Long Island City Condos Sell Out in Less Than Year
- Mar 05, 2014
New York—The Bindery, a condo development by NY Lions Group and Craig Axelrod at 47-34 11th St. in the Long Island City district of Queens, has completely sold out, according to Modern Spaces, which took the units to market. The 20-unit residential building, which is a new-construction project named in honor of the area’s bookbinding history, launched sales less than a year ago; about two months later, half of the units were sold. The units also managed to fetch more than $1,000 per square foot, and in one case $1,166 per square foot.
“We broke some records with this property,” Modern Spaces president and CEO Eric Benaim tells MHN. “When the property was planned, the developers were hoping to get $700 a square foot. It’s exceeded all expectations.”
Most of the buyers were young professionals attracted by the property and its location, “which resonated with buyers,” Benaim adds. Since the end of the recession in New York, Long Island City has been an up-and-coming location for condos, offering proximity to Manhattan without Manhattan prices, as well as access to the burgeoning attractions of Queens and Brooklyn. For its part, the Bindery has access to the E, M, 7 and G subway lines.
The Bindery offered owners studios, one- and two-bedroom units ranging from 494 to 971 square feet, with prices that started at $450,000. Common amenities include a landscaped rooftop, fitness center and virtual doorman.
Modern Spaces not only handled the sales and marketing of the property, but were also instrumental in designing the interiors of the building, which features wood flooring with a “reclaimed effect” throughout, and exposed brick walls. The property’s lobby is more of a library than a traditional lobby, which fits with the overall book-theme of the building
“Residents are looking for more character in their homes and really connected with the building’s homage to the neighborhood’s history,” says Modern Spaces managing director for sales Jennifer Dorfmann. Also, “the sell-out speaks to Long Island City’s continued transformation into a cultural hotspot.”