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Demand for Bigger Apartments in LIC Is Heating Up, Report Shows

By Jeanmarie Evelly | July 25, 2016 5:17pm | Updated on July 26, 2016 5:31pm
 A bedroom in The Corner, a 23-unit condo building at 47-28 11th St. in Long Island City.
A bedroom in The Corner, a 23-unit condo building at 47-28 11th St. in Long Island City.
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Modern Spaces

HUNTERS POINT — Demand for two- and three-bedroom apartments in Long Island City is hotter than ever as families continue to flock to the neighborhood, according to new real estate report from Modern Spaces.

The realty firm found that more than 70 percent of closing condo sales during the second quarter of 2016 were for two or three-bedroom apartments, compared to 58 percent during the first part of the year.

And while one-bedroom units accounted for 42 percent of homes sold during the last quarter, they made up just 29 percent of homes bought in the neighborhood during the most recent three months, the report found.

"It shows that the neighborhood is becoming more and more of a family destination," said Modern Spaces CEO Eric Benaim. "More families are growing in the neighborhood, and want to stay there."

The demand for larger homes is reflective of the neighborhood's growth in the last several years — the city was forced to add pre-k and kindergarten classes at the local elementary school to accommodate the growing number of youngsters.

Buyers are shifting from individuals and couples to growing families looking to put down roots, Benaim said, including families that are having their second baby or who want more room as their kids grow.

"Once that first or second child ends up passing the age of like, four or five... then they obviously need the bigger space," he said.

At The Corner, a 23-unit luxury condo project that opened last year on 11th Street near 47th Road, four buyers purchased more than one unit in the building in order to knock down walls and combine the properties for more space, according to Benaim.

As demand skyrockets, so are the prices. Condo prices were up almost 26 percent this quarter compared to the same period last year, averaging $1,178,304 during the last three months compared to $935,422 during the second quarter of 2015.

The average price of a three-bedroom condo this quarter was $1,665,056, while two-bedrooms averaged $1,177,695. The average one-bedroom closed for $692,161, the report shows.

Benaim says property-seekers should expect to see more larger apartments available in coming months, as developers build bigger to meet the demand.

"We have a couple projects that are opening up in the next month or so that are going to have a lot of three-bedrooms," he said, declining to provide specifics on those projects.