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Resales Take Over As New LIC Condo Inventory Dwindles

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Getting a jump on tomorrow's Elliman report on the Brooklyn and Queens sales markets, brokerage Modern Spaces has released its mid-year reports on the Long Island City and Brooklyn markets. We like brightly-colored charts (and, okay, we like market data, too), so here are some takeaways. The LIC market is swinging from significant new development sales to resales, according to the report, with only about 250 new condo units expected to hit the LIC market in the next two years. The average per square foot sales price of LIC properties was $745, while the average ask was $784/square foot. Fifty-two percent of the units sold were two-bedrooms.

As for rents, in elevator buildings they averaged $1,700/month for studios, $2,200/month for 1BRs, $3,000/month for 2BRs, and $4,100/month for apartments over 1,500 square feet. In walk-up buildings, they averaged $1,785/month for 1BRs, $2,525/month for 2BRs, and $3,520/month for apartments over 1,500 square feet.

The Modern Spaces report also includes a load of graphs for various Brooklyn neighborhoods, and the brokerage takes this opportunity to identify a new up-and-coming 'hood: Williamsburg West. Modern spaces defines this as, ahem, "everything West of Wythe and on the Waterfront. With new additions such as CVS, Duane Reade, Frolic (A Rock n'Roll Themed Day Care Center, Wine Shops and 15,000 sq. ft. Supermarket coming soon?.We feel Williamsburg West will be the next IT area in Williamsburg and all of Brooklyn." Current average price per square foot: $917.
· Modern Spaces coverage [Curbed]
· Market Reports coverage [Curbed]