Year of The New Dev. | Contracts Signed Report, #longislandcity, Week of Feb. 26 through March 4

This week's photo is an exterior shot of Toll Brothers' 5SL, Long Island City's premier condominium residence. We are so pleased to announce that we have been exclusively retained, to offer for sale, a stunning high floor XL 2 bedroom, 2 bath with setback terrace and deeded parking space, that we will bring to market in the coming days.

Signed Contracts Report: The Long Island City condo market has been very active since December 2017 and the local market has very positive sales momentum heading into the spring season. A record 10 contracts were signed last week for condominium apartments.

Nine of the ten contracts were for new development units. The new development units achieved an average of $1,263 per square foot as compared to the resale unit which achieved $997 per square foot, a premium for new development of 27%.

City Lights saw its first signed contract in more than a month. The apartment is a large 1 bedroom with den that was last priced at $575,000, $666 per square foot. Kudos to the savvy buyer of this apartment who did not follow the herd away from City Lights. Sales activity in City Lights has been much lower since the announcement of the increase in maintenance charges. We recently published a comprehensive market report on City Lights to help separate fact from fiction. The report is a must read for anyone thinking about selling or buying in the building.

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.

#striblingnyc #longislandcity #mdlny #milliondollarlisting #propertysmith #striblinglic #licqueens #liclife #thesmithteam #thesmithteamnyc