“The city needs to figure out some sort of incentive to developers, whatever it may be, for somebody to build new offices. If [Long Island City] had these offices it will keep people here and it’ll give people incentive to stay here or come here, which will help the overall market.”
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.
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.
The Queens Museum and the Parks Department are asking members of communities around Flushing Meadows Corona Park to come up with ideas and solutions to make the green space more accessible to local communities.
Prices are cooling off in the hot Long Island City rental market as values for studios, one and two-bedroom apartments have dropped considerably since May, according to the September Queens Rental Market Report by MNS Real Estate.
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.