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More Than 325 Units in Skyline Tower Have Sold, Sales Activity Picks Up: Broker

Skyline Tower 23-15 44th Drive, LIC (modernspacesnyc.com)

March 10, 2021 By Christian Murray

Sales activity is picking up for condo units at the 67-story Skyline Tower in Court Square, according to the CEO of a Long Island City-based brokerage firm.

More than 325 units in the 802-unit development have now sold, according to Eric Benaim, the CEO and founder of Modern Spaces, whose firm was appointed to market the project in 2018.

Benaim said that since October about eight or nine condos have sold each month. Last summer, shortly after the full COVID-19 lock down lifted, the number of units sold was down to three or four per month, he said.

The decline was significant, compared to activity pre-COVID-19.

“We were averaging 11 or 12 a month prior to COVID,” Benaim said. “But we are heading back there now. Activity has picked right up.”

Benaim said that reports of a glut in the condo market are exaggerated.

“There is a bit of a glut in terms of rentals but sales are good,” Benaim said. “When the market slowed, it brought buyers out– and interest rates are low. People are back.”

Interior of Skyline Tower condo (Rendering: Courtesy of Modern Spaces)

He says that there is interest from people who left New York City last summer to go to the suburbs– but are now looking to return. He said some Manhattanites are also buying, seeking more space.

Despite the uptick in activity, there have been numerous reports that there is a lot of unsold condos in the area. A report released by the New York Times in July 2020 said that 60 percent of units built since 2018 were unsold.

The report noted that 1,945 condo units have been completed since 2018.

The Skyline Tower, which is the tallest building in Queens located at 23-15 44th Dr., represents a significant chunk of the condos for sale in the area.

The 67-story tower is an enormous project, with the developer aiming to sell the units for a total value in excess of $1 billion, according to filings with the Attorney General’s office.

The development would be the first to break the $1 billion milestone in Queens.

Benaim said that 42 percent of the units have sold, with a total sales value of $425 million. He said he is confident that the $1 billion sales figure will be reached.

He said that closings began last month, after the developer Chris Jiashu Xu received a Temporary Certificate of Occupancy for floors 8 through 36.

Benaim said that they have been offering buyer incentives such as covering some of the closing costs. He said the incentives change each month.

Prices range from $600,000 to about $3 million.

The building features an array of amenities, including a 75-foot indoor pool, a pet spa, and a fully equipped gym.

Other amenities include a children’s playroom, outdoor terrace and business center.

For more information on the Skyline Tower, click here

Rendering of the Skyline Tower at night (Rendering by MAQE via Hill West Architects)

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One Comment

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Lily

There might be a small burst of pent up sales but they still have 600 more to sell. Now all the resales that have been holding out for restrictions to end are starting to hit the market. And why buy at the same price as 2 years ago when your rent just went down $700/month? Nice building though

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