Queens’ priciest condo hit the market last week, delighting real estate experts and business buffs alike, as they anticipate an increase in luxury living spaces will bring notoriety to the already burgeoning neighborhood of Long Island City.
The costly condo, perched atop The View on Center Boulevard, is priced at $3.25 million – the steepest price of an apartment currently on the market in Queens.
Silvette Julian, the broker handling the sale for Nest Seekers, said the duplex in the sky boasts three bedrooms, four bathrooms, elevated ceilings, gorgeous fixtures and a view of the Manhattan skyline.
“It’s quite possibly the most stunning property in the building,” said Julian, who previously sold several of The View’s other units.
The condominium was built in 2009 by local developer TF Cornerstone. According to Julian, ritzy real estate in Long Island City is swiftly following in the footsteps of the Manhattan market.
“[This property going on the market] is very positive,” said Julian. “It will increase property value and give the neighborhood the recognition it deserves. Long Island City has been a well-kept secret but unfortunately it’s no longer a secret.”
According to Property Shark, a Hunters Point pad sold in 2008 for $3.05 million holds the record for the borough’s most expensive condo.
According to a mid-year report released by Modern Spaces, the average two-bedroom apartment in Long Island City sells for around $900,000, while spaces over 1,500- square-feet go for about $1.3 million. The study said of current inventory, 94 percent is sold and 6 percent is available – showing a divide between the high demand for LIC living spaces and properties available.
Gayle Baron, president of the Long Island City Partnership, said a listing such as this is indicative of current market trends in the neighborhood.
“It certainly is a very positive explanation for what’s happening in Long Island City right now,” said Baron. “When you have an expensive apartment of that nature, you attract other buyers.”
Baron claimed an increase in demand for luxury homes provides critical mass for local businesses, driving retail and restaurants that cater to high-end clientele.
“With these prospective buyers brings more businesses to the neighborhood as well, [businesses] who might not have considered the neighborhood before.”