Million Dollar Baby Penthouse in LIC
It’s the first time OuterB has ever seen a CityLights co-op offered for more than a million bucks. CityHabitats has listed a 40th floor penthouse, with two bedrooms, two baths, 1,100 square feet, and a $2.624 maintenance, for $1,150,000. CityLights, one of the two big Queens West waterfront towers, is the place to live in Long Island City (at least until the next batch of towers goes up), but I’m inclined to slam this one.
Of course, the ad says “pied-a-terre” and “love nest,” which is just so lame. Don’t get me wrong, I love Long Island City and the whole Queens West thing is getting bigger and better all the time, but $1,045 a square foot is ridiculous at a time when the co-op/condo real estate market is starting to cool. The listing makes me think of that wacky Million Dollar Homepage.
A Queenswest forum poster thinks this is the same unit that Douglas Elliman tried to sell for $825,000. (Update - see comments.)
Photo by Jake of QueensWest.com
February 3rd, 2006 at 3:27 pm
There were two apartments (A+B) lines that were sold together for over a million a few years ago.
Of course, that would have been over 2,200 sq ft.
Jake
February 3rd, 2006 at 3:28 pm
Oh and nice picture!
Jake
February 7th, 2006 at 10:59 am
what gives with the high maintenance??
February 7th, 2006 at 2:00 pm
The maintenance is 60% tax deductable.
http://www.queenswest.com/citylights/faq/966436920
Jake
February 8th, 2006 at 3:11 pm
Thanks for the photo shout out!
Jake
February 17th, 2006 at 8:09 pm
The “Million Dollar Penthouse” is in fact defined by the offering plan as a penthouse apartment and as such has been marketed as one. By the way–I would like to know where someone is currently selling an apartment higher or as high as the 40th floor in LIC.
The apartment has been beautifully customized with unique details such as installed brick (which is real), marble bath, spanish tiled kitchen and granite counters. This unit is not one which has ever been listed with Elliman and is not the first which is being sold by my partner and I in Citylights. (Of course this would be widely known and not falsely speculated in on line reporting if the writer were to seek a comment from either one of the listing agents). I find it interesting how people who are long time residents of the area spend their time on Queens West and other websites such as OuterB knocking the properties and representatives which are seeking to demand a higher value and will ultimately raise the bar in L.I.C. The maintenance is high in this building regardless of what TD of 60% does, on a monthly basis… In fact, many people who originally purchased in this building would not be able to buy here in the current market. Someone who can expect to pay a maintenance like $2640 is probably looking for a million dollar penthouse. I love Long Island City. Hopefully my partner and I will be able to have a role in increasing the value of this neighborhood.
Any questions…please call Anna Zarro at 917.213.6088 or visit
http://www.citi-habitats.com/viewsales.php?adID=919360
By the way… Jake is an awesome photographer! I would love to see other works. We will be sure your photo doesn’t appear in any further marketing materials.
February 17th, 2006 at 8:49 pm
But you like the free press, yes? Good luck with the sale, and let us know how it turns out. Signed, the writer
February 17th, 2006 at 9:04 pm
I will gladly pay for good press, don’t especially care for misleading or slanderous statements- even when free of charge and I welcome involvement in any furture stories which are to be posted in fairness to the reader. I too have been a writer, and editor and of course value a certain level of ethics and respoinsibilites in fair reporting. I thank you for your well wishes, and invite you to keep me in your contacts for future reference. =)
Signed, The Broker
February 17th, 2006 at 9:42 pm
As for the “Lame” descriptions you mention in your “article” there was a misquote. We have never described this apartment as a “Love nest,” and many people wish to aqcuire a “pied-a-terre” or second home just outside of Manhattan- except some building policies do not allow this however, Citylights does. As for the market starting to cool, I would be interested to see the statistics and reports or what research you have done to back that statement up. There has been a buzz about things cooling off, but I have to say as a real estate professional a TON of business is being done right now in NYC.
February 18th, 2006 at 1:38 pm
Anna,
Thanks for comments. See the srtikeout added above. OuterB is a blog and all about opinions. Often we get it right, sometimes wrong.
Once you sell the unit for the asking price, let me know and I’d be happy to eat crow and sing your praises. Until then I stand by my opinion that it’s priced too high.
Regarding paying for good press, you are more than welcome to advertise on OuterB, but that buys no influence on the blog postings.
Once more, good luck! - John
P.S. Are you the broker or real estate agent?
February 21st, 2006 at 5:22 am
Anna,
I appreciate you working the web with explanations for the apartment price. Since I have been running QueensWest.com for over 8 years now I know that one of the fun things to do is to talk about the area and the real estate prices.
While some posters are knocking the properties and brokers most are not. You also must understand that seeing a broker who is brand new to the neighborhood and building (from what I can tell) come in with the highest price per sq ft EVER on an apartment is food for news and discussion. Of course some residents of the neighborhood want to see value go up but it also hurts values if unrealistic prices are set and not met.
Anyway, good luck with your sale as a shareholder I it will be interesting to watch.
Oh, and thanks for the photo compliment.
Jake
February 21st, 2006 at 9:07 am
Well put, Jake.
John
February 21st, 2006 at 12:19 pm
Hey John and Jake,
Of course…It is newsworthy. Keep in mind that there could be strategy to the pricing (though high) rather than unadulterated greed and haphazard real estate practice =)
I am the agent representing the property, and I know how it is to see the “new kid on the block” come in and attempt what I am attempting. I have been involved and interested in Long Island City since my arrival in New York, and first lived in Astoria before moving to the city. I have many friends in the neighborhood and CL and also as an agent have done a fair amount of sublets within the building for current shareholders. This is not my first listing either. I realize the same faces tend to dominate the business done in the building, but I have been interested in CL since the start of my career…anyhow…if any potential purchasers are reading, don’t be discouraged by the listed price- make an offer; just keep in mind the maintenance is $2640 per month.
Thanks
Anna