clock menu more-arrow no yes

Filed under:

Pricey Three-Unit Long Island City Conversion Hits the Market

New, 4 comments

Joining Long Island City's masses of new apartments is this three-condo development on 47th Road. It's a classic boom-time tale: Ascent Development bought what was then a two-family home for $1.2 million in May of 2013, and converted it into two triplexes and a duplex. Occupancy is expected this fall.

One of the triplexes, #2A, listed for $1,770,000—so yeah, that's a pretty nice profit already if it sells for ask—with the other two apartments poised to hit the market soon, priced in the same ballpark. UPDATE: Modern Spaces' Jennifer Dorfmann says #2A is already in contract, though it is still being shown until the deal is closed. (The median price for Long Island City condos on the market right this second is a mere $860,000.) But all three apartments at Five FortyOne, as it's called for its address, 5-41 47th Road, between Vernon Boulevard and 5th Street near the 7 stop, have three bedrooms, three bathrooms, and private outdoor space. They range from 1,600 to 2,040 square feet, with appliances from Bosch and Viking as well as built-in wine coolers in the kitchen. There are hardwood floors, and the master baths have overhead rain showers and "pull down teak benches." But do those bells and whistles justify the price tags?

· Listings: Five FortyOne [Modern Spaces]
· Luxury Condo Building's Three Units Feature 3 Bedrooms and 3 Baths [DNAinfo]
· A Three-Unit Luxury Development Is Coming Soon to LIC ['Stoner Queens]
· Mapping Long Island City's Insane Number of New Apartments [Curbed]
· All Long Island City coverage [Curbed]