“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.
After receiving large interest from investors near and far, one historic Long Island City building recently sold in an all-cash transaction for over $30 million, according to realty company Modern Spaces.
Developer Tsilo Group is hoping to open and begin leasing in its new 62-unit Astoria rental building called The Grove this fall, according to representatives of Modern Spaces, which was chosen to exclusively handle marketing in the building.
Condos are becoming more popular in western Queens neighborhoods, such as Long Island City and Astoria, as developers seek to maximize profits in a market with increasing land values and high construction costs.
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.