The average sale price for condominiums in Long Island City climbed 46% over the past 10 years, according to Halstead’s Long Island City (LIC) Condominium Report. At $1,063,670, the average price in 2016, driven by high-end new development closings, nearly doubled since 2007 when the average sales price was $726,178 for condos in the neighborhood. Average price per square foot in LIC also rose to $1,101 from $639 in 2007, while the median condo sale price climbed to $970,000 last year from $692,410 in 2007.
“The price of luxury condominiums in Long Island City is forecast to hit an all-time high in 2017 and it is clear that over the past decade we have seen that people are increasingly appreciating the convenience to Manhattan and quality of life Long Island City has to offer. Now more than ever, the area is a great place to buy. While the pace of price appreciation slowed in the past two years, we expect the significant development in LIC’s Court Square neighborhood to drive value over the next three to five years, thanks to the addition of more restaurants, retail, and office space,” said Robert Whalen, Halstead’s Director of Sales for Long Island City.
According to HPDM, Halstead’s Development Marketing arm, there are approximately 1,990 condominium units in the pipeline for LIC and Hunter’s Point over the next three years, nearly half of which will be in the Court Square City View Tower at 23-15 44th Drive. Average contract signed pricing for new development in LIC currently ranges from $1,176 PPSF for one beds to $1,310 PPSF for three bedroom units.
Halstead’s Long Island City Condominium Report also highlighted sales data in three condo buildings in the neighborhood, noting the following:
- The View at 46-30 Center Boulevard saw price per square foot and average sales prices rise last year to $1,489 and $1,762,857, up from $815 and $892,623 in 2009, respectively;
- At 5SL (Fifth Street Lofts) at 5-09 48th Avenue, average price per square foot rose to $1,296 last year from $822 in 2008, and the average sales price increased to $1,289,421 in 2016 from $751,770 in 2008; and
- The Powerhouse at 2-17 51st Avenue saw the average price per square foot increase to $1,129 in 2016 from $757, with the average sales prices rising to $1,204,040 last year from $724,081 in 2008.
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