Sales launch for LIC's tallest condo
Star Tower
Sales have started on what will be Long Island City's tallest residential condominium, a 25-story tower slated to open in winter 2009.
The Star Tower, planned by Manhattan-based Roe Development Corp., will contain 180 one- and two-bedroom apartments. They range from about $425,000 to more than $1 million and from 617 to 1,213 square feet.
The high-rise, three blocks from the Citicorp Building, will be among the tallest residential towers rising in Long Island City. Those include the 42-story City Lights cooperative, the 32-story rental Avalon Riverview and the 39-story rental Avalon Riverview North, all on the East River.
The building, located just south of Queensboro Plaza at 28-02 42nd Road, will include a number of luxury amenities, such as a roof-top pool, concierge service and a 5,000-square-foot mezzanine level lawn, the largest such space in the neighborhood.
Roe's vice president, Robert Roe, said that despite the nationwide housing slump, the market remains strong in pockets of Queens, including Long Island City. About 30 units in the $100 million-plus development sold in the past week and a half, he said.
"The market is always a factor, and you have to look at supply and demand, but certainly areas in Manhattan and outside are still very strong," he said. "We are seeing new (development) deals even now in Long Island City."
He said he expected prices to grow from about $725 per foot to as high as $1,200 before the building opens.
Other big projects in the works for the neighborhood include the revitalization of Queensboro Plaza and Jackson Avenue, as well as Gotham Center, Tishman Speyer's 3.5 million-square-foot office complex.
Comments
Anonymous
The Star Tower vs. The View at Eastcoast
I'm putting my money on Rockrose.
Comment #0 Posted By: Anonymous 05/14/08
LIC Maven
Queens Plaza is great new revitilation projects coming through now, plus its the only are in Queens west and LIC core that is still getting the 421-a tax abatements, thats why deals (development) are strong there still. I got my money on Queens Plaza South boys. Jackson Ave Queens plaza even better.
Comment #1 Posted By: LIC Maven 05/14/08
Anonymous
Rockrose all the way. Can't beat waterfront/NYC skyline views.
Another decade or so and QPS will be halfway nice, but not until then.
Comment #2 Posted By: Anonymous 05/14/08
Tishman Org.
Queens Plaza will definitely be superior in the long run. The city will be spending teremendously more on QP than even Court Square and the surounding areas. Plus the 421a benefits over other areas, this is added value in inself. If I has to pick the best place to own and develope in LIC, I would say with 100 percent confidence...JACKSON AVENUE. All in on Jackson Avenue Queens Plaza South. Our future 3.5 million-square-foot office tower.....
Comment #3 Posted By: Tishman Org. 05/14/08
Anonymous
RE market is tanking all over the country and QB will somehow be better than waterfront property?
Comment #4 Posted By: Anonymous 05/14/08
Anonymous
Just becuase the market is tanking in certain places, that doesnt mean the whole country is tanking. There are certain parts, mostly NYC that are doing just fine.
For me, I rather live near all the trains near Queens Plaza than just be committed to only the 7 Train a 10 minute walk away by the water front.
Not to mention did you see the prices of "The View" compared to "Star Tower" Your paying like 50% more at "The View".
Comment #5 Posted By: Anonymous 05/14/08
Anonymous
Queens Plaza 2011 next boom
Comment #6 Posted By: Anonymous 05/14/08
Anonymous
of course you're paying more at the waterfront property! More people want to live there, more demand, higher prices. economics 101. More value and appreciation too.
Comment #7 Posted By: Anonymous 05/14/08
Anonymous
The tanking is across the board, some parts to a lesser degree. But still DECLINE in price and mouvment.
Comment #8 Posted By: Anonymous 05/14/08
Anonymous
Comment #7 - I see more room for appreciation in Queens Plaza where Star Tower is $700-$800 per SF rather than $1,100 to $1,200 per SF at the View by the water.
Comment #9 Posted By: Anonymous 05/15/08
Anonymous
100% agree with "comment #7" anyone with half a mind for great investment would go towards QP, more transportaiton access, city is pouring in money for revitalization, 3.5 million sf of office space coming in, and lower purchase prices. Higher value appreciation comes from investing BEFORE prices soar not after...my money's on QP all the way!
Comment #10 Posted By: Anonymous 05/16/08
Anonymous
people are so dumb... qb will be revitalized in 7 to 10 years thats fine if u dont mind living in a dump for 10 years and having no where to eat or drink nearby go for it... there is the difference between an investment and living horribly for years... but its your dollar i just dont see as much upside in lic compared to brooklyn...
Comment #11 Posted By: Anonymous 05/16/08
Anonymous
Good point but I do see a slight difference. In Brooklyn your next to the Lower East Side, while nice is not really the samething as in Long Island City where you next to the most expensive real estate in Manhattan like Bloomingdales, Tiffany's, Louis Vuitton and all of 57th St and 5th Avenue.
Condos in those areas way surpass the condos in the Lower East Side.
Plus pricing now in Long Island City is way cheaper than Brooklyn. I guess it's more of a long term strategy.
Comment #12 Posted By: Anonymous 05/16/08
Anonymous
Rockrose all the way. this star thing doesn't even face manhattan uhhmmm so you get a nice view of crappy queens.
Comment #13 Posted By: Anonymous 05/20/08
Anonymous
QP has a lot more development going on. Then what has been announced. Also, all ground floor has a retail requirement so you will see a substantial amount of stores come in as all these projects are done (and now that residential is well established). These changes are 2 years away - NOT 7 to 10.
Comment #14 Posted By: Anonymous 06/02/08
newtoncreekswimteam
10 years to wait for a real bar or eatery to open in QBS, when I have kids in 5 years they will love the projects and strip clubs. to $$$ compared to 10 years ago when a citylights 1 bedroom was 50k.
Comment #15 Posted By: newtoncreekswimteam 06/15/08
Anonymous
Comment #16 Posted By: Anonymous 06/23/08
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