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Sept. 13, 2023 By Ethan Marshall
According to a report put together by Modern Spaces, there is a recent trend of buyers moving from Manhattan to Long Island City. Modern Spaces credits this change to Long Island City becoming a prime residential location, offering a suburban lifestyle with urban touches, but without the intense bustle associated with Manhattan.
The report shows that Long Island City experienced an increase in sales and price per square foot. Modern Spaces expects this trend to continue rising in the near future.
Long Island City condos were determined to have experienced a 9% yearly decrease in closed price, but the closed price per foot went up by 3% compared to the previous quarter, according to the report. The on-the-market price per foot went down 5% compared to last year. In-contract volume decreased 32% compared to last year, leading to its price rising 10% compared to the previous quarterly report.
Some of the key developments for Modern Spaces in Long Island City are continuing to see a high volume of sales as buyers and renters become more interested by the lifestyles offered due to their locations within Long Island City. These developments include The Alchemy Condominium, Makers Row and The Ariel.
According to Modern Spaces CEO Eric Benaim, he believes some of the biggest contributing factors to people leaving Manhattan for Long Island City are the more abundant and newer buildings and units within Long Island City. He also emphasized the more affordable prices compared to Manhattan.
“I don’t think the prices in Long Island City will ever be equal to or more than Manhattan,” Benaim said. “They’ll always be at some sort of discount compared to Manhattan. Another positive thing about LIC is that the neighborhoods are are more spread out and not as condensed, so it feels like a small neighborhood when you’re here.”
Despite the housing shortage experienced all across New York City, Benaim said the approximate 6,000 units being constructed in Long Island City will likely result in a boom in the market there over the next two years.
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