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Skyline Tower in LIC reaches new price per square foot record, 90% of units now sold

Skyline Tower in LIC (Photo courtesy of StreetEasy)

June 25, 2024 By Ethan Marshall

Skyline Tower, the tallest building in Queens, has set a new record for the price per square foot for a Queens unit, doing so for the second time. Additionally, Modern Spaces, the real estate firm handling sales for the units at the development, announced that 90% of them have been sold or are in contract.

The record-setting sale was made for Penthouse 102 at $2,434 per square foot. This surpasses the previous record of $2,304 per square foot, which was also set by Modern Spaces at Skyline Tower in 2023.

Modern Spaces CEO Eric Benaim points to multiple key factors contributing to this milestone being reached again at the Long Island City development.

“Skyline’s location, as tallest condominium building in Queens with exceptional, one-of-a-kind views, and the extraordinary finishes and amenities package, have been huge driving factors,” Benaim said. “[Skyline Tower’s success is] driven by the vibrant and evolving neighborhood of Court Square, abundant transportation options, including buses, ferries and four subway lines, strong support from the brokerage community and a market need for luxury condos amidst predominantly rental properties.”

With 735 of Skyline Tower’s units now either sold or in contract, the development has reached the 90% mark for sales. Sales thus far have totaled $880,685,072.

Benaim pointed out that the COVID-19 pandemic had initially slowed the progress of sales at this development, with the project being delayed by approximately one year. However, he also noted that the pandemic presented new opportunities, as more people were looking to leave Manhattan at the time. Skyline Tower met many of these people’s needs thanks to its close proximity to Manhattan.

Additionally, a desire to return to urban life after the pandemic further fueled sales at Skyline Tower.

Benaim believes Skyline Tower’s unique appeal helped drive demand for units there. The building’s amenities, which include a fitness center, a spa, a lounge, a large pool, valet parking, and the highest views in the borough, have also helped draw immense interest.

Even with high rental prices characterizing the current real estate market trends, the shortage of available housing has made Skyline Tower attractive to potential buyers. Long Island City has a thriving retail component, with numerous restaurants and major stores like Target and Trader Joe’s enhancing the neighborhood’s appeal.

Although the new benchmark was reached in the sale of Penthouse 102, Modern Spaces expects continued success with Skyline Tower as it moves towards full occupancy.