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LIC Light Show Building Murano Sells 80 Percent of Units

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It's been a few months since we let ourselves be blinded by the light checked in on Long Island City's Murano, the condo building with the (Martian time-keeping?) light clock. In that time, buyers have continued grabbing units at the building, so that it's now 80 percent sold. We've been wondering all along how that "never-before-seen LED lighting effect," as the press release calls it, would affect prices. And? The average recorded sale price, according to StreetEasy, is $699/square foot. The average ask on the 21 remaining active listings (four of which are in contract) is $753/square foot. That's after some PriceChopping, but we also see a few PriceUppers on the available list. The building's priciest for-sale unit, for example, was asking $960,000 in March and is now asking $1.015 million. (Hey, that LED clock probably isn't cheap to maintain.) The least expensive unit available is a $508,000 1BR.

As for the units that have already found buyers, a few sold at discounts even from the PriceChopped asks. The biggest discount we see is 9.9 percent off, on a $799,000 apartment that sold for $720,000. We're not sure of the precise location of the light clock, so we can't analyze whether the price cuts are higher the closer one gets to the LED display.

· Murano [StreetEasy]
· Murano coverage [Curbed]