Williamsburg was supposed to be the Toll Brothers' splashy entrance to the outer-borough luxury condo game, but stagnant sales at the Bros' two 'Burg properties have been well documented (although the 1BR and 3BR units at North8 now appear to be sold out). Initially just an afterthought, the Toll Brothers' Fifth Street Lofts development (left) in Long Island City has accidentally assumed favored son status. It's over 75% sold, and some units have unexpectedly cracked the elusive $1,000/sf barrier. In a wide-ranging story on LIC commercial and residential development, the Sun had a word with a Toll exec on 5SL's success:
"We are finding a smaller price differential between Long Island City and Williamsburg than we expected and, significantly, that there are many who prefer Long Island City over northern Brooklyn no matter what the price. My only issue with Long Island City is that I can't get my hands on another site."Williamsburg: Over before it really get started? Don't tell that to the Mill Building.
· Long Island City Finally Reaches Critical Mass [NYSun]
· QueensWest Stumbles Into Becoming Real Neighborhood [Curbed]
· $1000 Per Square Foot in the LIC [Curbed]