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Penthouse photo via Nest Seekers Penthouse photo via Nest Seekers
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%
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.
The View Living room in the View's #PHA (Compass)
The View (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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