Contracts Signed Report #longislandcity week of January 15 through January 21

A total of 4 contracts were signed last week. Two contracts were signed for condominium units and two contracts were signed for cooperative units.

The 2 signed contracts in the condo market were for resale units, both were very large 1 bedroom units and both were last price well above $1 million.

One of the condo units is located in The View, LIC's only riverfront condo building, and the apartment was last priced at $1,364 per square foot. The other condo unit, that went to contract, is located in Arris Lofts and it was last priced at $1,061 per square foot, a premium for the waterfront unit of 29%, which is consistent with the historical pricing relationship of riverfront and non-riverfront buildings in Long Island City.

Last week was the first week since October 2017 that more than one contract was signed at City Lights, Long Island City's only cooperative. Year over year sales in 2017 at City Lights were down because of a significant increase in maintenance charges. Perhaps last week's increase in contract activity is a signal that the market has finally absorbed the news regarding the higher maintenance charges.

Thank you.

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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