Long Island City home sizes are shrinking, but the prices are not.
A report by residential brokerage firm Modern Spaces shows that while the average square footage of apartments of new developments are decreasing in the burgeoning neighborhood, the average price per square foot is rising.
In LIC, the average apartment size in new developments has decreased 41 percent from Q1 2013 to just 828 square feet by the first half of 2014. But during that same period, the average price per square foot of homes in the neighborhood has risen 23 percent from $768 to $944.
Despite the rising prices, Eric Benaim, founder and CEO of Modern Spaces, said the decreasing sizes are actually helping to keep prices from skyrocketing in the community.
“Demand for new homes is very high in Long Island City and Astoria and we are seeing an increased number of developments in both areas,” Benaim said. “In Long Island City, developers are building more efficiently-sized residences, helping to keep overall home prices down. This trend is helping to differentiate Long Island City from the rest of the New York market. People can buy beautiful new homes in a prime location with incredible amenities without over-the-top home prices.”
The report also found the trend of rising prices in Astoria. Average price per square foot for new homes jumped to $820 per square feet by the first half of 2014, up 32 percent from Q1 2013, when it was $619.
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