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.1 It’s also spacious at over 1,000 square feet, and on a high floor with good views and light and a renovated kitchen.2. 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 foot3. 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
Plaxall Gallery Hosts Socially Distanced Live Music – great series, this is what it’s all about, check out the pix
Teen Arrested After Scaling Queensboro Bridge – livestreamed stunt
- 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 [↩]
- spacious = for NYC; good views = great views for NYC, pretty good for LIC [↩]
- on a net-effective rent basis, which is after you amortize the free months [↩]