Tag Archives: real estate’

New eco-friendly The Pearson Court Square in LIC starts to lease


| aaltamirano@queenscourier.com

Images Courtesy of Pete Thompson

Long Island City real estate is heating up this summer with another rental building hitting the market.

The Pearson Court Square, located at 45-50 Pearson St., has begun leasing its 197 units. The 14-story building offers studio to two-bedroom apartments.

Douglas Elliman Development Marketing is exclusively handling the marketing and leasing. The Pearson Court Square was transformed by L +M Development from a vacant lot into a state-of-the-art building, designed by architecture firm SLCE.

“Long Island City is exploding with luxury new developments and The Pearson Court Square is a prime example of the strength of the market,” said Cliff Finn, executive vice president at Douglas Elliman Development Marketing. “We are excited to be launching such an innovative development.”

Each residence at The Pearson Court Square features high ceilings, double-pane oversized windows, individually controlled heating and cooling, modern kitchens with stainless steel appliances, and stylish bathrooms. Private terraces are also available in select residences.

Other amenities include a 24-hour attended lobby, an outdoor basketball court, a bocce court, fitness center, and yoga studio. There is also access to a landscaped terrace on the second and tenth floors, and a roof deck with dining lounges and barbecue grills.

“We are thrilled to bring his exciting, condo-property to Long Island City,” said David Dishy, president of development and acquisition at L + M Development. “The Pearson Court Square will offer an incredible slate of top-quality amenities and bright, well-appointed apartments that we hope will provide residents a warm and inviting place to call home.”

In a commitment to sustainable design, three rooftop wind turbines were installed to help with a portion of the building’s energy generation, while also adding to the building’s exterior look.

The Pearson Court Square is steps away from the Court Square subway station with access to the E, M, R, 7 and G lines.

 

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$24M asking price for Elmhurst lot near Queens Center


| aaltamirano@queenscourier.com

An Elmhurst lot, located across the street from the Queens Place mall, has been put up for sale for $24 million, according to real estate company Massey Knakal.

The 47,365-square-foot lot, located at 88-18 Justice Ave., is one block off of Queens Boulevard and adjacent to the Georgia Diner.

According to the listing provided by Massey Knakal, there is a Restrictive Declaration on the property allowing it to be developed “per existing approved plans,” though these could not be confirmed. The lot can also be used for residential and/or community facility development, but would require termination of the Restrictive Declaration. The property has 227,352-square-feet of development rights.

The lot is located close to Queens Center mall and a block from the M and R train lines at Grand Avenue. It is also near all the major highways.

 

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Queens’ Morning Roundup


| ctumola@queenscourier.com

morning roundup

TODAY’S FORECAST

Friday: Sunny to partly cloudy. High 19. Winds WNW at 10 to 15 mph. Friday night: Partly cloudy this evening with more clouds for overnight. Low around 15. Winds SW at 10 to 20 mph.

EVENT OF THE DAY: Alex Blake Quartet

Blake is a modern bass virtuoso recognized for his mastery of the classical upright bass and the electric bass. From classical fingering and guitar-like strumming of intricate melodic patterns to resounding slapping and vibrant staccatos, he produces a full range of harmonies and rhythms. Starts at 8 p.m. at Flushing Town Hall, 137-35 Northern Blvd., www.flushingtownhall.org.

Stable real estate prices hide big changes in many city neighborhoods

It felt like 2013 was a crazy year for real estate, with the flood of all-cash buyers, Billionaire’s Row on 57th St., shrinking inventory and skyrocketing prices. Read more: New York Daily News

$24 General Admission Price Set for NY 9/11 Museum

Adults who visit the Sept. 11 museum at the World Trade Center will be charged $24. Read more: NBC New York

Computer glitch halts Metro-North trains for nearly 2 hours

A computer glitch suspended Metro-North service systemwide on the Hudson, Harlem and New Haven lines Thursday night, leaving all trains stranded for nearly two hours. Read more: CBS New York

Gillibrand pushes for paid family and medical leave for nominal cost to workers

Sen. Kirsten Gillibrand has introduced legislation that would provide paid family and medical leave. Read more: CBS New York/AP

NYC’s top cop Bill Bratton joins Twitter

Top NYPD cop Bill Bratton sent his first tweet Thursday from @CommissBratton embracing social media — something his predecessor Ray Kelly shied away from. Read more: New York Post

Linc LIC officially opens


By Queens Courier Staff | editorial@queenscourier.com

THE COURIER/Photo by Allen Ngai / Below photos courtesy of Rockrose Development Corp.

Linc LIC is bringing luxury living to residents of Long Island City.

Rockrose Development Corp., a family-owned and operated real estate company, gathered on November 25 with local elected officials, community leaders and residents to celebrate the official grand opening of the residential rental complex known as Linc LIC, located at 43-10 Crescent Street.

“Our goal is to enrich the vibrant core of the growing Long Island City residential community,” said Justin Elghanayan, president of Rockrose Development Corp. “I believe that Linc LIC, by virtue of its top-level design standards and its exceptionally convenient access to Manhattan, is one of the best places to live in all of New York City.”

The 42-story pet-friendly building features 709 apartments, ranging from 450-square-foot studios to 1,400-square-foot three bedrooms.

Linc LIC’s “signature centerpiece” is the 31st floor’s duplex lounge which opens onto a landscaped lawn with a view of the Manhattan skyline. The other rooftop amenities include barbecue grills, misting sprays, a gazebo, and a separate outdoor “Resident Parc” for reading and meditation.

The apartments feature oversized windows, granite-clad kitchens, stainless steel appliances and elegant baths. Most have balconies, in-unit washers and dryers, and floor-to-ceiling windows.

In addition, the luxury building features a second lounge and furnished screening room, each with full kitchens, a children’s playroom, on-site parking, a bike room, basketball and squash courts, and a 5,650-square-foot fitness center with state-of-the-art equipment. The retail space on the ground floor will also house a brand new Food Cellar supermarket.

Linc LIC was designed by Avinash K. Malhotra Architects, with interiors by Moed de Armas & Shannon, and exterior work from landscape architect Matthews Nielson.

 

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Rockrose’s Linc LIC offers a taste of luxury


By Queens Courier Staff | editorial@queenscourier.com

Photo courtesy the Rockrose Development Corporation

JOHANN HAMILTON 

The Rockrose Development Corporation is bringing luxury to Long Island City with the first building in a brand new residential complex that offers breathtaking views of the Manhattan skyline and a world full of unique amenities.

Rockrose is a real estate developer headquartered in Manhattan. It develops residential and commercial sites all over New York City, and covers every step of the development process. This includes not only ground-up planning, but also the locating, designing, construction and management of sites. Rockrose is involved from a project’s conception to the finished product, and also stays on to continue management of the finished project.

Rockrose’s latest project is a new residential complex in Court Square in Long Island City, which is sure to add more character to an area already brimming with culture.

“A lot of our construction activity right now is in Queens and Long Island City, and we’ve always been a pioneer of new neighborhoods,” said Paul Januszewski, Vice President of Planning and Government Relations. “For example, we were among the first to start building luxury buildings in the West Village, and we were also one of the first to start building residential buildings in Lower Manhattan. We own buildings in Battery Park City, The Archive in West Village, and we were also the first developers over on the waterfront in Long Island City. Right now we’re focused on Court Square.”

The first building in the new complex is called Linc LIC, a 42-story tower with 709 luxury apartments. Located at 43-10 Crescent Street, Linc LIC is within walking distance of seven subway lines, and also features views of the East River, the surrounding neighborhood, and the iconic New York City skyline.

Of the 709 available units, 174 are studios, 392 are one-bedroom, 120 are two-bedroom, and 23 are three-bedroom apartments. Many of the apartments have balconies, and the parking garage has 175 available spaces.

“This is an area of proven and untapped value,” said Justin Elghanayan, president of the Rockrose Development Corporation. “We are adding qualitatively and quantitatively to the vibrant core of the growing Long Island City residential community. These distinctive and attractive new homes will also offer exceptionally convenient access to Manhattan, literally a five-minute subway ride away.”

In addition to the residencies, Linc LIC also offers a fitness center, basketball and squash courts, tenant lounges, roof deck, a Wi-Fi lounge and screening room, residential park and a children’s playroom.

Linc LIC was designed by Avinash K. Malhorta Architects, with interiors by Moed de Armas Shannon. Rockrose Development Corp is headquartered at 666 5th Avenue in Manhattan, and for more information on Linc LIC visit www.linclic.com.

 

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Carpet and flooring distributor relocates to 8,000-square-foot space in Jamaica


By Queens Courier Staff | editorial@queenscourier.com

LET’s International, a carpet and flooring distributor and installer, is relocating from Greenpoint, Brooklyn to an 8,000-square-foot space in Jamaica, Queens.

The one-story-building, at 110-60 Dunkirk Street, is located just off Liberty Avenue, and is easily accessible to Manhattan and Long Island via the Van Wyck and Long Island Expressways, Belt and Grand Central Parkway, said representatives from Kalmon Dolgin Affiliates, the company who arranged the lease.

 

Upgrades that can help a home sell at last


| Brandpoint@queenscourier.com

home

Everyone knows spring and summer are the best months in which to sell a home. If your house has lingered on the market, you may be eager to find ways to freshen its appeal for potential buyers. Perhaps you’re even ready to go big and invest in upgrades that will improve the home’s value, curb appeal and interior allure so much that potential buyers just won’t be able to walk away from it.

If you’re at that point, first figure out how much you can reasonably invest. Will the improvement increase your home value enough to allow you to recoup its cost? Maybe not, but if your priority is a faster sale, return on investment might have a different meaning for you.

Next, look at areas of your home where improvements will have the biggest impact – spots that are the least appealing or those that have the most appeal. Upgrading a less-than-great room can bring it up to snuff, but upgrading a good room could make it absolutely smashing. For example, painting a small bathroom in a bright color could make that cramped space feel bigger. Adding a skylight to your kitchen, bath, or other area in your home however, will really make a splash with abundant natural light and fresh air.

Here’s a room-by-room game plan for high-impact upgrades that could make buyers fall in love with your home:

Anywhere

Buyers are, universally, looking for beauty and value. Any improvement that gives both can directly impact your ability to sell your home. Adding a skylight is a great way to enhance a home’s visual appeal, livability and energy efficiency while improving indoor air quality by introducing much needed fresh air into the home.

Natural light can make a small room look bigger and brighter, and create a more healthful environment. Adding a traditional or tubular skylight to any room in the house brings more natural light into your home. Plus, Energy Star-qualified, solar-powered fresh-air skylights, like those made by Velux America, can provide fresh air through cost-efficient passive ventilation to reduce humidity and stale air, and heating, cooling and lighting costs. Add remote-controlled, solar powered blinds, and you can boost a skylight’s energy efficiency by 39 percent, Velux states.

Finally, this is one high impact investment that can actually put cash back in your pocket. Installation of energy efficient no leak solar powered fresh air skylights and blinds can qualify you for up to a 30 percent federal tax credit on the -products and installation costs. Visit www.veluxusa.com to learn more and calculate your tax credit for new or replacement skylights.

Kitchen and bathroom

Any Realtor will tell you great kitchens and bathrooms can sell a house. If yours are only so-so, they could be what’s standing in the way of getting an offer. If you’ve already done the basics – cleaning and decluttering, repainting and replacing dated cabinet hardware – it may be time to pull out the big guns.

New appliances and fixtures will cost you a few thousand, but can go a long way toward wooing buyers. New appliances look great, are more energyefficient, and provide buyers the peace of mind knowing they won’t face repair or replacement costs any time soon. New fixtures such as rainfall shower heads and touch-free faucets add an element of luxury to the most common bathroom.

Adding a tile backsplash or new wood-look laminate flooring in the kitchen, and new tile floor in the bath can also create a big impact – and for less money if you do the work yourself. Replacing lower-quality or older countertops is also an eye-catching upgrade. The trick is to find the improvement that will have the biggest visual impact in your space.

Living room/family

When buyers enter your home, chances are the living room or family room will be one of the first rooms they see. Their impression of that room can set the tone for how they perceive the rest of the house. Again, assuming you’ve done the basics – painting, window treatments and accessories – a major upgrade in this room can have a winning impact. If your home already has a fireplace, take a close look at it. What can you do to make it more appealing? Does it need a new facade? Larger gas logs or a better blower? Can you upgrade the mantel?

If your home lacks a fireplace, adding one can be a great selling point. It’s possible to add a gas fireplace for less than $5,000 in most homes. Adding a gas insert to a wood-burning fireplace is even cheaper.

Courtesy BPT

 

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Real estate panel discusses booming Long Island City


| aaltamirano@queenscourier.com

THE COURIER/Photo by Angy Altamirano

The Long Island City real estate community gathered for a morning discussion of the area’s market at a special breakfast on Thursday, April 25.

Local real estate entrepreneurs met and shared their ideas over bagels and coffee. At a panel discussion moderated by realtor David Brause, participants shared views on the booming LIC real estate industry’s present and future.

Panelists included Eric Benaim, president and CEO of Modern Spaces, Jonathan Miller, president and CEO of Miller Samuel Inc., Andrew Nimmer, principal of The Local Hostels, Michael Phillips, chief operating officer of Jamestown and Jason Sheftell, real estate editor for the New York Daily News.

 

The panelists discussed what they believe makes LIC a destination for visitors and people looking to settle down. They noted the easy public transportation access, closeness to Manhattan and the affordability of the community’s real estate.

According to Benaim, whose business has gone from residential sales and leasing to project development and marketing, prices for real estate in the area range from about $2,500 to $50,000,

“I think Long Island City is the gateway to all of Queens,” said Sheftell. “It’s the very beginning for this neighborhood.”

 

Real estate of north Queens


By Queens Courier Staff | editorial@queenscourier.com

Copyright (C), Multiple Listing Service of Long Island, Inc, 2004

Flushing, Whitestone and College Point offer a wide range of housing opportunities with price ranges from under $500,000 to over $3 million. Here’s a sampling of what you can find in this tri-neighborhood region, information and photos courtesy of www.mlsli.com.

11-16 128th Street in College Point

This mint, contemporary Ranch house has been completely renovated from top to bottom and boasts three bedrooms and two full baths for a single family. It features two kitchens, a formal dining room, a fully finished basement, wood floors, two stoves, two refrigerators, two dishwashers and a dryer. It is selling for $698,000.

 

 

33-80 162nd Street in Flushing

There’s plenty of space to roam in this stately Tudor home, which features five bedrooms, four full baths and two half baths. The detached single-family house has been renovated in the highest quality of craftsmanship and boasts two fireplaces, a home office, all new marble baths, new heating, alarm and sprinkler systems and two garages. The listing price is $1,488,000.

 

7-05 126th Street in College Point

This detached Cape Cod style home features three bedrooms, two-and-a-half baths, a private driveway, a one-car detached garage, two skylights, two kitchens, two stoves, two refrigerators and wood floors. Buy this brick home for $680,000.

 

 

14-30 145th Place in Whitestone

Beautifully well maintained, this brick Colonial house has three bedrooms, two full baths, a renovated kitchen, a formal dining room, a living room with a fireplace and a den. Located within walking distance to local schools and express buses, this neighborhood gem also features a spectacular view of the Manhattan skyline. This home is going for $699,000.

 

1-06 Samos Lane in Whitestone

Located on a cul-de-sac, this waterfront property has sweeping vistas of the sea, boats and bridge and is only 20 minutes away from New York City. This mint Colonial home features five bedrooms, four full baths, one half bath, a deck, home office, fireplace, wood floors and wall to wall carpeting. It also has a three-car garage with a private driveway and a handicap accessible elevator. The selling price is $3,995,000.

 

47-39 187th Street in Flushing

Located on a great block near Auburndale — just off Utopia Parkway — this well-maintained, detached Colonial home has three bedrooms, one full bath and one half bath. It features two refrigerators, a formal dining room, den, full basement, washer, stove, dishwasher, dryer, fireplace, wood floors, wall to wall carpeting and a one-car garage on a private driveway. It is selling for $651,000.

 

7-27 124th Street in College Point

This beautifully renovated Ranch home boasts three bedrooms, two full baths, a kitchen, formal dining room, den, full basement, and a two-car garage with a private driveway. The selling price for this detached brick house is $698,888.

LIC after Sandy


| ddynak@queenscourier.com

Writing in the days after Sandy I simply could not avoid thinking how this event may affect real estate business for years to come. Although the condo building where I live was spared any damage (floor waters stopped 10 feet from our garage before they started to recede), the Murano on Borden Avenue was hit twice as hard — in addition to flood damage to their lobby, rec room, gym and garage, the city’s sewage lines back-flowed into their mechanical room, adding insult to injury (or smelly mess to water damage). Turns out Con Ed won’t work to restore your electricity until you make the area clean for them. They estimate from $100,000 to $250,000 in damages. Among the new buildings, the worst water damage occurred at the City Lights, Powerhouse and the Foundry buildings, where the flood waters reached as high as 5 feet above ground, including some private apartments. Amazingly, the piers and Gantry Park did not sustain too much damage, testament to how well they were designed and built. We cannot discount damages that businesses like Riverview and Crabhouse restaurants or Brighter Babies and LIC Kids facilities have sustained, not to mention all the small warehouses, offices and of course individual homes that got caught in Sandy’s surge, which reached as far east as half-way between 5th Street and Vernon Boulevard all the way up to Borden Avenue in the south, and 46th Drive and Vernon Boulevard in the north (where my own car was treated to 3 feet of water!)

It was refreshing to see resilient parents march their kids at the Halloween parade the day after the storm, and restaurants on Vernon packed with residents supporting local retailers as if they wanted to show how much they appreciated getting through it all relatively untouched. But overall damage a dozen of businesses in Hunters Point may actually put them close to the brink of closing doors, regardless of insurance coverage or defiant stance of its proprietors. In a small market like LIC, even a small hit, like low health department grade or destruction of locals’ favorite park next door can strain a retailer’s bottom line. Let’s hope that our local businesses recover quickly.

There are other things to consider, too. If shortage of gasoline does not get resolved soon, we may start seeing empty shelves and reduced menus, as wholesalers and distributors can’t put their delivery trucks on the road without fuel. Even local Fresh Direct deliveries take a minimum of 2 days now. And already I have heard superintendents and general contractors discussing presenting preventive measures to landlords and condo boards… flood water barricade systems, levies, French drain and sump pump systems, shutters and other solutions for properties located near the East River. Although in Astoria and Sunnyside a lot of trees have been knocked down, the devastating effect of surprise water surge in parts of LIC, Brooklyn and College Point, to name a few, is what everyone seems to want to prevent in the future. After all, no one has seen the river flood this far in their lifetime and this was now a second hurricane to reach us in 14 months.

Instead of bold predictions, analysis or data, all of which would obviously be guesswork at best, I am leaving you with some questions to which no one yet has answers: Will values of real estate in LIC drop because we are clearly in the flood and hurricane zone? Or will they keep going up because we proved that properties here can withstand the worst kind of storm, and the neighborhood can recover quickly? Will prospective tenants, both commercial and residential, begin to look at Hunters Point the same way one would at Batter Park or Rockaways; basically a real waterfront community at mercy of the big river? How much new investment will property owners now want to make in both improving and reinforcing their buildings knowing that “this hurricane thing is now for real”? Will it affect prices? Is a condo in Court Square or even on Jackson Avenue now a safer living and investment than one closer to the ballyhooed waterfront?

On a lighter note, I’d like to give a shout out to parents and community leaders whose beloved Shady Park became shady no more. Can we find a solution to rebuild the park in a way that allows it to keep its name? A net with shrubbery draped over the playground ; a fast-growth tree replanting project; a roof? If at all possible, let’s show the city and especially the poor folks in NJ and SI that our small community can serve as a model or resiliency and creativity to help keep our real estate values up, Sandy or no Sandy.

South Queens real estate


| tcullen@queenscourier.com

Copyright (C), Multiple Listing Service of Long Island, Inc, 2004

Howard Beach, Ozone Park, Woodhaven and Richmond Hill offer some of the nicest homes in Queens — ranging in size and age. These listings come to you from Jerry Fink Real Estate Inc., located at 160-10 Cross Bay Boulevard, and Connexion I Real Estate, located at 161-14A Cross Bay Boulevard.

This historic looking, all-brick Tudor home with a slate roof is mint, and offers three bedrooms, two new bathrooms and a new kitchen. It also features a one-car garage and a finished basement.

 

 

 

 

This high-Ranch home is completely renovated with a granite kitchen with stainless steel appliances.

 

 

 

 

This classic all-brick Colonial home has four bedrooms and three-and-a-half all new bathrooms! The living room features a fireplace, with nine-foot ceilings, a full finished basement and a one-car garage.

 

 

 

 

164-44 96th Street in Howard Beach

This beautiful one family detached Colonial home is newly-renovated with hardwood floors. Inside are three bedrooms, two bathrooms, a foyer and formal dining room. It’s located in an ideal spot just near the park for a sit by the water.

 

 

 

162-16 99th Street in Howard Beach

This charming one family Colonial has a score of perks and pluses! With a new roof, finished foyer, fireplace and formal dining room and sun room it offers plenty of room — in addition to three bedrooms. It also has a new, full bathroom including a Jacuzzi.

 

 

153-35 79th Street in Howard Beach

This is a spacious detached, two-family home with a two car garage. Each floor features three bedrooms, two bathrooms, and an eat-in kitchen. There is also a finished rec-room for all sorts of fun.

Northeast Queens real estate


| mchan@queenscourier.com

Copyright (C), Multiple Listing Service of Long Island, Inc, 2004

Bayside, Auburndale and Fresh Meadows offer a wide range of housing opportunities, from cozy little co-ops to stately manses, with prices ranging from under $500,000 to over $3 million. Here’s a range of what you can find on the tree-lined streets of this tri-neighborhood region. Information and photos are courtesy of www.mlsli.com and www.homes.com.

 

33-35 200th Street in Bayside

This charming, semi-detached Colonial one-family home was built in 1930 and is located near two public schools and a slew of shops with ample transportation options. It features three bedrooms, two full baths, an eat-in kitchen, a formal dining room, a finished basement, gas heat, new siding, updated windows and a washer and dryer. It is selling for $455,000.

 

 

67-07 213th Street in Bayside

Located in a quiet area lined with tall oak trees, this one-family home was built in 1955 and is in original condition. There are three bedrooms, one full bath, one half–bath with a private driveway, an eat-in kitchen, a full basement and wall-to-wall carpeting. This home is going for $499,000.

 

 

212-06 64th Avenue in Bayside

This gorgeous Mediterranean-style one-family mansion features six bedrooms, eight full baths and one half-bath. Newly built in 2010, this “diamond” stucco building has 8,200 square feet of living space, with a large gourmet kitchen, big windows and high ceilings. The property also includes a private driveway with a two-car garage, a deck, a fireplace and skylight. The listing price is $2,749,888.

 

 

75-52 185th Street in Fresh Meadows

A “mint” one-family residence, this brick home features four bedrooms, three full baths, one half-bath, wood floors, a welcoming foyer and many more additions. It is selling for $979,000.

 

 

 

 

75-56 195th Street in Fresh Meadows

This beautiful and completely renovated four-bedroom home with hardwood floors has granite countertops, gorgeous landscaping and a huge lot. It also features a wood burning fireplace, a two-car garage and lots of closet space. The listing price is $849,000.

 

75-20 188th Street in Fresh Meadows

A brick home built in 1950, this property features four bedrooms, two full baths, a home office, a full basement, wood floors and a private driveway with a one-car garage, among many amenities. This home is going for $629,999.

 

7 Summit Place in Malba

Located in the heart of Malba, near Auburndale, this gorgeous 7,000 square foot home features five bedrooms with one full bath each and one bedroom with one bath on the first floor. The master bedroom has a balcony and a loft. This home is going for $3,575,000.

 

 

 

154-57 12th Avenue in Beechhurst

This spacious colonial home, located close to Auburndale, boasts having four bedrooms, two-and-a-half baths with a totally finished basement that can serve as a full apartment. It also features an updated and very large eat-in kitchen with granite counter tops, a large living room with a fireplace. It is selling for $849,000.

Queens priciest condo hits the market


| aaltman@queenscourier.com

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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.”

LIC Partnership hosts real estate breakfast


| mpantelidis@queenscourier.com

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A group of experts recently gathered to discuss a “booming” topic – the Long Island City real estate market.

LIC Partnership hosted a real estate breakfast on May 15 at the U.N. Federal Credit Union, located at 24-01 44th Road, during which a panel of specialists spoke about the various industrial and residential developments expanding into L.I.C.

The panel was composed of Amy Scherber, owner and founder of Amy’s Bread; Amanda Fung, reporter from Crain’s NY Business; Bill Connor, senior real estate director with FedEx Ground; Doug Partrick of Heatherwood Communities; Sarah Obraitis, co-owner of M. Wells Restaurant; and Flint MacNaughton, founding partner of SunCap Property Group.

“I think the panel was an exciting panel because you have so many different representatives from different types of companies – you had food, you had FedEx which is kind of industrial, you had residential,” said David Brause of Brause Realty, Inc., who moderated the discussion. “A lot of new developments and a lot of new money is coming into L.I.C. to make a significant investment, so just the diversity of the people on the panel I think is what the nice takeaway is here – that there are so many opportunities for different kinds of businesses right here in L.I.C.”

Dan Miner, the senior vice president of business services for LIC Partnership, believes the panel’s message addressed the transformation of L.I.C. into a “diverse, dynamic, exciting, multi-sector business community.”

Throughout the discussion, the experts tackled what qualities make L.I.C. an ideal location for families, restaurants and businesses from all sectors.

“It didn’t take long coming to this area here – L.I.C. – to realize the potential, the growth and to see all that has transpired in a number of years, especially on the waterfront, and it is moving north here to the plaza,” said Partrick. “With the opportunities for high density construction, I just see a fantastic growth in the area and I think there is going to be a tremendous amount of change in years to come.”

Partrick went on to say that New Yorkers are being “pushed out of Manhattan” and L.I.C. is the “natural place for people to come.”

Fung said the neighborhood’s access to public transportation, proximity to the city and 20 to 30 percent cheaper rental rates have enticed many to make the move to the area.

The restaurant owners on the panel also expressed admiration for L.I.C., due to the community’s active residents and exciting environment.

“It is a wonderful place for professionals and for families,” Obraitis said. “What more could you ask for – eight train lines and a lot of exciting businesses and a lot of people who have built their own businesses. I think we make each other feel great and people want to stick around and grow their futures and their families in L.I.C.”

LDC set to revitalize Flushing area


By Queens Courier Staff | editorial@queenscourier.com

THE COURIER/Photos by Mike DiBartolomeo

The Flushing Willets Point Corona Local Development Corporation (LDC) held a cocktail reception on Tuesday, May 8 in the Delta Sky360 Club at Citi Field.

Distinguished guest Michael Stoler, President of NY Real Estate TV and Managing Director of Madison Realty Capital, talked about the increasing importance of Queens to the state’s real estate market.

Guests watched a presentation on the work currently underway at the Flushing waterfront, 60 acres undergoing a serious transformation.

According to LDC spokesperson Nicholas Roberts, the project will revitalize and combine two distinct neighborhoods – Flushing and Downtown Flushing. He alleged that the group hopes to move activity westward, creating a greater amount of open space and loosening up some area congestion.

The LDC works with community stakeholders to encourage development throughout the downtown area, providing and advocating for services such as mass transit, affordable housing, and increased access to parks.

Roberts claimed it works to improve the overall environmental condition.

“[The LDC has a] vested interest in seeing Downtown Flushing and the surrounding area grow,” said Roberts.

The LDC is funded by the New York State Department of State Brownfield Opportunity Grant. It received this funding about a year-and-a-half ago and it is expected to run through May of 2013.