Jagged on Jackson Gets its Price in Long Island City

1.

The banner for this building states: Unparalleled from Every Angle". Cheezy! They haven't even started construction yet and the place is for sale. Wouldn't you be a bit hesitant about buying something that doesn't exist yet. I know, I know.. the views of the Pulaski bridge will be just magnificient!!

2.

developers must be nervous with all the new construction going on.

3.

How does this compare to Arris?

4.

I signed a contract there... Best Building in LIC and so close to the first stop on the 7.
They did a great job there.

5.

3 - Ones a loft building (Arris) the other (Ten-63) is not but rather new constuction. Apples and oranges.

6.

Pretty crappy closet space for a 3/4 million dollar pad, methinks...

7.

The smart money is buying in LIC right now.

8.

Maintenance $1,044 a month?

9.

How or why is anyone buying property right now? The rates on loans are absolutely insane and are really difficult to get - of course, nobody who posts on Curbed 1) lives in New York City 2) has the money to move out of their mom's place.

10.

What's the JUMBO rate right now, 7.25% or 7.5%... yeah it's a bit messed up, no way most people can close on these.

11.

listen to all you spoiled brats with your interest rate talk. lest you forget, rates used to be 11, 13, 14% not too long ago. true, prices weren't this high, but still, 7.5%? not too shabby. but why is the maintenance so high?

12.

This place is a better choice than Arris. Not as many hookers hanging around compared to that piece of crap Arris.

13.

375K for a studio in Queens!???!!!

LOLOLOLOLOLOLOLOL

14.

12 - According to sources I've talked to at the 108th precinct there haven't been prositutes in either Queens Plaza or Court House Square for years but Citilights tenants are worried about prositution and drug use at Gantry State Park.

15.

Dear # 11

Rates were 10, 11 % when prices were 50% and less than they are now (actually, I remember when they were 18%). Read a TIL some time and maybe you'll get it. And rates could be 5% now and not help, if lenders are no longer willing to finance a $500K 1 bd. with a 80% first and a 10% second, much less any no doc or stated income.

16.

#9, rates are not that bad right now. You are just used to them being super-low. Anything under 7.5 is good and you can get that right now. I think you have been hanging out with the hookers at Arris too much.

17.

wait...people pay money to live in lic?

i thought it was the other way around....???

18.

I shot this video from my Apt. in Arris. The noise is not that bad as you can see for yourself.

19.

Not getting it. $375,000 for a studio? In LIC?

LIC's nice, but.... What's with these prices, and the maintenance? I don't know about this building, but some of the others are on abatements (ARRIS) -- and watch out when that runs out, it's astronomical.

How are people rationalizing this? Are there that many people with oodles of cash to use in this manner?

20.

you can get a studio in park slope for 350K.

it is a significantly better neighborhood, by all accounts.

21.

except commute times to midtown manhattan and it has no views and isn't three blocks from the waterfront.

22.

You aren't really suggesting Long Island City is a better neighborhood than Park Slope, are you #21??

Say all you'd like about Park Slope, but I seriously doubt there is a person in the 5 boroughs who would choose LIC over PS. Unless you are one of those fools who overpaid at Arris Lofts.

23.

those paying these prices in LIC compare it only to manhattan.

overpaying to live in arris is one thing, but expecting people to pay 3K rents for a studio so that you can cover your illgotten mortgage payments is outright retarded.

24.

Look at all the jealous people trying to knock LIC. Have you even been to the area douchebags? If you have and do not notice the changes and major things happening and going on, you're just brain dead. Fuckin losers, you cant spot a hot trend when its happening right in front of your eyes. You people think your sophisticated or in the know, when in reality you are just a bunch of idiots with your heads stuck up your asses. Why bother reading blogs like curbed? When someone else points out all the new development, you still can't fu*kin figure it out.

25.

24 - the fools are those who are paying these inflated prices which are based on stuff that doesn't exist yet. no one is denying the development and future of this area. what people are questioning is the inflated prices. i live in LIC and bought here when it was still priced correctly.

26.

What the hell does "priced correctly" mean? #24 is dead on.... Haven't you been paying attention to prices in LIC over the past 18 months? They are going UP. 2 years from now you losers will all be singing the same tune and prices will be higher and continuing to increase. Look at prices in Manhattan for christsakes!! People can't afford Manhattan so they are being pushed out... It isn't rocket science folks, have you ever heard of supply and demand?

27.

And another thing 25, If you think you will make money in real estate by investing only in "stuff that exists" you'd better hang on to your rental. People buying in LIC are investing in the future. Once all the "stuff" exists, you can bet your ass prices will have increased already. There is an opportunity for appreciation in LIC that smart investors are going to capitalize on.

28.

http://www.bloomberg.com/apps/news?pid=20601109&sid=aBTJS7oiB92I&refer=home

29.

27 - read my post you shmuck. i don't rent, and i own in LIC. and i don't overpay either. keep telling yourself how smart you are and maybe it will come true. idiot.

LIC new construction is pricing in future expectation of development - you get that development over the next few years and your place is worth then what you're paying now. you don't get that development and your place is not worth then what you're paying now. wouldn't it make more sense to buy something that is priced for what you are getting when you are paying?

a few new stores on vernon aside, the only significant difference between LIC almost 5 years ago and now is that there are more new buildings and people living here. the amenities are severely lagging.

point is that you have no upside in the near future, but plenty of downside risk. and you are paying a price that reflects amenities that don't exist, whereas you could live in comparable luxury with comparable convenience at similar pricing in an area where the amenities now exist, and future development and value appreciation are also relevant.

30.

I dont get the prices in LIC. These prices seem to reflect an established neighborhood. How much more do you really think your condo is going to be worth in a few years. Now if you are staying for the long haul it will probably work out to be a good deal but I still think Williamsburg is a better area to buy in.

Also when has being close to midtown been a big plus? Especially for the young people looking into LIC?

31.

Don't let these LIC residents fool you who say they own. Alot of them bought at Citylights when it first opened for as low as 50,000 dollars! Those idiots would not be able to afford anything in LIC or Manhatten now. They all make less than six fugures but try to act like big shots!

32.

24,26,27=Foreclosure AKA Regency. You think this peon would get the message already. Everyone hates him on QueensWest and now he come over here thinkin he can hide. Everyone hates you here too. Nobody likes you and your nursery school education.

Hunts Point, College Point, LIC, industrial wastelands filled with pollution, no commerce, no residents, and no life. Its funny hookers and homeless people all call these areas home... I wonder why?

33.

guys like #24 with an IQ of about 10 are exactly why most people will choose not to live in queens.

anyone who bought at over $500 a square foot in lic are fools. plain and simple.

it's a dump.

34.

Queens sux! Brooklyn rulezzzzzzzz!

35.

Queens sux! Brooklyn rulezzzzzzzz!

36.

#20, 23, 25 and 29 are all csk. especially #29

37.

36 - If there is one person who should shut the F up it is CSK. His non-stop trolling on Curbed is so friggin obvious.

Anyone taking advice from someone who critisizes places as having bad views after purchasing in J-Condo needs to have their head examined. This guy gives the worst real estate advice that I have ever seen and overpaid in a building overlookign a bridge that arguably has the worst architecture in NYC. Not only that but he was dumb enough to brag about paying $850 psqft while other buyers paid $700 and under for, which is still way overpriced considering the crap that J-Condo is.

LIC >>>> Dunpo

38.

37, you obviously made a bad investment (probably Arris). You should have bought at Citylights where you will see a return on your investment.

39.

If 38 purchased at Citilights he should have slit his wrists. Who would want to buy there?

40.

SOR

Agreed. You can attribute just about every post about Arris on Curbed (and that is alot of them) to CSK.

Him overpaying at J-Condo is absolutely hillarious as is the fact that he can't give up talkign about Arris 24/7. Talk about obsession - lol.

41.

Every new development in LIC is a good investment except Arris. Everyone knows this except the suckers that bought there. Enjoy the hookers at Arris, thats about all its good for.

42.

41: I agree completely. Its funny how the Arris residents are in denial. Everyone hates their building because of poor contruction, train noise, prostitutes, bad location, shady sales reps, ugly exterior, ugly interior, bad reputation, etc. They just don't get it. However, reality will hit them square in the face when they try to sell their worthless "lofts".

43.

relax people. not me. pick a different enemy.

44.

Everyone knows Arris is a joke and a bad investment. Bash me all you want, LIC and you know the truth about Arris. Enjoy the hookers, thats about all the joy Arris will bring you. Plus, comparing the location of Arris to Citylights is laughable. Arris is surrounded by dgenerates while Citylights in on the waterfront.

45.

44 - apparently you are the only one who thinks this way in post after post after post. Did the building fire you or something?

Arris is an amazing building.

46.

...amazing how its occupants can sleep with the blaring horns of the lirr.

47.

Why are citylights people such haters? Yes Arris might be overpriced for its location but it is almost fully sold!! Who cares what you think, it not even on the market. And yes citylights in on the waterfront but the maintenance alone is equivalent to renting!! you have to be crazy to buy in there now. The only sound advise to people who are considering buying in the area is to wait to see how things play out while doing your reasearch on where you might want to live and not pull the trigger until at least Feb. Buying real estate is huge commitment that requires a serious capital... You don't want to make rash decisions.

48.

Arris owners seem to have gone underground with a Yahoo group. They do not want to air their dirty laundry such as the strike to the public in order to protect the owners' property value.

49.

47 - Arris overpriced? It's $ psft are an absolute steal compared to the costs of developments that have hit the market since it in LIC.

As for Citilights, no I won't say that - I'd prefer to take the high road. Nuff said

50.

Yes, the Arris group did go underground to the Yahoo group, but we have someone who infiltrated it. They pretended to be a resident and gave a false condo #. Boy is there problems there at Arris. Besides the strike, you should hear what they are complaining about! Not the case at Citylights.

51.

49 - I think the prices are going to sart coming down my friend... There is like 3 buildings in QP area alone that are soon to open up sales if not yet started. This is not including QP condos, View 59 that are more than 70% sold. There is powerhouse, hunterspoint,10-63, purves #2, etc.. at least 8 in all on the quote on quote "good side" of lic. Do you think there is that much demand??? I smell a serious sale and I will be right there to pick up a good bargin.

52.

50 - who the F wants to talk about 2nd tier buildings like Citilights and the Gantry. Give up your jealousy man. Arris is a great building.

51 - Demand in LIC is strong and those arguing what you are two years ago are now priced out and waiting for a drop in prices as new buildings come in ain't going to happen. If anything prices have gone up in each consecutive building. That being said if anything is going to slow sales its jumbo loan rate being above 7%

53.

52 - You hiy my point on the nail. The difference with my argument now as oppose to two years ago is that we are operating under a different environment...cheap rates are are no more and most people will need jumbo loans to purchase a condo.

54.

Man LIC dosen't compare at all with PS, the Burg, Clinton Hill etc. I agree completely with # 32, LIC has crap for cafes, shops etc. My wife I looked in Williamsburg and LIC. We bought in the burg for a better price and better hood. LIC is being built from the top down and I wouldn't put my money down on LIC.

55.

compared to many of the other buildings in LIC, it definitely seems you do get the best value per square footage with all the amenities the building has to offer. In addition, like others have mentioned above, LIC is still prospering. I do think there is a market for young professionals who want a luxury condo who cant afford new york city prices. The size and architectural design of the building seems to make owners feel welcomed. Overall, i think this is a potentially great building.

56.

LIC is a great investment for a variety of reasons. One, it is close to Manhattan if you drive. Two, there are several train lines. Three, the Water Taxi can get you there in a real jam - like transit strike. Fourth, safety and security are really good. Finally, the area is growing. At current rates of 700 to 800 sq ft, the properties are at a premium, but if the area gains commercial office tenants, the price per sq ft may double in five years. What LIC is missing are office jobs and amenities like cafes and shops. Once these are in place, the area will have a new infusion of people.