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Are LIC's Latest $2 Million Penthouses a Letdown?

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The Post's Home section reminds us today that Long Island City still exists, unleashing a big story focusing on the area's once-sizzling real estate market. Guess what? The 'hood is getting back on its feet and dusting itself off, with high-flying $1,000-per-square-footers now accepting a cheaper future?though the circa '07 buyers are less accepting). The piece is filled with the usual LIC rhetoric: comparisons to Williamsburg, news on buildings breaking ground (newest EastCoast construction starts "early next year"), word of an entire Park Slope parish migrating to the area, etc. The story also points out that closings have started at The View, the hyped waterfront luxury condo building that promised to bring Queens West real estate into another stratosphere, before market realities set in. So how's the building doing?

According to StreetEasy there have been 19 recorded sales in the 184-unit glassy mini-tower since July. And what about the penthouses? We were recently surprised when a penthouse in another new LIC condo building sold for $2 million. Such a sale in The View, however, would be no surprise at all. Back in January broker-blogger Andrew Fine reported that The View's Penthouse A and Penthouse 5 (there are many penthouses) were listed at $3.25 million and $3.1 million, respectively. Not only that, but they were both in-contract at final prices that "challenge the $3 million LIC price record." Ree-hee-heely!

Well, both penthouses have now closed, and PHA went for $2.5 million, while its buddy PH5 sold for $2.725 million. Both impressive figures for the 'hood, but maybe not the blockbusters that were promised. They sold on the same day to business partners Tony Georgiton and Basil Messados. Now, individual listing prices for The View have never been made public, so we're not sure if the penthouses were actually asking those prices. All we had was the reported price range from long ago: 1BRs from $760,000, 2BRs from $1.2 million and 3BRs from $1.465 million. According to the developer, prices have fallen from $1,100/sf to $850/sf, and The View's website has the new range: 1BRs from $520,000, 2BRs from $975,000, 3BRs from $1.275 million and those penthouses starting at $1.935 million. Plenty of good seats?er, views?still available.
· The long view [NYP]
· The View [Official Site]
· The View coverage [Curbed]