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2 New Condo Buildings Coming to Rental-Heavy Hunters Point This Spring

By Jeanmarie Evelly | April 23, 2015 10:57am | Updated on April 24, 2015 5:04pm
 Two new condo buildings are set to rise in Hunters Point. Left: a rendering of Liv@ Murray Park, planned for 11-35 45th Ave. Right: a rendering of The Corner, which is being built at 47-28 11th St.
Two new condo buildings are set to rise in Hunters Point. Left: a rendering of Liv@ Murray Park, planned for 11-35 45th Ave. Right: a rendering of The Corner, which is being built at 47-28 11th St.
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Modern Spaces

HUNTERS POINT — Two new condominium projects will hit the market this spring, answering a demand for condos in an area that's seen a majority of rental development over the last several years.

A luxury building with 23 homes, called The Corner, is being built at 47-28 11th St., while another condo project with 39 units called Liv@ Murray Park is underway at 11-35 45th Ave.

The two buildings offer prospective home-hunters a chance to buy in a neighborhood where there's been an influx of rentals in recent years, while the lack of condo inventory has driven up housing prices.

Since 2006, approximately 6,400 rental apartments were created in Long Island City compared to just 2,200 finished condominiums, according to numbers compiled by neighborhood business group LIC Partnership.

But that trend may be turning, says Eric Benaim of real estate firm Modern Spaces, which is marketing the two new buildings.

"We've been marketing a lot more condos this year, and we have a lot more next year as well," he said, adding that the firm will be representing three other condominium projects that are expected to hit the market this summer and fall.

"I don't think it will still be enough to satisfy the demand," he said.

Home prices at The Corner, which is being built by Kora Developers LLC and BK Developers, will start in the $600,000 range.

The seven-story building at 11th Street and 47th Road will have one and two bedrooms, a fitness center, sundeck and a virtual doorman system that tenants will be able to access with their smartphones. Sales will open in May, according to Modern Spaces.

Liv@ Murray Park will be located on 45th Avenue between 21st and 11th Streets next to the Murray Playground. The project from George Xu and Century Development will be a mix of studios, one- and two-bedroom apartments starting at $400,000.

Other amenities include heated floors, bike storage, communal rooftop, and a lounge in the lobby and free Wi-Fi in all the common areas, according to Modern Spaces.

Apartments there are expected to go on sale later this spring.