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New LIC Condos. From top left moving clockwise: Factory House, The Dutch, The Jackson, 22-43 Jackson, 22-12 Jackson, Harrison New LIC Condos. From top left moving clockwise: Factory House, The Dutch, The Jackson, 22-43 Jackson, 22-12 Jackson, Harrison
A new phase of Long Island City’s transformation from forlorn factory district to housing hotbed has begun with an increasing amount of condo development moving forward. So far, the clear majority of units to come online in the neighborhood have been rentals. With a rental glut possible, now, more than ever, developers in the Court Square area are putting up condo buildings and are optimistic that the areas will transform into full-fledged residential communities where buyers are willing to put down roots long term.
With its stellar views of Manhattan, LIC’s Hunters Point waterfront has already seen a fair share of condo activity with buildings such as The View at East Coast and the Powerhouse topping sales chart. Now, the wave has moved inland, with new condos such as the Jackson, the Harrison, Factory House and the Dutch all expected to open their doors later this year.
22-12-Jackson Groundwork begining at 22-12 Jackson (CityRealty)
LIC-02 22-12 Jackson Avenue (ODA New York)
22-12 Jackson (ODA New York)
The newest condo building to be announced for the ‘hood will rise at 22-12 Jackson Avenue near the Court Square subway station and the massive 5Pointz rental redevelopment. The 11-story, 170,000-square-foot condo project is being developed by China Vanke and Adam America Real Estate and will hold 182 condos. On Friday, The Real Deal reported that the developers netted a $98.5 million construction loan and a recent pass by the site shows groundwork has already begun.
Across Jackson Avenue, at 23-43 Jackson, developer Circle F Capital has begun clearing an underbuilt corner site holding a one-story building and a parking lot. The site is being redeveloped into an 11-story, 71-unit condo building with 25,000 square feet of retail.
Long-Island-City-02 Construction progress of the Dutch, the Jackson, the Harrison
Per our data, median listing prices for new development condos in LIC hover around the $1,200/ft² mark, quite a discount when compared to Manhattan’s new development offerings that average $2,330/ft² according to our latest market report. Prices are rising, however. Miller Samuel’s quarterly Elliman Report for northwest Queens shows that prices in LIC-Astoria are up nearly 17 percent since the end of the fourth quarter of 2015.
Of LIC’s the soon-to-be-finished developments, the Jackson tops the list with a median price of $1,302/ft² and has two-bedrooms available from $1.88M and three-beds from $1.65M. That building is followed by the Harrison ($1,261/ft²), Factory House ($1,236/ft²) and the Dutch ($1,118/ft²).
Long-Island-City-condo-02 Google Earth Aerial showing a few of the condos coming to LIC's Court Square area (CityRealty)
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New Developments Editor Ondel Hylton Ondel is a lifelong New Yorker and comprehensive assessor of the city's dynamic urban landscape.