LIC Home Sets Record With $3 Million Sale

It’s official — the Long Island City townhouse at 531 51st Avenue, priced at $3,250,000, just sold for a cool $3,000,000. Over the summer, brokers reported that they received offers above the $3,000,000 mark. The NY Daily News reports that the sale smashed the record for single-family home sales in the neighborhood, which previously hadn’t broken the $1,500,000 threshold. A local developer bought the abandoned property in 2011 for $400,000 and embarked on a million-dollar-plus renovation, stripping the place to its bare bones. So who are the buyers? According to the News, a Greek family who wanted to buy a home for their three children. As CORE broker Doron Zwickel says of the sale: “It just sets a whole new stage for the neighborhood.”

Speaking of the “arrival” of Long Island City, The Observer posted an article yesterday that declares “Long Island City Is Having a Moment.” What follows is an interview with Rockrose Development Corp President Justin Elghanayan, who says he is “willing to speculate that in five to seven years we will look back and say that Court Square may have been the fastest of any outer-borough neighborhood to fully develop in NYC.” We’ll just have to wait for the M. Wells to open first.

L.I.C. 5-Story Rowhouse Sells for Eye-Popping $3M [NY Daily News]
Go Long [NY Observer]
LIC Townhouse Gets Offers Over $3 Million — Report Finds Queens Market Taking Off [Q’Stoner]