DataMarkets & Economy

Long Island City offering larger units with more bedrooms, report says

A reported 10,000 units are coming to market next year
  • Average price per square foot for a three-bedroom condo in Long Island City was $1,649 in the second quarter.
  • Three-bedroom condos held 62 percent of the share of closed transactions in LIC.
  • Around 10,000 units are expected to come to market next year.

It's no exodus, but some New Yorkers want more space, and they're finding it in Long Island City. Three-bedroom condo sales in LIC jumped to 62 percent of the market share during the second quarter, accoridng to a new report. According to data from Modern Spaces NYC, a real estate group with offices scattered across New York City, 62 percent of apartment purchases in LIC in the second quarter of 2016 were for three-bedroom apartments, compared to a 46 percent share in the first quarter. This demand for space helped push the average price for condos up to $1,235,524, from $1,178,304 in the first quarter. "There have been less and less three-bedrooms coming online over the years," Modern Spaces NYC CEO Eric Benaim said. Benaim and the team at Modern Spaces NYC have pushed developers to place more three-bedrooms in new projects because, as Benaim described, they've been seeing a trend of more families relocating to the area. Benaim grew up in Queens, so he's quite familiar with t...