A Long Island City ZIP code found itself among the most expensive neighborhoods in the entire city during the first half of the year, according to a new report.
PropertyClub recently released a report that found the top 100 most expensive neighborhoods in New York City during the first half of 2019. While a number of Manhattan neighborhoods rounded out the mostly expensive neighborhoods, Long Island City’s 11109 ZIP code found itself at number 11, making it the most expensive neighborhood outside of Manhattan.
According to PropertyClub’s findings, a total of five home sales closed in the 11109 ZIP code during the first half of the year, all of which were located at 46-30 Center Blvd., also known as The View at East Coast. The units sold for a combined dollar volume of $11 million, making the median sale price for LIC was $2.1 million during the first half of 2019.
The analysis found that the influx of new luxury developments in Long Island City are contributing to the rising prices in the neighborhood.
PropertyClub cites Long Island City’s growing popularity to the spark of investor interest in the area following the proposed plans to bring Amazon’s HQ2 to the neighborhood. While those plans ended up falling through, several residential and commercial developments did move forward in the area, including Skyline Tower, located at 3 Court Sq., which will rise in 2021 as the tallest building in the borough.
Visit propertyclub.com to read the full report.