Hunters Point’s Newest Condo – 51st Avenue, between Vernon & 5th St

Finally something happening on the empty lot on 51st Avenue between Vernon Blvd and 5th Street. The 10,000-plus square foot site of previously-rumored Met Foods at 5-29 51 Ave was purchased in November 2011 for $2.5 million, to soon become the newest condo development in Hunters Point. A development team behind similar small condominium project in LIC is clearly betting on recent strengthening in prices, coupled with reduced supply, now that most ofLong IslandCity’s condos are close to 100% sold. No retail space is planned for the ground floor, unfortunately, so at least for now Ale Wife restaurant/bar right across the street and Flo-re-sta florist will remain the only retail establishments on the block.

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