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| Long Island City/ Hunter's Point |
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Booming area conveniently located 1,2 and 3 stops from Grand Central on the 7 Train. Even the 3rd stop is only 5-7 minutes by train. The most desirable area is Hunter's Point in the extreme South West portion of the area. In that area more than a dozen upscale condos have opened in the past year and dozens more are in building or planning stage. Prices are 30-50% lower than just accross the river. Originally an artist hangout, the area is small town USA charm meets big city. The skyscrapers are growing more numerous on the River, yet there is still a community feel. Vernon Blvd is the main strip in the area with a variety of restaurants, shops, coffee houses, etc.. This area is on the move.
Also growing in the area are points further North up to and above the 59th Street Bridge. More condos are sprouting there as well and it seems like a natural progression that will continue unabated. Areas North of Hunter's Point are a little rougher around the edges and more industrial, but the prices are even better and so may be the investment return.
Reasons to live in LIC:
1-Convenience. Not only is Hunter’s Point less than a 3 minute train ride and the first stop on the 7 train from Grand Central, but there is immediate access to the Hunter’s Point LIRR Station, the LIE, The Midtown Tunnel, and The New York Waterway Water Taxi to East 34th Street. Additionally, a 3 minute drive will get you to the 59th Street Bridge, BQE, and Brooklyn via the Pulaski Bridge. Parking is relatively ample and at a much lower cost than is prevalent in Manhattan.
2. Location. The area of Hunter’s Point , just across the river from Manhattan, is perfectly situated with water on the Southern boundary (Newtown Creek), and The East River on The Western boundary. This provides ample waterfront and a front row seat to unparalleled views of the Manhattan Skyline.
3. Neighborhood. Living in Hunter’s Point is like living in a small town within the big city. Vernon Avenue is reminiscent of Main Street USA, yet the dining options are exceptional and the retail seems to be transitioning to cater to the new residents. Since services like Starbucks, Duane Reade, and an unnamed supermarket are coming to the area in the short term, this long held negative now appears to be nearly resolved.
4. Rapid Growth and Price Appreciation. Hunter’s Point is clearly on the move with dozens of new condo construction projects underway or in the works. Prices are accelerating . Prices rose approximately 15% last year to $750/ft, and the new round of condos will likely push prices up into $850/ft range and beyond in the short term. We feel that rapid development in the short term will bring increased retail and make Hunter’s Point a more desirable and upscale place to live.
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5. Active arts scene. Long Island City has long been an artist’s haven. MOMA relocated for a number of years at “PS1”, one of many significant museums in LIC. There is also sculpture Park on the river. Artist continue to live and work in the area.
6. Schools. The local elementary school, Robert Wagner Elementary is highly acclaimed and within easy walking distance of numerous new developments
7. Impressive array of Luxury options at solid values. Even though prices have been on the move in Hunter’s Point they are still a relative value to Manhattan. The quality of building, finishes and amenities are on a par with their Manhattan counterparts. In the coming year there will be numerous different options on the market to make the most discerning of condo buyers happy. Making the buyers even happier will be the 40% discount to Manhattan prices with, in most cases, better views.
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© 2010 A. Fine Company Inc. Phone: 646-237-4170 Fax: 212-675-7741
817 Broadway, 5th Floor, New York, NY 10003
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A. Fine Company, Inc. is a full service real estate firm specializing in the rentals and sales of quality apartments throughout Manhattan. We are committed to the highest standards of service, professionalism and efficiency. At A Fine Company we provide our visitors with a great selection of Apartment rentals and sales in every area of New York City. We have apartments in downtown Manhattan, the East Village, the West Village, Chelsea, Grammercy Park, the Upper East Side, and the Upper West Side. We have a broad range of luxury apartments and a wide selection of buildings. Our listings include high-rises, brownstones, pre-war, and new developments. WWW.AFineCompany.com provides clients with a team of NYC Real Estate experts who access a large database of premier Manhattan apartments to find the best rental and sales properties in New York City. We provide our web site visitors with a NYC apartment rental guide, sales guide and relocation service guide. Many furnished and non-furnished Manhattan apartments are available for short term or long term rental. Relocating to Manhattan and finding your dream apartment listing, a rental or sale property has never been easier. Photos and slideshows are supplied for most of our apartments listed online. Layout descriptions and in some cases, floor plans, are provided for our apartments. We feature NYC luxury apartments for rent on our featured property section, “The Fine List”. Visit our web site anytime to see the latest New York City apartment rentals and sales or come and see us at our Manhattan location: 41 Union Square West, Suite #1228, NY, 10003.
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rental or financing is from sources deemed reliable,
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accuracy thereof and same is submitted subject to
errors, omissions, change of price, rental or other
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