The Real Deal New York

LIC townhouse that last sold for $115K wants record $5.5M

The priciest home sale in LIC stands at $4M
May 16, 2018 04:55PM

38-06 28th Street

38-06 28th Street

Talk about aspirational pricing: A Long Island City townhouse that’s hitting the market is asking $5.5 million. That’s $1.5 million higher than the neighborhood’s current sales record.

After buying the 1890s-era building at 38-06 28th Street for $115,000 in 1981, Megan Dees Friedman is putting her three-story house up for sale.

The building features a cobblestone driveway, a parking garage, and a 25-feet-wide footprint, one of the listing agents, Cary Tamura of the Corcoran Group, told the Journal. But another broker told the Journal that the home, once a firehouse, is further from the river and the historic district, bringing down the value.

“The price would set a record,” said Stribling & Associates’ Patrick Smith. “It is aspirational.”

Though uncommon, Friedman is not the only Queens seller seeking lofty prices. In 2015, a penthouse at 46-30 Center Boulevard was listed for $5.4 million — and it sold on Wednesday for just under $4 million.

An 1890s-era townhouse at 21-16 45th Ave. set the neighborhood sales record in late 2015 at $4 million.

The steep price tags highlight the recent growth in LIC, a former industrial hub that has seen a surge in development, with multiple megaprojects from Tishman Speyer, TF Cornerstone and others in various phases of planning and construction.

Between 2011 and 2017, the median one-to-three-family house price jumped 67 percent to $1.07 million, according to the Journal. The median condo price was up 69 percent during the same period to $830,000. [WSJ]Meenal Vamburkar