Tag Archives: Modern Spaces

New Astoria rental building The Grove to open and start leasing this fall


| lguerre@queenscourier.com

Photo courtesy of 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.

The seven-story building at 30-40 21st St. will offer a mix of studios, one- and two-bedrooms apartments. The units will feature washers and dryers, maple hardwood floors, and kitchens with Italian cabinets and Caesarstone countertops. Amenities in the building include a gym, and a landscaped rooftop with lounges and sunbathing area.

Rental prices in the building have not been released yet, but average rental rates in the neighborhood are $2,395 per month for a studio, $2,588 for a one-bedroom and $3,393 for a two-bedroom apartment, according to data from Modern Spaces.

Those rates are much higher than those in most areas in the borough, but reflects the demand in the neighborhood due to its access to transportation, established commercial strips, diverse restaurants and entertainment venues, such as the Museum of the Moving Image and the Beer Garden at Bohemian Hall. Modern Spaces believes these community amenities will attract residents to The Grove.

“Astoria is a culturally diverse and established neighborhood with a true sense of community,” said Modern Spaces’ Greg Kyroglou, who will lead the marketing effort of the building. “The Grove will not only provide well-crafted homes to potential renters but also give them a chance to experience all that makes this area so special.”

A ton of new projects are planned for Astoria, including massive waterfront developments such as the Astoria Cove and Hallets Point plans.

RECOMMENDED STORIES

Five smallest condos in Queens for sale  


| lguerre@queenscourier.com

Photos courtesy StreetEasy and Modern Spaces

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.

In an effort to keep homes prices lower, developers are building smaller condos in buildings with more amenities and common spaces.

Studio condos are naturally smaller apartments and although these homes typically don’t offer enough space for families, it could be right for individuals or first-time homebuyers.

Here is a list of the five smallest condos on the market in Queens now, which was provided by the data team at StreetEasy.com. Not surprisingly, they are all studios in western Queens, and building amenities play a big role in the prices.

1. 14-43 28th Ave., #4B, Astoria

For: $329,000
Size: 400 square feet
Broker: Azure Realty NY LLC

This studio unit in The Astorian, a five-story, 10-year-old building with 38 units, comes with a private balcony, stainless steel appliances and — here’s the best part — a fold-up Murphy bed. It is a short walk away from the N and Q train station on 30th Avenue, which is approximately a 15-minute ride to Manhattan. The building also has a rooftop common space for events and barbecues with views of the neighborhood.


2. 25-40 Shore Blvd., #7, Astoria

For: $475,000
Size: 475 square feet
Broker: Markou Living LLC

Another studio in Astoria takes second place, but this apartment is in Shore Towers — a 23-floor, 407-unit amenity-laden building near the waterfront with views of Robert F. Kennedy Bridge. The building comes with a fitness room, indoor pool, free parking, tennis courts, a 24-hour doorman, and a free shuttle bus to and from the Astoria Blvd. N and Q train station — making for a 20-minute commute to Manhattan. Not to mention, it is also close to Astoria Park. Not far away from the building, the Durst Organization is set to revitalize the area for its mega Hallets Point development, which could increase prices in the neighborhood as demand increases.


3. 11-25 45th Ave., #2H, Long Island City

For: $619,000
Size: 479 square feet
Broker: Modern Spaces

Although listed as having just 479 square feet, as a disclaimer, the actual size of this studio unit in the Hunters Point section of Long Island City, is 946 square feet when including its massive balcony. The exterior space is the key to this home’s value. The owner of this unit will have the space to host get-togethers on this large private outdoor deck. The unit is in a six-story building called One Murray Park, which has 45 units. It is located across from Murray Playground and features a fitness center, a common roof deck, a library and bike storage. There is a variety of public transit lines nearby, including the G, E, M and 7 train lines at the Court Square subway station.


4. 44-27 Purves St., #6E, Long Island City

For: $519,000
Size: 484 square feet
Broker: Blu Realty Group

There are a few buildings under construction or planned for Purves Street, a dead-end strip off Jackson Avenue, such as a 35-story, eco-friendly rental with commercial space on the ground floor. But 44-27, a 14-story building with 64 units, was built nearly a decade ago on Purves Street before Long Island City became as hot as it is now. In 2006 the 6E unit was listed for about $262,000. In a telltale sign of how hot the neighborhood is, today it’s about double the price. The unit features a 50-square-foot balcony with large windows and has a washer and dryer hook-up. The building offers a range of amenities, such as free Wi-Fi, a gym, a sauna, a children’s playroom, a bike room and a roof deck. It is near the G, E, M and 7 train lines at the Court Square subway station.


5. 5-27 51st Ave., #4H, Long Island City

For: $605,000
Size: 490 square feet
Broker: Nest Seekers

The final condo on this list comes from the newest building. Five27, a five-story, 27-unit building in Long Island City, was completed in 2012. The unit features oak wood flooring and large windows for lots of natural light, and comes with a dishwasher and washer and dryer. Building amenities include a doorman, an outdoor common terrace, bike storage, a fitness center and a lounge for relaxing or hosting parties. Living in this unit would also put the owner close to Manhattan, which is one stop away on the 7 train.

 

RECOMMENDED STORIES 

Average Long Island City condo price nearing $900K


| lguerre@queenscourier.com

Chart courtesy of Modern Spaces 

Prospective buyers of condos in Long Island City will need to have deep pockets — that are hopefully getting deeper.

With the heavy demand for condos in the burgeoning neighborhood, the price of a condo in the market crossed the $1,000 per square foot marker in the first quarter of the year, according to a report by broker Modern Spaces, which expects prices to continue to rise even higher.

Homebuyers pay an average of $877,778 for a condo in Long Island City now, according to the brokerage’s Q1 2015 Market Report.

“Long Island City home prices have been increasing steadily over the past few years,” said Eric Benaim, CEO of Modern Spaces. “The demand for new homes here remains strong and will continue to drive prices higher.”

Last year, no new condos came to the market, according to Benaim. But some condo buildings planned for construction will begin sales of units this year, bringing an influx of new inventory.

Modern Spaces recently announced the beginning of marketing for the 39 units in Liv @ Murray Park North at 11-35 45th Ave., and the 23 units at The Corner planned for 47-28 11th St.

Rendering courtesy of Modern Spaces

Liv @ Murray Park North

Specific prices in these buildings have yet to be announced, but representatives said studios will start in the $400,000s in Liv @ Murray Park North.

That will be a deal for prospective homeowners, since the average price for condominiums in LIC is $678,333 for a studio, $820,000 for a one-bedroom unit, and $1.1 million for a two-bedroom apartment, according to the report.

RECOMMENDED STORIES

More condos coming to feed Long Island City’s needs


| lguerre@queenscourier.com

Rendering courtesy of Modern Spaces

Not long after starting marketing for the newest condo building in Long Island City, real estate brokerage firm Modern Spaces announced Thursday that it will soon begin marketing yet another condo in the hot neighborhood.

Liv @ Murray Park North, which is located at 11-35 45th Ave., will begin sales in June, feeding the growing demand for condos in LIC.

The project by George Xu, owner of Century Development, offers a mix of 39 luxury studios and one- and two-bedroom apartments in six floors. Prices will start around $400,000 in the Raymond Chan Architects-designed building, and residents can expect to start moving in by the end of the year.

“This new condo project further indicates that demand for permanent homes here continues to be high,” said Eric Benaim, Modern Spaces founder and CEO. “People not only want to be in Long Island City, but they want to put down roots here.”

The units at Liv @ Murray Park North will have luxury finishes such as hardwood flooring and electric radiant heated floors. Bathrooms will have porcelain tiles and kitchens will feature top brand-name appliances.

The building will have a range of amenities, including bike storage, free Wi-Fi in common areas, a fitness center, a social lounge in the lobby and a common rooftop. Also, parking will be available for residents.

Liv @ Murray Park North will be the first in a series of buildings by Century Development, which will include Liv @ Hart Street and Liv @ Murray Park South.

RECOMMENDED STORIES

New LIC condo building to begin sales in May


| lguerre@queenscourier.com

Rendering courtesy of Modern Spaces 

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.

Meanwhile, the demand for condos in the burgeoning area is climbing as more people desire to settle down in LIC after renting there for a while.

To meet demand, some planned LIC condos will come to the market this year, including a building called The Corner at 47-28 11th St., which Modern Spaces recently announced will begin selling next month.

“We are excited because we know there is a lot of demand for condos,” Benaim said. “What tends to happen is people get introduced to the area through the rentals then they live here for a while, and then they are ready to buy.”

The Corner has 23 units, which are a mix of one- and two-bedrooms. The homes feature chef kitchens and oak flooring, and some units have private outdoor space. The building also offers designer-style bathrooms with Kohler tubs, Grohe fixtures and ceramic titles.

Additionally, there are numerous amenities through The Corner, such as a fitness center, sundeck and residents’ lounge.

The condominium is being built through a joint venture partnership between Kora Developers LLC and BK Developers.

Prices for the condos have yet to be announced, and the building isn’t planned to be completed until later this year, so new homebuyers won’t be able to move in until at least the end of the year.

RECOMMENDED STORIES 

Former LIC cigar factory could be converted for residential use


| lguerre@queenscourier.com

Photo courtesy of Modern Spaces

Another old factory building in Long Island City is up for grabs and could see a residential conversion.

Real estate firm Modern Spaces announced on Thursday that its commercial properties division is marketing the former DeNobili Cigar Factory at 35-11 9th St. The four-story building was recently renovated and is “ideally positioned for residential conversion” being that the site is zoned for residential use, according to the real estate firm.

“The pace of development in Long Island City is showing no signs of slowing,” said Evan Daniel, executive vice president of Modern Spaces’ commercial division. “Not only does this property enjoy a current high occupancy, but with the R5 zoning and accessory lot, it holds a great deal of promise for a residential conversion.”

Daniel is marketing the property with Edward DiTomasso.

The building has a total of 102,670 square feet and was constructed in 1896. It has potentially attractive features if it were to be converted for residential use, including 20-foot ceilings, exposed beams, hardwood floors and arched windows.

The former cigar factory currently has 57 commercial units and two cell towers.

There is also an adjacent vacant lot connected to the site at 35-31 9th St., which has more than 6,000 buildable square feet.

RECOMMENDED STORIES 

Astoria Boulevard development site sold, will become new residential building


| lguerre@queenscourier.com

Photo courtesy of Modern Spaces

An Astoria development site was sold for $4.8 million and will be transformed into a residential building, according to real estate firm Modern Spaces.

The lot at 8-25 Astoria Blvd. offers up to 33,751 buildable square feet, the real estate firm said.

A Modern Spaces team of Evan Daniel, Edward DiTomasso and Alice Chan represented the buyer and seller. Daniel said the new owner has the intent to use the site for residential development.

The sale equates to about $142 per buildable square feet, which is much less than land values in nearby Long Island City.

Partly because of the lower land prices, Astoria has become a hot neighborhood for development. Not far from the site, the Hallets Point and Astoria Cove mega projects will bring about 4,000 units, and hundreds of other apartments are planned around the area.

“Northwest Astoria remains relatively undeveloped but with several major projects in the pipeline, this area contains some hidden jewels for developers both local and abroad,” said Daniel, executive vice president of the real estate firm’s commercial division. “With land values in neighboring Long Island City hovering around $250 per buildable square foot, some may actually view the price point of this property, and several around it, as a ‘bargain.’”

RECOMMENDED STORIES

Multi-lot Court Square development site hits the market for $41.5M


| lguerre@queenscourier.com

Photos courtesy of Modern Spaces

A seven-lot portfolio near the heart of the hot Court Square area in Long Island City is asking for $41.5 million, and will probably get that much or more soon.

A collection of six landlords are selling the two- and three-story townhouse buildings on the parcels, which are being marketing by Modern Spaces and The Corcoran Group.

The landlords combined the properties to maximize buildable rights. Together the site has about 11,145 square feet, and offers 167,000 buildable square feet, The Real Deal reported.

The portfolio of properties has only been on the market for three days and there have been offers around the asking price, said Evan Daniel, vice president at Modern Spaces. Three of the buildings are located on 45th Avenue at 23-10, 23-14, and 23-16. The remaining properties are at 45-03, 45-05, 45-07 and 45-09 23rd St.

The size and zoning of the site allows for many possible uses, and Daniel believes it could be great for a mixed-use structure.

“I think retail hasn’t really come yet to this area, but we all know it will come here. I think it would be good for this project,” Daniel said. “You can have a tremendous mixed-use project here with residential, office and retail.”

Because it is located across from One Court Square, also known as the Citibank Building, and near the mix of Court Square subway transit options, the location will be attractive to developers.

“One thing we know about this project is that location is second to none,” Daniel said.

23rd Street Properties

23rd Street properties

RECOMMENDED STORIES

Large day care center coming to Arris Lofts in LIC


| lguerre@queenscourier.com

THE COURIER/Photo by Liam La Guerre 

In the latest sign that Long Island City is becoming more and more family friendly, a new day care center will be moving into luxury condo building Arris Lofts, according to multiple sources.

The new day care center will fill 17,000 square feet of vacant space in the ground floor of the building at 27-28 Thomson Ave., which has about 237 residential units throughout eight floors. Sources confirmed the day care center signing, but couldn’t provide further details at this time about the lease or when the business plans to open.

The Long Island City area has seen an influx of residential development over the past few years, which has brought many families into the area, causing a need for facilities, such as day care centers, according to real estate experts in the neighborhood.

Within the past five years, there have been more than 4,000 residential units added to the area, said real estate firm Modern Spaces CEO Eric Benaim, and there are plans for about 10,000 more in the next five years.

“I think a day care center is much needed in that part of town,” Benaim said. “There are day care centers on the waterfront, but having one to serve the Court Square area is really good.”

RECOMMENDED STORIES 

See it: Luxury LIC condos with near $3M price tags


| lguerre@queenscourier.com

Photos and renderings courtesy of Modern Spaces

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 luxury market is really starting to pick up as the prices in Manhattan are just skyrocketing,” Benaim said.

Modern Spaces is marketing a condo at Arris Loft on Thomson Avenue for $2.99 million. The unit boasts three bedrooms and three bathrooms throughout 2,339 square feet. It also features 16-foot ceilings and about 3,000-square-feet in private terraces.

The real estate firm is also handling the sale of a condo at The View on the Long Island City waterfront, which will go on the market soon for $2.89 million. The unit has three bedrooms and three bathrooms throughout 1,653 square feet.

Another one of its units is a duplex condominium at 5-41 47th Rd., which is asking $2.5 million.

The unit will have three bedrooms, a den that can be converted to a fourth bedroom, two-and-a-half bathrooms, and a 1,100-square-foot yard.

The 2,040-square-foot space is currently under construction and will be completed in about two weeks, according to Modern Spaces.


RECOMMENDED STORIES 

Glassy 77-unit Astoria condominium revealed, construction to begin next year


| lguerre@queenscourier.com

Rendering courtesy of New York Lions Group

Plans for construction on a luxury Astoria condo building blocks away from the waterfront will begin shortly as demolition of the old properties on the site is nearing completion.

Developer New York Lions Group hopes to begin working on the eight-story, 77-unit condominium called The Baron, at 14-07 Broadway in January, following approvals from the Department of Buildings. The building is expected to be completed by September 2016, according to Ramin Shirian, vice president of Lions Group.

The 73,500-square-foot building will stretch 182 feet wide from the corner of 14th Street and replace two auto mechanical shops. One was already leveled and demolition will commence shortly on the other.

The Raymond Chan Architect-designed building will feature a modern glass façade with terraces attached on each residence, offering unobstructed views of the Manhattan skyline.

The building, which will be marketed by Modern Spaces, will have a mix of one-, two- and three-bedroom units, measuring approximately 600, 1,000 and 1,550 square feet respectively.

The ground floor will have duplex apartments that mostly measure 1,000 square feet each, but there will be two duplex units with about 1,500 square feet.

The Baron will be loaded with amenities, including a garden on the second floor terrace, community common space on the roof, a children’s room and play area, a gym and bicycle racks.

There will be a doorman for the building and pets are allowed. There are also 41 parking spaces underground.

RECOMMENDED STORIES 

Report: LIC land prices nearly hit $300 per buildable square foot


| lguerre@queenscourier.com

Chart courtesy of Modern Spaces

Soaring land prices in Long Island City are hitting record highs for the neighborhood, according to the Moderns Spaces 3Q report released Thursday.

The price per buildable square in LIC jumped to an unheard of $250-$300 in this past quarter for some properties, the report said. The average land prices are above $200 in prime areas.

The price surge is mainly due to the demand for bigger projects aimed at larger family-size apartments, according to the report.

“The properties that are being acquired at those price points will most likely all be condos as they don’t make financial sense as a rental product with that high of a land base,” the report said. “But as condo prices rise in Manhattan and in Brooklyn, it’s naturally going to drive the buyer who is getting priced out of the areas to Long Island City or Queens as a whole.”

Meanwhile, for commercial and investment properties, the report found that in south Long Island City — areas near the waterfront, Hunter’s Point, Court Square, and Queens Plaza — land values eclipsed an average of more than $200 per buildable square foot and some properties have hit prices almost as high as $300.

But Modern Spaces predicts this trend will not continue.

“Despite demand being as strong as it has ever been, we predict the market will level in the $225 – $250 per buildable square foot range depending on exact location,” the report said.

Although land prices in Astoria have not hit an average of $200 per buildable square foot yet, not to be left too far behind, land prices in the neighborhood doubled in the past year with some properties eclipsing $200 per buildable square foot, according to the report.

 

RECOMMENDED STORIES 

 

Q&A: Modern Spaces VP explains Long Island City commercial market


| lguerre@queenscourier.com

Photo courtesy of Evan Daniel

Evan Daniel joined Modern Spaces in August as the executive vice president of the firm’s new commercial property division. Before landing at the Long Island City-based real estate company, Daniel worked with Massey Knakal since 2006, covering Long Island City and Astoria. Daniel, who has been married for almost a decade and has two children, also enjoys coaching basketball to seventh- and eighth-grade children at Yeshiva of Central Queens.

In a question-and-answer session with The Courier, Daniel explained the current status of the commercial market in Long Island City and the problems it faces. 

Courier: What is the status of the commercial market in Long Island City?

Daniel: “White-hot and crazy. It doesn’t make sense. We are seeing land values that have literally tripled in a year. We shot passed $200 [per buildable square foot] earlier this year and in the best parts of Long Island City you’re seeing $225, $230, $250, and quite frankly people look at it as a bargain. Some people just look at Long Island City as a comparison to Williamsburg and they say ‘Well, in Williamsburg we’re paying $300 or $400 a buildable square foot.’ In Manhattan it’s over a $1,000. So in Long Island City, it looks cheap.”

Courier: Who is investing into the market?

Daniel: “The money coming into Long Island City is mostly foreign capital right now. I’m on the phone almost every night with investors from Shanghai, and they’re 12 hours ahead so you know what, they start their day 8:30 a.m. in the morning, that’s when I’m finishing my day, 8:30 p.m.”

Courier: How are these foreign investments affecting the market?

Daniel: “It keeps prices arbitrarily high. I can tell you the numbers today are much higher than what they should be and there is a lot of product coming on the market and I think right now a lot of speculation. I think there is going to be some sort of correction in the market where these numbers will come back to Earth a little. They probably already would have, if not for the influx of foreign capital.”

Courier: What would you tell someone that owns property in Long Island City now?

Daniel: “I don’t think we are going to $300 a buildable foot. My advice to sellers or owners if you have a development site is to build up when you have financing available, find a partner to build with you or sell it to somebody who is going to build.”

Courier: Now that more people are living in Long Island City, do you see more office and retail developments coming?

Daniel: “If you moved into this market with the first wave of developments six or seven years ago, it was dead at night and weekends. You’re starting to see more influx of retail. We need to see more big-box retail. Retail definitely will come and it should be able to come, because now you have so many people here and you have tremendous amount of jobs, and employees are here during the day, so now you can sustain retail.

“Office is difficult to say. Because it’s needed and it should happen and we are going to get a tremendous amount of demand we hope in the next couple of years as Roosevelt Island continues to build the Cornell Tech campus and that is going to create a lot of tech jobs and more creative jobs instead of more intensive labor jobs. The question is where are they going to go? Because there is no new construction of new office space and there is no incentive for developers to build new office space, because new office space is not as valuable as residential. So if I have a residential zoned area and I am a developer and I now have to pay $200 a buildable square foot, I can’t justify doing an office building. I will make less money on my office building than I would on my rental building.”

Courier: What must happen to get developers building more office space?

Daniel: “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. You will have your office market, you will have your retail market, and you will have your residential market, and they’ll all be in one mini-city in LIC.”

RECOMMENDED STORIES 

Downtown Jamaica commercial portfolio near trains selling for $6.2M


| lguerre@queenscourier.com

Photo courtesy of Modern Spaces

A mostly vacant row of buildings in the heart of downtown Jamaica with lots of room to build up has been listed for $6.2 million, according to Modern Spaces, which is marketing the properties.

The listing includes four lots with two-story attached buildings beginning at 97-01 to 97-09 Sutphin Blvd., and is the first listing in Jamaica for the new commercial division of Modern Spaces, which is based in Long Island City. Currently, a church occasionally uses part of the building for service and a deli is another tenant.

The properties have about 10,000 square feet combined, but nearly 50,000 square feet of buildable space, according to Evan Daniel, executive vice president of Modern Spaces’ commercial division.

The building has a C4-5X zoning, and could be demolished, Daniel said.

He added that it is a likely possibility that developers could buy with the intention to build up since the buildings are placed in an attractive location.

The E and J subway lines and the Jamaica LIRR station are just three blocks away, meaning it’s just a short train ride to Manhattan. The AirTrain to John F. Kennedy Airport is also just a few blocks away as well, and downtown Jamaica has lots of foot traffic because of the huge amount of retail in the area.

The property is owned by 901 Honeywell LLC, which could make a substantial profit after purchasing the buildings back in 2007 for $3.4 million, city records show.

RECOMMENDED STORIES

Modern Spaces set to open new Astoria office in October


| lguerre@queenscourier.com

Logo courtesy of Modern Spaces  

Modern Spaces is now batting six for six in the retail estate office game.

The firm, 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.

In a recent interview with The Courier, Benaim said he sees tons of potential in Astoria, which has already begun to see an influx of new development, and is why the neighborhood was chosen for the new office at 34-16 30th Ave.

“We are very happy to expand our Astoria reach with this new office, and are proud to be part of this community,” Benaim said. “The timing is opportune for us, as we have three new projects in Astoria that will be hitting the market early next year.”

The new office will be about 2,000 square feet and will house 25 agents. It will also have an outdoor garden space for events.

Lifelong Astoria resident Greg Kyroglou, who is the current managing director of the first Astoria location at 29-20 23rd Ave., has been promoted to managing director of the new office. He will also run the original Astoria location as well.

RECOMMENDED STORIES