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A Tale of Two Condo Buildings in Long Island City

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Closings have kicked off at Vere, the 43-unit Jackson Avenue building with a blue-glass curtain from architect Robert Scarano. In fact, some would call it Scarano's crowning achievement. There are 34 active listings on StreetEasy, but its the handful of deals that we're interested in. There are seven so far, and the condos sold for $330,000 to $481,000. The units never had corresponding online listings, but the prices are consistent with other studio and one-bedroom apartments in the building. At Vere those apartments are typically 480 and 620 square feet in size, which puts the sales in the $650- to $700-per-foot range. One StreetEasy user on the building's message board thread enjoys the place: "Just visited a friend who closed here last week. apt is nice with great views. neighborhood needs some more amenities but it often pays to be the first on the block."

If those price-to-size calculations are accurate, the building seems to be doing pretty well for the LIC new development market, though we'll see if some of the more expensive stuff moves (or any more stuff, for that matter). Not far away, the fancy and much more hyped L Haus is attempting to sell units well under $600 a foot in some cases (the average asking price is $608/ft according to StreetEasy). L Haus is also offering incentives galore (rent-to-own, buyer purchase protection, etc.) to get customers in the door, and the conspiracy theories are flying on the message boards about when buyers can finally close. So has Vere managed to avoid the Long Island City doom and gloom? Speak up, LIC market-watchers.
· Vere [vere26.com]
· Vere coverage [Curbed]
· L Haus [lhauslic.com]
· L Haus coverage {Curbed]

L Haus

11-02 49th Avenue, Long Island City, New York 11101 Visit Website