New Empire’s LIC condo project is aiming for a $78M sellout

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Bentley Zhao's New Empire Real Estate Development is aiming for a $77.8 million sellout at its new Long Island City project.

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Luxury condos at a soon-to-be-completed building across from MoMA PS1 have just hit the market, with prices ranging from $595,000 to over .5 million. galerie, the name of the building at 22-18 Jackson Ave., will rise to 11 stories and hold a whopping 182 condominiums, a rarity for Long Island City’s mostly rental market.

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Their condo development, which includes 12 units ranging from $600,000 to $1.15 million, is part of a wave of high-end development now underway on Munjoy Hill. At least 52 new condos ranging from $350,000 to $1.135 million are currently in the works and will be complete by next spring. Some of the units sold before the projects even broke ground.

Nearly 50 percent of all condos sold in Long Island City last year went for more than $1 million, according to a report released this month by the Manhattan-based real estate firm Stribling & Associates. The report, titled The Long Island City Condominium Report 2006-2016, noted that there were 234.

$925M mega-project may bring 1,000 rentals and a 100,000-square-foot factory to Long Island City Posted On Mon, July 31, 2017 By Devin Gannon In Long Island City , New Developments , Rentals

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Bridgeview Tower’s total sellout of $34,685,400 puts the 37 condos at an average price of just under $1 million, or just below the Long Island City average price of $1,312,500. Those prices combined with a location one subway stop away from Manhattan will make it an extremely attractive option.

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