Purchasers in the Long Island City condo, The View at East Coast are betting that their early investments in the burgeoning ‘hood will result in windfall returns. According to our sales data, listings in the Center Boulevard building currently average 88.9% more than sponsor closings that first started in 2009. Records show there have only been two resales and in recent years, the average price per foot paid has escalated from $815 a foot in 2009 to $1,628 a foot sale in 2015. Now a flurry of resales are on the market showing that some initial buyers are looking to make more than double what they paid several years back.
| Unit | SF | Listed Price | PPSF | Sponsor Closing | Sponsor PPSF | %Change |
|---|---|---|---|---|---|---|
| 602 | 1,160 SF | $1,948,000 | $1,679 | $1,110,000.00 | $958 | 75.3% |
| 811 | 1,460 SF | $2,698,000 | $1,848 | $1,221,900.00 | $837 | 120.8% |
| 708 | 1,196 SF | $2,049,000 | $1,713 | $999,000.00 | $835 | 105.1% |
| 107 | 1,842 SF | $3,295,000 | $1,789 | $1,670,000.00 | $907 | 97.2% |
| 908 | 1,196 SF | $1,998,000 | $1,671 | $999,000.00 | $835 | 100.1% |
| 1501 | 1,492 SF | $2,450,000 | $1,642 | $1,385,505.00 | $929 | 76.7% |
| 1701 | 1,492 SF | $2,498,000 | $1,674 | $1,375,000.00 | $922 | 81.6% |
| 210 | 878 SF | $1,198,000 | $1,364 | $700,000.00 | $798 | 70.9% |
| PHA | 2,108 SF | $3,998,000 | $1,897 | $2,500,000.00 | $1,187 | 59.8% |
| 612 | 1,160 SF | $2,300,000 | $1,983 | $1,125,000.00 | $985 | 101.3% |
| 1011 | 1,459 SF | $2,355,000 | $1,614 | $1,167,500.00 | $800 | 101.8% |
| $1,716 | $908 | 88.9% |
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One unit that has hit the market for the first time since the sponsor sale is Unit #708. The two-bed, two-bath home has direct, sunset views of the East River waterfront and Manhattan skyline. Encompassing nearly 1,200 square feet, there is an open gourmet kitchen with Viking and Sub-Zero appliances, full-height windows and hardwood floors throughout, customized walk-in closet spaces. The home has an ask of $2,049,000 and has a tax abatement in place until 2027. The home initially closed in September 2011 for $999,000.
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Also on the market is the building’s spectacular #PHA. The three-bedroom penthouse has an expansive wrap-around terrace, “cathedral ceilings,” and a sprawling living room with fireplace. The 2,107-SF home first sold in July 2009 for $2.5 million and is back for $3.998 million, a nearly 60% increase from its sponsor closing price.
Price comparables in the View are difficult since there is still no other high-end condominium directly on the Long Island City waterfront. Looking further down the East River shore into Brooklyn is The Greenpoint which has slightly lower price points than the View but the building is in a less established area with fewer amenities and transportation options.
Living room in the View's #PHA (Compass)
(Compass)
Established builder TF Cornerstone opened the 18-story building in 2009 and is the only condo offering within their seven-building East Coast master plan. When the pioneering tower opened in 2009, the building had 184 one- to three-bedroom homes starting from $616,000. The building was designed by Handel Architects and features a cascade of terraces facing the East River. The building still holds the record as Queen’s priciest single-family sale ever when a ground-level spread sold for $3.35 million in early 2014.
Over the years, this section of the Queens waterfront has been fully regenerated with thousands of new apartments, a new school, and coming library, and best of all acres of park space to take in memorable views of the Manhattan skyline. Amenities in the building include a 24-hour doorman/concierge services, bike storage, fitness center and free membership to the EastCoast Club that has a lap pool, gym, sauna and spa, cinema room, a great outdoor lounge/rooftop terrace with barbeque grills and cabanas, billiards room, indoor private party/lounge.
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