Long Island Condo City dream still alive and kicking; new construction update

those 4 or 5 panels of glass on the murano have been there for months… no news there.

More noteworthy is that the actual building doesn’t have the gap where the colored lights were supposed to go… according to the rendering and microsite. Wonder if they still plan to do that….

Does anyone know what has been going on with Star Towers (across from Fusion)? Construction stopped over there many months ago…would love to get the scoop!

“Honestly speaking, it’s nice to see some quality steel beam construction, as opposed to….”

As opposed to what? I don’t understand this sentence.

LIQ you never wrote about the tiny small steel condo on 47th rd between vernon and 11th. It looks like it is just about finished. Any word on what the heck it is?

Why do you think steel beam construction is preferable to concrete?

In LIC he is.

Am i missing something here? Are there really that many fabulously wealthy people who want to live in long island city?

Even just to rent in queens west you need a six figure salary.

Did I miss the memo on being rich and having $100K in the bank to put as a down payment on those luxury kondozes?

nobody does zero down even 10% is getting scarce.

Richard, $100k salary is not fabulously wealthy in the least.

I have never even made 1/2 that kind of money in my life and i’m not broke…..I guess i’m cheap frugal and responsible

So when i see exorbitant rents queens west and up scaling everything into a colossal failure…why not get mad. Cheap is in and will be for the next decade

So by that standard you ruined a good fun place to hang out with fake fufu

Do you really want places 5 sl L-haus to become section 8 housing, or be abandoned?

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Words of truth Richard, but why the negative, down-on-LIC tone?

Richard, you sound like a bitter old man. What “colossal failure” are you talking about? The redevelopment of LIC has been a success that is still happening. Please, don’t wax nostalgic for the days of a garbage dump waterfront and empty, ugly warehouse buildings and lots.

What you think is exorbitant is actually quite affordable by Manhattan standards, and since the area is 5 minutes away, that is the measure.

LIke 5sl will become section 8 housing, come on now, let’s at least try and have normal discussion here.

And Richard you can predict the future a decade ahead of everyone else? Wow, so you saw this whole RE mess in 1998? Amazing!

“It will take years to solve the housing mess while we are in need of affordable housing…”

The housing mess will ‘create’ affordable housing, there’s no need to build any.

Boy there are lots of humorous comments here. 5SL, a condo building more than 85% sold, will turn into a city-used affordable housing building. Right. LMAO. $100k apartments on the water in LIC!?! Ha!!

sorry to bring it back to the top but I see star towers had bad foundation work??? what is happening to all the people who signed contracts for units there then? wow, we were very close to being one of those people. I guess we should be thankful.

Actually, it is a matter of public record of how many sales there are in 5SL. 99 units out of an available 116 have closed. That makes it 85% sold, with about 8 or 9 units recently in contract. Sorry, but no section 8 housing there. Even if a few owners run into trouble, there is not a tremendous risk to the other owners since the building mostly sold. Now, there are other buildings in LIC that are in a much different position. While it is impossible to know how many signed contracts there are at L-Haus, I would venture a guess they don’t have too many. Across the street at Hunter’s View, they are only at 27% sold. I know this because I was in contract there at one point. With no buyers in sight and much better buildings coming down in price, who is going to buy there? Even price reductions might not keep these buildings from bankruptcy. Not all buildings are created equal.

the Hunters View sales are probably bad because half the view is of the L-Haus :)
i wouldn’t want to look at that building every time i open the window.

the building i like the most and it actually fits into the LIC “feel” is the one on the corner past the The Creek … not sure what its called, but its subtle brick facade and large windows make it a winner.

I would GLADLY look at Lhaus at $100K for a 1 bedroom….but i’m flexible maybe tops $150K……….But ONLY if they throw in a FREE underground parking space….its really not worth much more then that since its a long walk to the grocery or just about anything.

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i wouldn’t want to look at that building every time i open the window.

Richard, I say you will be waiting for hell to freeze over before we get to $100K 1 bedroom apartments in LIC. There are a lot of people waiting on the sidelines hoping to snag a penhouse for a few thousand, but its not going to happen. Well I guess you should never say never – it could happen, but suffice it to say that even if it did happen you would not be in a position to buy, because we would all be up S*&% creek. If RE values in drop to the levels you are talking about, the banks would be crushed. Unemployment would double. Local and state government would be crippled (CA times 10) and the fed would not be able to print enough money to get us out of this mess. At that point bartering would become the new currency. I know everyone loves a good deal, but wonder if people have a good grasp on what it would mean if RE price depressed that much.

Even in the hardest hit areas values only went down 20%. If real estate values drop by another 80% from its current levels in the next 2-3 years it will make the great depression seem like a picnic. Be careful what you wish for.

Getting desperate over there….

Lets talk REAL numbers can you rent it out for all the monthly costs? That is where the line is between investor and speculator

For example, a one-bedroom, onebathroom
home selling for $535,000
will cost a buyer approximately $2,400
per month to rent

and at 120x rent it should be priced at $288K….would be at least a close break even point….

And with unemployment skyrocketing and CC defaults you will have to lower rents even more so less then $200K for Lahus is very reasonable possibility when this is all over with

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L Haus tacks on more buyer incentives
Three months after announcing buyer incentives, the Long Island City condo L Haus just started offering 90 percent financing in addition to its rent-to-own and price protection incentives to potential buyers.

It looks like some idiot streeteasy bloggers are infiltrating liqcity with crazy rent ratios.

what about income tax advantages of ownership? 100k ain’t going to happen because the us gov’t wouldn’t let it happen. look at how they are interfering with free mkts now, imagine it gettting significantly worse? you would need 15% interest rates and 50% unemployment to get to your doomsday scenario. this all being said, you still may get a get deal in a desparation sale if you are patient, good luck.

L Haus doesn’t seem to have their 15% certificate of occupancy yet. Also they seem to not negotiate as much as you would think. Their insides are very nice other than the non floor to ceiling windows and the ac/heater unit being the ones that stick up. Doesnt the Stahl corporation have almost limitless cash? What dangers does it pose to buy at L Haus when they are under 15% sold. And are there any other milestones such as 30% or something? Sorry complete newbie here.

I’m surprised the L Haus doesn’t negotiate that much as I have a friend that is going through the purchasing process there and they say the L Haus was great to negotiate with. I went to see the unit they are looking to purhcase and I agree that the inside of the apartments are very nice and I have to say the AC units are far better than the one’s at the Hunter’s Point Condos. The floor to ceiling windows would definitely be nice but the fact that it didn’t have them didn’t bother me because the apartment finishes were better than some of the other new developments in the area. I don’t know if there is a danger in buying before they are 15% sold, except the wait time, but a contingency in the contract might be a good idea.