Skip to main content

Featured Post

Atlantic Yards/Pacific Park graphic: what's built/what's coming + FAQ (pinned post)

New market-rate studios and one-bedrooms at LIC complex $300+ below "affordable" 535 Carlton

From Multi-Housing News, 11/9/17, Lightstone Completes Long Island City Development:
Real estate investor and developer Lightstone has completed ARC, a 428-unit apartment property at 30-02 39th Ave. in the Dutch Kills section of Long Island City in Queens....
Studios are available starting at $1,800, with one bedrooms starting at $2,300 and two bedrooms starting at $3,500. Those rents are less than the average in Long Island City, which is the most expensive rental market in Queens, according to MNS.
According to MNS’ October 2017 report on Queens’ rental market, studios average $2,408 in Long Island City. One-bedroom units average $3,030, while two-bedroom units fetch an average of $4,060.
Do note that the "affordable" studios at 535 Carlton, many of them not taken in the housing lottery, rent for $2,137, 1-bedrooms for $2,680, 2-bedrooms for $3,223, and 3-bedrooms for $3,716.

Sure, 535 Carlton is a better location--though next to future noisy construction for a while--than the Dutch Kills area (though ARC is a block from the subway). And, yes, the Pacific Park units are rent stabilized, so longer-term renters have more stability.

In the shorter-term, though, those looking for new construction near the subway, with easy access to Manhattan, would save more than $300 a month on studios or one-bedrooms by choosing a project like ARC. (The more expensive two-bedroom apartments suggest that the glut is disproportionately smaller units.) For those on a budget, price is a significant factor.

Comments