Queens-based real estate firm Modern Spaces has released their 2017 fourth-quarter market report and one clear takeaway is that the year brought a huge amount of new rental units to the borough, and especially to the Long Island City area. Eric Benaim, the company's president and founder, says;
“A deluge of rental units brought to market marked the busiest year yet in Long Island City. The overall price of rentals was down 6 percent for the quarter and 9 percent from this time last year. Several new buildings came online during the year, leading to the softening prices as well as increasing concessions, which include a number of buildings offering 3 months of free rent on 24-month leases. With thousands of units remaining in the pipeline and set to come online in the near future, this trend appears to be just beginning.”
“A deluge of rental units brought to market marked the busiest year yet in Long Island City. The overall price of rentals was down 6 percent for the quarter and 9 percent from this time last year. Several new buildings came online during the year, leading to the softening prices as well as increasing concessions, which include a number of buildings offering 3 months of free rent on 24-month leases. With thousands of units remaining in the pipeline and set to come online in the near future, this trend appears to be just beginning.”
The report goes on to give the Q4 breakdown for average luxury rental rates in the area; studios came in at $2,291/month, one-beds at $2,904/month, two-beds at $3,902/month and three-beds at $5,209/month.
We've taken a look through the listings on CityRealty, and here are some buildings offering units at or below the Q4 average - and many offer concessions. Check out all the buildings below or if you want to take a closer look at Modern Space's comprehensive breakdown, check out the full report here.
We've taken a look through the listings on CityRealty, and here are some buildings offering units at or below the Q4 average - and many offer concessions. Check out all the buildings below or if you want to take a closer look at Modern Space's comprehensive breakdown, check out the full report here.
Studios from $1,696/month
(Select listings are no fee with 1 month free)
Studios from $2,040/month
(Select listings offer 3 months free on a 2-year lease)
Studios from $2,057/month
(Select listings are no fee with 2 months free)
1 Beds from $2,312/month
(Select listings are no fee with 1 month free)
1 Beds from $2,430/month
(Select listings are no fee with 1 month free)
1 Beds from $2,443/month
(Listings advertise the gross rent prices)
2 Beds from $3,166/month
(Select listings offer 2 months free on a 15-month lease)
2 Beds from $3,467/month
(Select listings offer 1 month free)
2 Beds from $3,500/month
(Listings advertise net effective rent prices)
41-15 29th Street Leasing
(646) 461-XXXX
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