Contracts Signed Report #longislandcity week of February 19 through February 25
Commercial Market Update: Thousands of residential units have been brought to market in Long Island City over the course of the past 12 years and thousands more are in the pipeline. With all of the residential development, developers are beginning to strategically focus on the commercial market which will make LIC a true live, work, play community. This week's image is courtesy of thepointlic.com, and it shows the PARAGON, a seven-story, 130,000 square foot, commercial building located in the heart of Hunters Point. I hear that the building is receiving lots of interest from beer hall operators, retails tenants and interest from many companies in the TAMI sector. Related Companies and GreenOak Real Estate are developing the project with Newmark and Winick handling the leasing.
Contracts Signed Report: Five contracts were signed last week in the Long Island City condominium market. No contracts were signed at City Lights, Long Island City's only cooperative residence.
Each of the five contracts had a price of at least $1 million. The distribution of units included one 1-bedroom unit, two 2-bedroom units and two 3-bedroom units.
Four of the five signed contracts were for new development units with an average price per square foot of $1,361 PSF as compared to the one resale unit which achieved $997 PSF, a premium of 37%. The new development premium was higher last week because the resale unit happens to be a very large and oversized loft 1 bedroom unit.
Best Regards.
Patrick
Long Island City: 718.208.1999
Manhattan: 212.434.7086
About the Author
Patrick is a leading New York City real estate broker and new development specialist. He combines more than 15 years’ experience in real estate brokerage, marketing, research and new development sales and leasing with exceptional creativity and unparalleled service to help clients maximize value on their real estate investments while minimizing risk.
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