LIC Round-up: Gantry Park Landing 60% Leased, Pricey Townhouse Now for Sale

Over the weekend the New York Times checked in with the steadily moving development in Long Island City. Gantry Park Landing, a new rental building that started leasing in July, is around 60 percent spoken for. Although the building doesn’t offer the size or views like many neighboring waterfront developments, it doesn’t seem to matter. Says the Times, “Despite prices that are on a par with nearby buildings — studios start at $2,000 a month while three-bedrooms max out at $5,300 — Gantry Park, which cost $75 million to develop, is reporting brisk leasing.” The article also highlights 4545 Center Boulevard, which started leasing in May and 4610 Center Boulevard which will open next year with 580 units. Kevin P. Singleton, of TF Cornerstone, is concerned less with competition between developments and more with establishing a critical mass in the neighborhood. He points out the rash of new buildings, restaurants and businesses, and states: “We have been validated by the marketplace.”

Over at the Wall Street Journal, there’s a profile up of a LIC townhouse now on the market for $2,250,000. The owner snatched up the 2,260-square-foot home in 1991 and hopes to bank on the “growth potential” of the neighborhood. According to the WSJ, they believe it’s a good time to sell because of “interest in the area driven by new developments and public upgrades in the neighborhood, such as the expansion of Gantry Plaza State Park.” The renovated home is configured as an owner’s duplex with a two-bedroom, one-bathroom apartment.

Long Island City: From Locomotives to Living Rooms [NY Times]
Banking on Long Island City [WSJ]
Photo by jlwelsh