Not long after starting marketing for the newest condo building in Long Island City, real estate brokerage Modern Spaces announced Thursday yet another condo in the hot neighborhood that will begin marketing shortly.
Although the Long Island City real estate market is scorching hot with thousands of apartments planned, last year there were no new condo units available, said Eric Benaim, CEO of brokerage Modern Spaces.
As development heats up on the Astoria waterfront, the area is further poised to become another bustling Queens community with the addition of a ferry dock, which will connect future residents to Manhattan and other parts of the city.
Modern Spaces is marketing multiple condos in Long Island City near the $3 million mark. The high luxury listings reflect surging prices in the neighborhood, according to Eric Benaim, CEO and founder of the real estate firm.
Real estate firm Modern Spaces, which Eric Benaim launched in Long Island City in 2008, announced Monday that it is opening its sixth location in six years and its second in Astoria in October, hoping to hit a home run with the area as it did with its original neighborhood.
A report by residential brokerage firm Modern Spaces shows that while the average square footage of apartments of new developments are decreasing in the burgeoning neighborhood, the average price per square foot is rising.