Astoria Condos Sell Out

In a bit of news that used to be common in the New York market, but which is now not quite so ordinary, a condo development is reporting that it's sold out.

New York—In a bit of news that used to be common in the New York market, but which is now not quite so ordinary, a condo development is reporting that it’s sold out. The property, Edge 31, is a 10-unit building located in Astoria, Queens, taking its name from its address on 31st Drive.

Residences at Edge 31 range from 670 square feet to 705 square feet, and feature such amenities as bamboo flooring throughout, floor-to-ceiling windows and bathrooms with white carada and grey Armani Grigio marble tiles imported from Italy. The units also sport a built-in surround sound speaker system with iPod dock, video intercom and private balconies.

Asking prices for the units at the property ranged in the $400,000s, according to recent, pre-sale listings. The six-story new development originally came on the market in the fall of 2010, with real estate company Modern Spaces taking over the marketing of the building in early 2011.

“Buyers at Edge 31 were a healthy mix of young professionals, first-time home buyers and Astoria locals that tested the neighborhood and fell in love with the area,” Modern Spaces president and CEO Eric Benaim tells MHN. He adds that Edge 31 was the company’s first project in the neighborhood, but that he’s looking to take other properties to market, having opened an Astoria office in January.

The demand for condos in the outer boroughs seems to be steady, even if the supply isn’t always there. According to the Real Estate Board of New York, average condo sales prices in Queens were up 6 percent in the fourth quarter of 2011, compared with the same quarter a year earlier. Sales numbers in Queens for the same periods, however, were down by 23 percent.