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LIC's Arris Lofts Enters the 'Motivated Sellers' Phase

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Yep, we're opening up the can of worms that is Long Island City's Arris Lofts, if only because it's been far too long since we've checked in with LIC's luxury condo lightning rod. Sift through the comments thread on any Arris post to get a feel for why this building is so loved/hated, but its ambitious amenities and pricing?and non-waterfront location?have always made it an interesting LIC test case. Currently there are 26 active listings in the Thomson Avenue building, according to StreetEasy, and we're starting to see some serious price movement on a few of those.

One big loft in the former Eagle Electric Warehouse recently took a 20% price cut, down to a new asking price of $675,000. It was the unit's first chop since being listed for $845,000 at the tail end of 2007. And how are the resales holding up? We were immediately drawn to the one pictured above, a 2BR, 2.5BA unit coming in at nearly 1,900 square feet. It sold in July 2007 for $1.315 million, before being re-listed last summer for $1.325M and later $1.25M. It was pulled off the market in December, but this week it popped back up on the market at a new ask of $1.125 million, an even bigger loss for the seller. That's $593/sf, which the listing says is "nearly 20% less per square foot than any other unit in the building." Will we see other Arris units take similar tumbles?
· Listing: 27-28 Thomson Avenue - Apt: 400 [Corcoran]
· Listing: 27-28 Thomson Avenue - Apt: 204 [Corcoran]
· Arris Lofts coverage [Curbed]
· Arris Lofts [Official Site]

Arris Lofts

27-28 Thomson Ave, Long Island City, NY 11101