Fourth Quarter Market Reports Focus on Long Island City and Astoria

We know Astoria is getting crazy expensive these days, and Modern Spaces passed along its fourth quarter sales and rental report — focused solely on LIC and Astoria — to provide some numbers. In Long Island City, rental and sales prices have been slightly higher in the past quarter, although in-line with the overall New York market. For the quarter the average price per square foot for sales in LIC was $904. The average absolute price was $639,286, with the highest sale being a $1,705,586 condo purchase at the The View. Overall, sales are up 15 percent from one year ago. And in the past three years, Modern Spaces found a 26 percent increase in price for closed sales.

For luxury rentals in LIC, the average price per foot is $48 and with an average rent of $3,701 a month. In a walkup building, the average rent comes in at $2,250 a month. According to Modern Spaces, “Rentals averages have been steady throughout the year and the cost of living on the waterfront still commands more of a premium to the rest of the neighborhood.”

As for Astoria, the average price per foot in luxury rentals is $44 with an average rent of $2,623 a month. In regards to sales, the average price per foot is $644, with an average absolute price of $433,721. Modern Spaces finds that demand is at its highest in the neighborhood, with condos and houses now in short supply.