TODAY I came across an interesting rental listing on Streeteasy offering a 2br/2ba in Hunters Point for $3,500. It’s located in the Citylights Building which though a little dated and not quite amenity rich as nearby towers, is still very well located across the street from Gantry Park and near the 7 line. ((if commuting becomes important again; and it also has its own tennis court – which is usable now, unlike many others amenities which may or may not be)) It’s also spacious at over 1,000 square feet, and on a high floor with good views and light and a renovated kitchen. ((spacious = for NYC; good views = great views for NYC, pretty good for LIC)). Most importantly it’s only $3,500 a month and No-Fee.
And that’s what makes it interesting too, because that takes it down to $40 a square foot, while every other apartment on Center Boulevard that I have seen very recently, including those in Citylights and those without much of a view, are offered at $45-55 a square foot ((on a net-effective rent basis, which is after you amortize the free months)). So is this where the rubber hits the road, or in economic terms where prices clear, in Long Island City? Or I should say along the waterfront because all other neighborhoods in LIC have traditionally rented at a discount.
Yes, I think that it is, because this apartment started at $4,400 two months ago, was taken down to $4,000 one month ago, and then was re-listed at $3,500 this weekend. Using that $4,400, which is where I think it would have cleared a year ago given the Citylights discount and most other Center Boulevard 2br/2ba in the high 4’s to high 5’s at that time, we may have now surpassed the 15% rent reductions I estimated in May and hit 20%. Something to keep in mind the next time your lease comes up, and if you get turned down by your landlord this one’s available. For now..
2br/2ba On The Waterfront For $3,500 – grab it now
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i buy