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Condo or Rental?

For a while, it appeared that units at The Madison at 42-77 Hunter Street in Long Island City were getting picked up quickly, with units starting at $500,000. However, now it looks like the building is converting to rental, because it turns out the condos went mostly unsold. Two apartments were listed earlier last week by Modern Spaces with prices around $2,700/month, and amenities include a gym, a common backyard, a furnished roof deck, storage, and a virtual doorman. Here's hoping they have better luck this time around. UPDATE: The marketing team reached out to say that poor sales had nothing to do with the switch. "The truth of the matter is the building was 50 percent sold and the developer decided to change the project to rentals. So the buyers were all refunded their deposit." [Court Square Blog via Queens 'Stoner]