Sept. 6, 2023 By Ethan Marshall
A record-breaking sale was recently made for a penthouse at the top of Skyline Tower in Long Island City.
The penthouse was sold for just over $2,300 per square foot, setting a new record at price per square foot. The sale for the penthouse was priced at $2,272,556, breaking the record previously set by The View at 46-30 Center Blvd. in Hunters Point in 2020. According to property records, that sale was made for $1,527 per square foot, totaling $3.45 million.
Modern Spaces NYC was responsible for making the sale of the Skyline Tower penthouse. Skyline Tower, located at 3 Ct. Square W. in Long Island City, is the tallest residential building in all of Queens.
According to Modern Spaces Founder and CEO Eric Benaim, the quality of the building and the fact that this was the penthouse were big contributing factors to the record sale being made. He also noted the large amount of people interested in purchasing the property.
“Skyline is the most luxurious building in Queens, without a doubt,” Benaim said. The location is great. It’s in the center of Long Island City. The building has been in high demand.”
Benaim estimates that approximately 600 out of the just over 800 units in Skyline Tower have been sold. He said the building’s penthouses have been on the market for between one-and-a-half and two years. This penthouse went into contract about two months ago before the sale closed three weeks ago. He noted it was an all cash deal.
This sale is reflective of the uptick in sales across Queens.
Benaim believes the main contributing factor to this uptick is the housing shortage in the borough, leaving more people to bid on the low inventory available. Additionally, he noted that with rent prices continuing to rise, some people may find buying property cheaper than renting.
“Skyline Tower is the best of the best of what you can get in Long Island City,” Benaim said.