It’s no secret that Long Island City has become a popular hub for residential and commercial development.
LIC Partnership released a Neighborhood Snapshot that details the residential development that has taken place in Long Island City since 2015.
According to their data, Long Island City saw a total of 15,100 residential units completed in 2017 (11,900 rentals, 3,100 condos), compared to 11,900 units completed in 2016 (9,200 rentals, 2,700 condos). Long Island City is projected to have 15,700 residential units completed by the end of the year, with a total of 12,600 rentals and 3,100 condos.
Just three years ago in 2015, a total of 10,900 units were completed, with 8,200 rentals and 2,700 condos.
As the number of residential spaces are on the rise in neighborhood, the report also gives a look at how much one of these units may cost. The report found that the average rental rates for luxury rentals in the first of quarter of 2018 is $3,107 while walk-up rentals rounded out at $2,394.
The report also outlines the average price for condos in Long Island City. While a studio and one-bedroom condo could cost you an average of $564,667 and $813,846 respectively, the average price of a two-bedroom condo jumps up to $1,316,586, more than double the cost of a studio.
The report also found that a three-bedroom condo could cost an average of $1,943,054, more than two times the average price of a one-bedroom and over three times more than the price of a studio.
For more information, visit licqns.com.