Intro 2011 proved to be a very strong year for Long Island City. Sales and rentals both showed great resolve as the overall economy slowly sustained itself throughout the country. Feeding off of the rising prices in Manhattan, the outer-boroughs followed suit with a rise in prices for the first time in a few years. LIC saw several new buildings introduced to the neighborhood and sales responded positively as buyers took advantage of all time low interest rates, quality construction and a continued dedication by the neighborhoods economic partnerships to shaping and helping evolve the neighborhood into what it is today. There are many new faces in the neighborhood and people moving here from everywhere. What was once an alternative to Manhattan is now becoming a destination in and of itself. New restaurants are popping up, art galleries opening and unique businesses of all kinds. This has truly become a thriving neighborhood with so many interesting people to meet, things to do and places to see. As the waterfront and Hunter s Point continues to shine, we are also seeing growth in other sections as construction has started to really spread throughout court square and Queensboro plaza. The waterfront certainly anchors LIC and has given it a great identity but there are many different nooks to the area that once were commercially utilized and have now taken on a small enclave of their own. Walking down the street, we see new and exciting properties every day. Some may be first time builders maximizing a property that has been in the family for a few generations and some are from people that have just discovered this wonderful place in New York City s fabric. The beauty about LIC is this exactly and something that needs to be experienced firsthand. There is a strong mix of old and new, traditional and modern. Not just with the buildings but within the people, their styles and their big personalities. Overall, we expect great things for 2012 and beyond. For progress, for the evolution of the neighborhood but also for the simple fact of this being a nice, community oriented place to live. There are plenty of things to be excited for and a great time for all of those here. Happy 2012 Eric Benaim and Ted Kokoris
RESIDENTIAL MARKET REPORT ORANGE REPORT 2011 Year End LONG ISLAND CITY SALES MARKET REPORT
YEAR END 2011 BUILDING AVAILABILITY AVERAGE BUILDING SALES SUMMARY Sales Price Average Price Per Sq. Ft. Studio $319,725 $697.45 One Bedrooms $524,667 $700.94 Two Bedrooms $903,500 $755.14 Three Bedrooms $1,268,000 $788.97 SALES PRICE AVERAGES $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $0 Studios One Beds Two Beds Three Beds SALES PRICE PER SQUARE FOOT $800 $780 $760 $740 $720 $700 $680 $660 $640 Studios One Beds Two Beds Three Beds LONG ISLAND CITY RENTAL MARKET REPORT Year-End 2011
DOORMAN BUILDING RENT SUMMARY Rent Averages Per S.F. Averages Studios $1,969 $45.01 One Bedrooms $2,789 $44.70 Two Bedrooms $3,854 $38.84 Three Bedrooms $5,323 $40.20 ELEVATOR NON-DOORMAN BUILDING RENT SUMMARY Rent Averages Price Per Sq. Ft. Averages Studios $1,475 $35 1 Beds $2,050 $35 2 Beds $2,800 $33 WALK-UP BUILDING RENT SUMMARY Rent Averages Price Per Sq. Ft. Averages 1 Beds $1,800 $34 2 Beds $2,500 $35 $4,500 RENT AVERAGES $4,000 $3,500 $3,000 $2,500 $2,000 Doorman Elevator/No Doorman Walk Up $1,500 $1,000 $500 $0 Studio One Beds Two Beds LONG ISLAND CITY RENTAL MARKET REPORT Year-End 2011
RENTAL PRICE PER SQUARE FOOT AVERAGES $50.00 $45.00 $40.00 $35.00 $30.00 $25.00 $20.00 Doorman Elevator/No Doorman Walk Up $15.00 $10.00 $5.00 $0.00 Studio One Beds Two Beds Rental Sales with Doorman Total: 2,124 2% Rentals Elevator without Doorman Total: 109 Rented Available 100% Rented 98%
Sales Total: 2,437 9% 91% Sold Available Rentals Total: 2,124 2% Leased Available 98%