue (Credit: Linkedin, Google Maps)

Self-storage startup Clutter makes its first real estate play with $152M deal

The massive meeting held in a suburban casino outside of Utica came at a time when the real estate industry is asking itself some tough questions. (Credit: iStock)

Meet the 400 landlords that are taking rent laws into their own hands

43-20 49th Avenue in Long Island City and Andrew Chung of Innovo Property Group (Credit: Google Maps)

Andrew Chung tees up Queens’ biggest deal of 2019

Olivia Gamber, the farmer-in-residence at Staten Island Urby’s Rabbit Garden

The Staten Island rental that’s luring in renters with tomatoes and hot peppers

Court Square Place at 24-01 44th Road in Queens and The New York Times' A.G. Sulzberger (Credit: Google Maps and Getty Images)

All the news that’s fit for Queens: NYT inks lease in Long Island City

Corcoran President & CEO Pamela Liebman (Credit: Corcoran, Getty Images)

Welcome to Queens: Corcoran opens first borough outpost

The states with the biggest share of vacation rentals aren’t where you’d think