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The Jackson Is Half Sold After Seven Weeks On The Market

W2015_ARCH_Multifamily_07-Jackson_01_Exterior_1

April 29, 2016 Staff Report

Condos are going quickly at the Jackson, with half already gone after seven weeks on the market.

The real estate firm Modern Spaces announced Friday that 50 percent of the homes at the Jackson, a 11-story, 56-unit luxury condo building at 1333 Jackson Ave., have been spoken for.

The 70,000-square-foot building has a mix of studio, one-, two- and three-bedroom condos.

Prices range from $700,000 to $4 million. Sales opened in March.

The glassy, angled building with exposed concrete columns was designed by Fogarty Finger Architecture. Amenities include a social room, a children’s playroom, a common rooftop with private cabanas and a resident’s gym. There is also a glass-art mosaic in the lobby created by artist Tom Fruin, as a tribute to neighboring cultural institution MoMA PS1.

The Jackson is still under construction. It is expected to be complete in spring 2017.

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LIC Resident

People are getting wealthier in other countries. They want to keep money safe in the US. NYC real estate market is the only market they know and want to deal with. Prices will keep moving higher or at least they won’t drop.

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Anonymous

Modern Spaces sells out all the projects quickly. They were hired to sell out a few of the condo projects when the original brokers failed to sell some of the units. They must have some big long list of buyers or something.

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TheBigPinkEconomist

Wonder how they will fix that intersection. It is perfectly safe, but feels unusually inhospitable to pedestrian traffic bc of car speed, car noise, huge street width, lack of overhead cover etc etc.

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MRLIC

I agree with NYCer . Frank may be partially right. I think they overdo how many people have actually signed to pay for these outrageous pricey condos. It is a way to do their up selling. Many people would rather live in midtown who have money not LIC as there is nothing here . Stores etc..

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TheBigPinkBM

I think this is PR. Why announce it’s half full? To create the impression popularity and limited supply. (“Supplies are limited! Act now!) in reality LIC’s lux condo market is saturated, NYC’s market is softening, and we have no proof other than this developers word. Seems flimsy.

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NYCer

Where is all this money coming from? I just don’t get it. I’m curious to know who the buyers of these condo’s are. The LIC condo market makes no sense to me and I’ve been a NYC resident for over 40 years. Someone please explain…

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Frank

Easy – the market in LIC is evolving to operate by the rules and expectations of the Manhattan market. Add in the scarcity of condos vs rentals and the number of cash buyers who want proximity to midtown, and you have the current situation.

Reply
SuperWitty Smitty

There are many people in NYC who make a lot of money; as always, most of these jobs are in Manhattan. A huge percentage of the people with these jobs live outside of Manhattan, either in the four other boroughs, Nassau County, NJ, PA, and CT. For many years, much of western Queens was underdeveloped for residential use and there was a lot of space that was previously occupied by small manufacturers that left, looking for labor that was less expensive.

Governor Cuomo (Sr.), way back in the 90s, made some deals with developers and some banks that lead to massive re-development of the western Queens waterfront and now we have Queens West and Gantry Park, along with Citibank complex by Court House Square.

The banks offer mortgages to people who work in NYC and want to live in NYC. If you remember how Vernon Blvd was in 1996, or how the strip of land along the East River was, in and around the gantries, you will remember how it was abandoned, desolate, grimy, and inhospitable.

The neighborhood around PS 1 has come to life; it’s not over-crowded, small business have set up shop, and people come there from all over to take advantage of the culture and the park. I LOVE riding my bike over there; the boardwalk is lovely, and Vernon ave is bustling with life. There will always be a handful of grumpy naysayers who see nothing positive, but that’s NY for you.

Reply
SuperWitty Smitty

There are many people in NYC who make a lot of money; as always, most of these jobs are in Manhattan. A huge percentage of the people with these jobs live outside of Manhattan, either in the four other boroughs, Nassau County, NJ, PA, and CT. For many years, much of western Queens was underdeveloped for residential use and there was a lot of space that was previously occupied by small manufacturers that left, looking for labor that was less expensive.

Governor Cuomo (Sr.), way back in the 90s, made some deals with developers and some banks that lead to massive re-development of the western Queens waterfront and now we have Queens West and Gantry Park, along with Citibank complex by Court House Square.

The banks offer mortgages to people who work in NYC and want to live in NYC. If you remember how Vernon Blvd was in 1996, or how the strip of land along the East River was, in and around the gantries, you will remember how it was abandoned, desolate, grimy, and inhospitable.

The neighborhood around PS 1 has come to life; it’s not over-crowded, small business have set up shop, and people come there from all over to take advantage of the culture and the park. I LOVE riding my bike over there; the boardwalk is lovely, and Vernon ave is bustling with life. There will always be a handful of grumpy naysayers who see nothing positive, but that’s NY for you.

Reply
brooklynmc

I can’t afford to but here but I know people who are. Only a couple are buying to live in them. The rest are buying properties as investments. Some people own but rent in the new “subsidized” buildings and sublet their apartments out. Chinese are buying with all cash. Some apartments are marketed in China before they even come on the market here in NY. My Indian friends family are buying everything they can get their hands on. Many families built wealth abroad, many others own cash businesses here in the city such as restaurants or dry cleaning businesses.

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Marketing Garbage

And what purpose would announcing it’s half full serve? To drum up demand, of course. “Everyone wants to live here, but act now and you can too! For a limited time only!” This is marketing/PR. The lux real estate market is over saturated at the moment and they are struggling to fill it, I bet my chocha.

Reply
brooklynmc

The condo market is not overstretched at all. The rental market is. People are lining up to buy condos, even if half of them are just investment properties. Also, I doubt newspapers are paid to market apartments in articles. The fact that a building that is not built yet is half sold, is news.

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MRLIC

LIC resident,it is probably not legal. developers try anything from saying stores are coming and you are only 5 minutes from Manhattan etc…to sell these condos & rentals. What they don’t tell you is that LIC will be and is getting already overcrowded as are it’s roads and trains and buses. It’s about 8-10 minutes from Manhattan & going up all the time. Unless they trust their limos in traffic.

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LIC Resident with sense of direction and orientation.

I think you got the wrong location… the gas station is across the street. This is the former cab station now turned Condo.

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TheBigPinkPoop

They meant the gas station is rendered as a park. It is currently an unusually dumpy, albeit useful BP.

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LIC resident

As a resident I didn’t even notice it the first time this rendering made the licpost (because PS1 immediately oriented me to the location) – the gas station is turned into a park! Is this kind of misrepresentation by developers even legal?

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el jefe donaldo trumpo

rendering looks pretty awesome, thats why it selling. but i dont get the water tank on the top. you think that a designer would find a better way to disguise it. dont they have water pumps now so we dont need those anymore?

Reply

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