10-50 Jackson Ave (LIC)

10-50 is way overpriced at ~$680psf in the current environment. Compared to 10-50, Powerhouse is a better building and the PH is now selling for only $500-600psf.

During 10-50 preconstruction sales, demand was so strong that people lined up for hours before the sales office opened. The developer saw the demand and got greedy. They decided to hold some units back for after building was complete, expecting to make even more money on those units. They made a bad bet. Market crashed. Now they're trying to sell those extra units at peak prices. Good luck. $500psf is about right for 10-50 in the current market. Anything more than that, look at PH and 5SL. Both are better building.

Just out of curiosity, what do you think of the actual location? It seems like the it's sitting right on the edge of the nicer section of LIC, and things seem to get rough-looking anywhere east of the building.

Personally, i'm not a fan of the location. A lot of large trucks go past the building from pulaski bridge on their way to LIE. Noise and dust are problems for the front facing units. Back facing units get fumes midtown tunnel traffic. What is your health worth to you? The area to the east of the building is also very shady as you mention. This area isn't likely to get any better anytime soon. The only positive for the building is the proximity to subway. IMO, all the negative points about this building significantly out weight this one small positive. The developer certainly knows this. When 10-50 first came onto the market, it was asking at a significant discount to other buildings in LIC due to its less desirable location. The discount to other buildings is what caused this building to sell so quickly.

But now because other buildings in the area have significantly cut their prices, while 10-50 is still asking at peak 2007 prices, 10-50 is now asking at a significant premium. This building is at least 30%+ over priced at current ask. At current price, they probably wouldn't even be on my list of buildings to consider in LIC. I'd look at 5SL and PH before 10-50.

I have gone to their open house and wasn't impressed with the layouts and price. Exterior also was not my taste. Only plus like LGeorge mentioned was the close proximity to the subway. Has anyone checked out One Hunters Point on Borden Ave.?

LGeorge, thanks for your input. You wouldnt' happen to know if there are any rentals (1bdrm) at 5SL or PH?

kcw: there are lots of rental available in the PH but not as much in 5SL. The PH developer is renting more than 40 units in the building. Some individual owners also have units available for rent. Modern Space is handling developer owned rental units exclusively. You may wish to give them a call. Some renters in the powerhouse thread have mentioned you will get lower quality appliance compared with owners but i believe quality is still much better than 10-50.

Rental is really the way to go for these buildings. As I have said in the other threads, all the people who bought into these buildings are significantly underwater. The current market value of their units are already less than their mortgage. If they are forced to sell due to job relocation or job less, you will see short sales at significantly below the market prices because banks will liquidate at any price. This should start to happen within the next year or so in LIC IMO. Given this scenario, it is much better to sit on the sideline and rent for a year and wait for the area to stabilize.

LGeorge, thanks again. I'm definitely going to look into both buildings.

it depends on what you are looking for. 10-50 is smaller but I would not say that it is not as nice. The location is better than Powerhouse (unless you face the back) and have you been in 10-50 LGeorge. The appliances (especially compared to the rentals at PH) are far nicer. They are all viking and subzero with glass.

10-50 is a smaller boutique building and PH is a larger building with more common amenities.

PH is not as close to the tunnel but it is in one of the more underdeveloped areas. 10-50 is near the tunnel but the subway is on the same block ... they are two very diff buildings and depending on your personal preferences, you may prefer one over the other.

10-50 could be compared to ten63 or badge.
PH could be compared to 5SL or Hunters Point