Opinions on buying a new development condo in Long Island City

burningyen · #1 03-19-2007, 06:29 PM

My Manhattan apt purchase recently fell through due to the developer being sleazy. So I'm back on the market and am shocked and awed by how Manhattan prices continue to rise. $1200/sf seems to be the de facto standard for new developments now. Out of frustration, last week I browsed some listings out in LIC. WTF, brand spanking new luxury condos 1 stop away from Grand Central for less than $700/sf?! I know LIC is still urban frontier territory. Last time I was out there was 2 years ago to see P.S. 1 and the transplanted MoMA. Has it really changed? I'll make a trip out there one of these weekends to see for myself, but I'm wondering what you guys think of it purely as an investment if your time horizon for holding onto the property is like 15-20 years or so. Thoughts?

Evan · #2 03-19-2007, 09:22 PM

The big Citigroup office seems to have spurred more development in the area. I am in no way qualified to value real estate, but as an uneducated bystander LIC would make my list of "5 places in New York that will probably be a lot more developed in 20 years than they are today".

I think the movement of a lot of financial offices to midtown bodes especially well for it. If the 7 line ever actually gets extended to the west side that would certainly be a great thing for property values in LIC.

DespotInExile · #3 03-19-2007, 10:02 PM

Buying in LIC is like buying in Roosevelt Island.

I would expect you'll find the best value in Queens.

Evan · #4 03-19-2007, 11:13 PM

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Buying in LIC is like buying in Roosevelt Island.

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I don't know anything about the real estate markets in either of these places, but I have a really hard time believing this is even remotely true.

DespotInExile · #5 03-20-2007, 09:47 AM

[ QUOTE ]
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Buying in LIC is like buying in Roosevelt Island.

[/ QUOTE ]
I don't know anything about the real estate markets in either of these places, but I have a really hard time believing this is even remotely true.

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I cant say I know about the RE market in either place, either, but I can tell you that I've been to both LIC and Roosevelt Island, and I found them equally awful in terms of a place to live, the only difference being Roosevelt Island has an Invasion of the Body Snatchers feel to it, while LIC has an industrial wasteland vibe. Either way, both places blow. I think in terms of both investment prospects or a place to live, you'd be much better off in an established neighborhood in Queens like Astoria.

Evan · #6 03-20-2007, 12:21 PM

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
Buying in LIC is like buying in Roosevelt Island.

[/ QUOTE ]
I don't know anything about the real estate markets in either of these places, but I have a really hard time believing this is even remotely true.

[/ QUOTE ]

I cant say I know about the RE market in either place, either, but I can tell you that I've been to both LIC and Roosevelt Island, and I found them equally awful in terms of a place to live, the only difference being Roosevelt Island has an Invasion of the Body Snatchers feel to it, while LIC has an industrial wasteland vibe. Either way, both places blow. I think in terms of both investment prospects or a place to live, you'd be much better off in an established neighborhood in Queens like Astoria.

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I've never been to Roosevelt Island so I can't tell you what it "feels like". I just don't see how they could be even remotely similar.

Roosevelt Island: 1 subway stop that with 1 line that I think doesn't run Manhattan-bound on weekends (may have changed), completely residential, no commercial buildings

LIC: several subways lines, 3 stops from Grand Central, 1-4 stops from Financial District 2.0 (42-59 St), giant Citigroup office building, hotels being built, etc.

I'm not telling you one is better than the other. If I had to buy in one place it would be LIC but I am not really qualified to decide that. All I'm saying is I don't see how you can call these places similar in any sense of the word.

MrBlue · #7 03-19-2007, 10:06 PM

Ten Long Island City Condos

I like this one in particular:

The Queens Plaza - Condo

Queens Plaza is not just the name of a new condo, but the gritty area at the base of the Queensboro Bridge. It’s the reason this development is the least expensive of the bunch.

* Address - 41-26 27th Street, Long Island City, NY 11101
* Units - 64 one and two bedroom condos
* Prices - $365,000-$1.2 million
* Pros - Best price, 7 and E subways, parking
* Cons - Continuing low-life crime in Queens Plaza, traffic, strip clubs
* Development website - The Developers Group

How is living across a strip club, under a bridge, in my 1.2million dollar penthouse apartment a con?!?! [img]/images/graemlins/grin.gif[/img]