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Average Long Island City condo price nearing $900K

Chart courtesy of Modern Spaces 

Prospective buyers of condos in Long Island City will need to have deep pockets — that are hopefully getting deeper.

With the heavy demand for condos in the burgeoning neighborhood, the price of a condo in the market crossed the $1,000 per square foot marker in the first quarter of the year, according to a report by broker Modern Spaces, which expects prices to continue to rise even higher.

Homebuyers pay an average of $877,778 for a condo in Long Island City now, according to the brokerage’s Q1 2015 Market Report.

“Long Island City home prices have been increasing steadily over the past few years,” said Eric Benaim, CEO of Modern Spaces. “The demand for new homes here remains strong and will continue to drive prices higher.”

Last year, no new condos came to the market, according to Benaim. But some condo buildings planned for construction will begin sales of units this year, bringing an influx of new inventory.

Modern Spaces recently announced the beginning of marketing for the 39 units in Liv @ Murray Park North at 11-35 45th Ave., and the 23 units at The Corner planned for 47-28 11th St.

Rendering courtesy of Modern Spaces
Liv @ Murray Park North

Specific prices in these buildings have yet to be announced, but representatives said studios will start in the $400,000s in Liv @ Murray Park North.

That will be a deal for prospective homeowners, since the average price for condominiums in LIC is $678,333 for a studio, $820,000 for a one-bedroom unit, and $1.1 million for a two-bedroom apartment, according to the report.

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