Living In LIC: The New Condos That Will Boost Long Island City's For-Sale Market In 2018
By Rey Mashayekhi
While rental projects continue to dominate the new development market in LIC, developers have noted the need for more condos in the area, and have responded as such. There are currently 29 projects expected to bring nearly 1,900 new condo units to LIC in the coming years, according to data provided by Stribling & Associates broker Patrick W. Smith.
Most of these developments are still in their early stages—with many having yet to either file condo offering plans with the state attorney general’s office, or have their filed plans accepted by the state. But several are nearing completion and are preparing to launch sales over the course of the next year, promising to boost the neighborhood’s for-sale inventory and provide a welcome option for those seeking to invest in properties in Long Island City. Here’s a look at some of the condo projects that will be arriving in LIC soon, as well as others that should be making their way to market in the near future.
Developers Adam America Real Estate and Vanke US pulled out all the stops for Galerie, hiring renowned architecture firm ODA New York to design the building and equally-regarded interior design firm Paris Forino to take care of the interiors. The 11-story, 175-unit condo building, located across the street from MoMA PS1, will range from studios to three-bedrooms and feature amenities including an indoor swimming pool, central landscaped courtyard, roof terrace, porte-cochère and even a curated gallery. Sales are being handled by Halstead Property and are expected to launch before the end of this year.
Located near Dutch Kills Playground in the Dutch Kills section of LIC, The Smyth has a distinguished, industrial look featuring a brick-and-metal facade and large, arched windows. The seven-story, 41-unit building, developed by D.A. Development and JBL Development Group, will range from studios to three-bedrooms, as well as four penthouses with private outdoor spaces. There will also be a shared roof terrace for residents, a gym and a dog spa. The project is scheduled for completion next year and should launch sales—which are being handled by Modern Spaces—by early 2018.
Developer Circle F Capital is also targeting the market for apartments on one of Long Island City’s main thoroughfares, and close to cultural institutions like MoMA PS1 as well. The company is planning an 11-story, 71-unit condo building at 22-43 Jackson Avenue and only completed demolition this past summer, according to New York YIMBY, which also unveiled renderings for the SRA Architecture + Engineering-designed project. Estimates have the project completed anywhere from next year, according to CityRealty, to 2020, according to YIMBY. In any case, the development should add to LIC’s condo stock soon.
This long-gestating, 25-story, 182-unit condo building has been in the works for years, but after topping out in February appears to be making genuine progress toward the market. Developer Eastern Star Development filed a $253 million condo plan in April that would see units average $1.4 million each, according to The Real Deal; 75 percent of the units are slated as one-bedrooms and the other 25 percent expected to be two-bedrooms, though those plans could be subject to change.
Just south of Queensboro Plaza, developer Ampiera Group is at work on this eight-story, 36-unit condo building featuring a boxy, glass-heavy design from My Architect. The development is expected to house one- and two-bedroom units, with private outdoor spaces for the top-floor apartments. It is slated for completion this year and will rise just behind Silvercup Studios (with a rear view of the film and TV production venue’s iconic sign).
Flushing-based Times Development is nearing completion on this six-story, 44-unit condo project. The Michael Kang Architect-designed development topped out earlier this year with work currently underway on the building envelope, and renderings depict a brick-and-glass facade featuring large windows and outside balconies. The project’s timeline is unclear, though it should be finished sometime next year.
Developer CBSK Ironstate is hoping to bring some of its Manhattan magic to LIC via this eight-story, 85-unit condo development near Court Square. Construction was expected to commence this year, according to the developer’s website, though sales have yet to launch and specifics on the project are short.
This six-story, 37-unit project is rising on the site of a former gas station north of Queensboro Plaza. Renderings from Architects Studio, which is designing the building, indicate a glassy facade and balconies that should provide attractive views. The development is slated for completion next year.
Chatham Development Company is planning this seven-story, 42-unit condo building near Hunters Point, which is designed by Raymond Chan Architects and slated for completion in 2019, New York YIMBY reported in September. Chatham’s John McInerney told LICPost last year that the luxury development would be mostly one- and two-bedrooms, though adding those plans were flexible. “We view it as a core location in Long Island City,” he said. “You’re an easy walk to the water, easy walk to Vernon Boulevard, easy walk to [the] trains.”
Further east in the neighborhood, in Dutch Kills, developer Eastone Capital is at work on this development, which will feature 89 units across two seven-story condo buildings. The project is aiming to commence construction next year upon completion of the requisite permitting and financing, and would feature ground-floor retail as well as a Tan Architects-designed glass facade.
Last but certainly not least—as far as size is concerned. United Construction & Development Group shocked many with its plans for this super tall condo tower, which initially was slated to reach 79 stories but has since been revised to a slightly more modest 66 stories in height. The Hill West Architects-designed project will still bring more than 800 condo units to Long Island City, with a targeted completion date of 2018. Whenever the project is finished, it will have succeeded in bringing Manhattan’s super tall luxury condo craze—epitomized by Billionaires’ Row in Midtown—over to LIC.
There you have it, some of the incredible Long Island City condo projects debuting for sale in 2018. To learn more about any of these projects or the changes in the LIC real estate market; please CLICK HERE to schedule an appointment to speak with me directly.