AgentMarkets & Economy

Long Island City condos surpassing Brooklyn in price, report says

Modern Spaces Q1 report shows LIC condos pulled a 30 percent average price increase
  • The average condo price in LIC reached $1.2 million, surpassing the average price in Brooklyn ($1.024 million) by 17 percent.
  • While studios and one-bedrooms formerly comprised the majority of LIC’s market share, two- and three-bedroom units are stealing the show these days.
  • Another popular neighborhood in Queens is Astoria, which revealed an average closed price of $681,921 last quarter and a price per square foot of $762.
  • Long Island City has shown a 14 percent increase in average price per square foot for condo sales over the past two years.

Are more Brooklynites relocating to Queens? The figures in the latest Modern Spaces quarterly report support the notion that more New Yorkers are opting for prime Queens real estate, pushing up the average price for condos in the borough's hottest neighborhoods. In Long Island City, condo prices increased 30 percent in the last quarter, the report says. What’s more, the average condo price in LIC reached $1.2 million, surpassing the average price in Brooklyn ($1.024 million) by a whopping 17 percent. Long Island City has become an epicenter for growing arts, culture and restaurants in the past few years, but development hasn’t ceased with the recent influx of residents. More residential and retail sites continue to flood the area, allowing former Manhattan and Brooklyn devotees a similar lifestyle at a more reasonable cost. "In LIC and Queens in general, you get a better value and more accessibility," said CEO of Modern Spaces Eric Benaim. "You're literally 5 minutes ...