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LIC's Condo Market Offers Wide Range of Price Options, Experts Say

 A showing of several condos for sale during August 2016 in Long Island City, with the average price at $1,233 a square foot.
A showing of several condos for sale during August 2016 in Long Island City, with the average price at $1,233 a square foot.
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QUEENS — Long Island City is a "first-choice destination" for real estate hunters, and its recent condo market offerings show options at a vast range of different price points, experts say.

The average condo price in the neighborhood during the month of August was $1,223 per square foot, with apartment prices ranging from lows in the $700s to highs over $2,500 a square-foot, according to real estate research and analytics firm NeighborhoodX.

"Long Island City has a crazy range of prices," said founder Constantine Valhouli, who looked at 150 available condo listings during the month of August. "It's great that the neighborhood can support such a range of incomes, and a range of economic diversity."

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Among the least expensive condos up for grabs was a two-bedroom that's going for $699,000, or $791 a square foot at 30-85 Vernon Blvd., a doorman building near the waterfront and Socrates Sculpture Park.

There's also a one-bedroom that hit the market just over a month ago in the Citylights building at 4-74 48th Ave. in Hunters Point, priced at $810 a square-foot, or $675,000.

On the other end of the spectrum, some of the area's priciest listings were located in the same Hunters Point building, TF Cornerstone's The View at 46-30 Center Blvd., which had four homes up for sale in August.

The most expensive was a three-bedroom, three-bathroom penthouse with an asking price of $5,588,000, or $2,650 per square foot.

Another three-bedroom, three-bathroom unit in the building that boasted a private garden and a walk-in closet was going for $2,185 a square-foot, or $4,025,000 total.

Demand for condos has historically been high in Long Island City, as the number of available rentals greatly surpassed the number of condos for sale, driving up prices in the neighborhood.

Valhouli says that while August's offerings show diverse prices, they're still on the high end. It shows Long Island City's reputation as a cheaper option to hot neighborhoods in Manhattan or Brooklyn is a thing of the past, he said.

"Long Island City is not, and has not been for some time, a less expensive alternative to another neighborhood," he said.

"It is, I think, a first-choice destination in and of itself."