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Court Square renters boost demand for ‘The Factory House’ condo building

The Factory

The Factory House

July 22, 2015 By Michael Florio

While developers continue to roll out with thousands of apartment rentals, there are some condos that are hitting the market.

Units in The Factory House, a condo building located at 42-60 Crescent Street, have just gone on sale. The building is just one block from Rockrose’s 709-unit LINC LIC as well as its other major rental developments that are coming online—such at Rockrose’s 974-unit building on Hunter Street and the 5 Pointz development on Jackson Avenue with nearly 1,000 units.

Rick Rosa, director of sales at Douglas Elliman in charge of The Factory House, said interest in the 10-story, 37 unit condo building has been strong. He said that many renters in the Court Square area are looking to buy as they want to put down roots in the area.

Rosa said that ‘The Factory House’ is also generating interest since it offers family-sized units. Of the 37 units, 11 are three bedroom units and four are four-bedroom penthouses.

rendering3There has been an outcry from Long Island City residents for large units in recent years, since many families have had to leave as their children have gotten older.

“We are the only development to offer four bedroom homes in LIC,” Rosa said. “We feel that will make us stand out.”

“These units are great for a young family starting off,” he added.

The building also contains eight one-bedroom units and 14 two bedrooms.

The one-bedroom units start at about $670,000 and the two-bedrooms at about $1.2 million. Meanwhile, the three-bedrooms start at about $1.4 million and the penthouses at about $2 million.

Rosa said that 20 percent of the units were sold off market before they officially went on the market this week.

The building includes a gym on the second floor, an attended lobby, landscaped residential terrace, children’s playroom, a residential library lounge, and bicycle storage. The building was developed by RDG, a Long Island City-based company, with Joseph Escarfullery.

The building is the only condo on the market in Long Island City with a 421-a property tax exemption.

There are two commercial condos on the ground floor, Rosa said. One of the spaces is close to being sold.

There will also be 12-parking spaces up for sale, each going for $80,000.

Rosa said that residents are likely to be able to move in during the first quarter of 2016.

For more information go to: http://thefactoryhouse.com/index

Disclosure: Douglas Elliman advertises with this publication

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2 Comments

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FedUp

What “young family starting out” is able to drop 1.2 million for a 2 BEDROOM condo??? The LIC housing situation is ridiculous.

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David

If you use the 5-times income, then a family with a household income of $250,000 should be able to do this, provided they have the down payment. Remember, many families in this area are started by people in their early 30s well established in their careers. Two working parents making $125,000 per year – entirely conceivable for professionals working in Manhattan around 30 years of age – would easily be able to carry the mortgage and maintenance.

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