You are reading

After years of rapid growth, rental prices show signs of leveling off

(Photo: TF Cornerstone)

Aug. 5, 2014 By Christian Murray

While rental prices may be surging at a rapid pace in Long Island City, there are signs that the market might start to normalize.

“I expect the market to start leveling off in terms of rental prices,” said Eric Benaim, the president of Modern Spaces. With all the new supply coming on the market, “we will see healthy growth but not at the same pace.”

Over the course of the next five years, more than 6,000 new rental units (excluding Hunters Point South) are expected to hit the market, which is likely to put pressure on rental prices. Furthermore, as rental prices get closer to those in Manhattan there is likely to be some resistance.

However, the pace in recent years has been fierce. And prices, based on figures released by Modern Spaces’ 2Q14 market report, reflect that.

The amount charged to live in a luxury building—such as a waterfront property to a high-end Court Square development– averages at about $2,600 for a studio; $3,200 for a 1 brm; $4,600 for a 2brm; and $5,800 for a 3brm, according to the report.

This year, 1,000 new luxury rental units that have come to market, with TF Cornerstone’s 4610 Center Boulevard property accounting for 585 of them. In two months, nearly 50% of TF Cornerstone’s 585 units have been leased, Benaim said. “The absorption rate is good. It’s about 40 a week.”

Meanwhile, condo prices continue to soar given the shortage of units. This year only 57 new condos have come onto the market, with only another 46 units expected to be released in the second half, according to Modern Spaces.

“We are seeing the resale [condo] market breaking records,” read the Modern Spaces report. An average studio sold for $426,000; 1 brm $687,000; and 2 brm $1 million.

email the author: [email protected]


Click for Comments 
Lic fan

Pretty soon there will be over 1000 middle income rentals off Center Blvd. with prime Manhattan views – I think that’s fair.


I’m with devdev! Seriously, no hardworking middle, working class (we’re a dying breed, I guess) families or persons are able to afford any of these plastic – I can hear everything through your $4k/month walls – containers. Oops …Sorry I meant boxes ….damn type-0’s….. 1 bedroom apartments!


Leave a Comment
Reply to this Comment

All comments are subject to moderation before being posted.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Recent News

Gunman who fired shots at the Ravenswood Houses in Long Island City remains at large: NYPD

Police from the 114th Precinct in Astoria and PSA 9 are continuing their search for a gunman who allegedly opened fire at the Ravenswood Houses in Long Island City last month.

The incident occurred during the early morning hours of Wednesday, Jan. 18, when officers responded to a 911 call and a ShotSpotter activation for multiple shots fired at 21-25 35 Ave. at the Ravenswood Houses NYCHA complex just after 2 a.m., according to authorities.

Popular places where you can watch the Super Bowl in Queens

Feb. 2, 2023 By Tammy Scileppi

Hey, football fans! Game time is fast approaching, and across the city and here in Queens, you can feel the excitement brewing as the two teams prepare to take the field on Super Bowl Sunday, Feb. 12. So, kick back and watch the big game, and don’t miss Rihanna’s exciting performance during halftime. 

Borough president hears from community members on budget needs throughout Queens

During a two-day public hearing on the mayor’s 2024 preliminary budget, Queens Borough President Donovan Richards Jr. listened to testimonies from 14 community board representatives, community stakeholders and members of the public on where the money should be spent in Queens. 

The public hearings were held both in-person and via Zoom on Monday, Jan. 30, and Tuesday, Jan. 31, at Queens Borough Hall. The testimonials will be used to develop the Queens Borough Board’s FY24 preliminary budget priorities in the coming weeks. 

‘He didn’t deserve to die’: Borough President Richards leads emotional candlelight vigil for Tyre Nichols

Queens Borough President Donovan Richards held a candlelight vigil for Tyre Nichols outside Queens Borough Hall Monday, Jan. 30 after Nichols’ death at the hands of police officers in Memphis, Tenn., made national headlines for the brutality in which the officers beat him.

Almost immediately after news broke about Nichols’ death, the Memphis police officers who beat him to death were fired and charged with murder. The police department released the body cam footage of the fatal beating on Jan. 27, but many people, including some at the vigil, have refused to watch it due to its extremely graphic nature.

Long Island City teen sentenced in fatal shooting of ‘beloved’ school teacher at Queensbridge Houses in 2020: DA

A Long Island City man on Friday, Jan. 28, was sentenced to 19 years in prison for the 2020 fatal shooting of a public school social studies teacher who was out walking his dog when he was caught in the crossfire during a confrontation between gang rivals in broad daylight, just blocks from his home, according to Queens District Attorney’s office.

Ike Ford, 19, of 12th Street, in Long Island City, pleaded guilty to manslaughter in the first degree before Queens Supreme Court Justice Kenneth Holder. The teacher, George Rosa, 53, was shot in his abdomen by a stray bullet fired by Ford, who was just 17 years old at the time of the shooting but was sentenced as an adult given the severity of the crime, according to Queens District Attorney Melinda Katz.