Where have all the condos gone?

Where have all the condos gone?

WE have received a tip from a reader that a Greek restaurant is coming into the San Remo Pizza location on Vernon Boulevard.  The source said she popped into the space out of curiosity because the door was opened during construction, and happened into the owner, a “lovely Greek man,” who shared this information. 

My own peek into the site revealed it to be amidst a complete gut job.  Thus the timing is in ‘haha’ land.

//NOT only was there a paucity of restaurant openings recently, but for some strange reason there seems to be a dearth of apartments available in the resale market in Hunters Point. Despite reports that NYC condo prices are softening, local owners appear to not be making a last stab at cashing in on the tremendous run-up of the last few years.  At least according to an informal survey of listings gleaned from Streeteasy:

(total units / active listings / asking price per square foot)1

5SL:                                3 /121 / $1295

Powerhouse:                 4 /177 / $1147

Murano:                         2 / 76 / $1205

L Haus:                          0 / 123

Citylights:                      6 / 522 / $856

The View:                      6 /184 / $1952

One Hunters Point:     1 / 132 / $1175

Lo and behold, I compiled this data at the beginning of the week in response to noticing how few listings there were in a building a friend was looking at, only to have a brokerage study come out two days later and extrapolate the trend to all of Western Queens and Brooklyn.

The compiler of the study attributes the overall depleted inventory to the many closings that occurred last year.  Yet on a per building basis, LIC’s scarcity seems particularly acute.  I think that is because owners here believe there is still more value to be wrung out of the neighborhood, despite the marked run-up in prices the last 3-4 years.  Indicative of this, is that the condominium with the highest % of apartments for sale, is The View.  Where several owners have listed their very high end units at very aspirational prices, as seen in the big gap in asking price per sq ft. to the other buildings.  Not coincidentally, many of these have languished on the market for quite some time, despite the seemingly still hot sales environment in the two outer boroughs.

Brooklyn and Queens Residential Sales Show no Sign of Slowing“During the fourth quarter of last year, the median price in Queens was $498,000, about 6% higher than a year ago and the second-highest on record”

LIC Partnership’s Liz Lusskin is Taking the Long View of Queens“We are opposite Midtown and Midtown South and we’re seeing so much demand right now because of that relationship”

Butcher Bar Deli on Vernon to be Replaced by E&I Deli Expansionupstairs will serve wine and beer

Sports Bar to Replace Tutti Matti on Vernon Blvdwow, lotsa changes coming to Vernon

Partial Reveal 27-07 43rd Ave, Future home of a Hyattall topped out, but not quite ready to go in Court Square

Permits Filed for 9-Story Residential on 27th Streetsure, add another development to this already busy block just north of the bridge

Captain Ralph Forgione Takes Command of the 108th Precinct NYPD policy is to rotate commanders every two years

LIC Warehouse Turned Into Haven for Cats w/ Flu Virushere (‘s) kitty kitty

The Chocolate Factory Brings Daniel Fish’s Untitled to LICincludes a history of the Chocolate Factory

  1. listings are net of those labeled “In Contract []
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  1. Anonymous says:

    What with the random picture of the Barbershop?

  2. […] radar.  One thing that hasn’t though is the uptick in available secondary condo units from the very low base I highlighted only two months ago.  Obviously between the end of year slowdown and the approach of selling season this is to be […]

  3. […] Greek Restaurant to Open on Vernon by Late June – yup we already knew that in January […]

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