Linc LIC

There's a huge shortage of studio and 1 bedroom in hunter's point LIC. The demand has gone through the roof. There was an open house this past weekend for a 1 bedroom which drew close to 50 potential buyers.

I can see the demand flooding into Court Square area shortly.

CarolSt: the demand has indeed started to spill over to Court Square. The Vista Condo (the only new construction development in Court Square presently for sale) has just about sold out and in less than a year. Rents in Court Square are very close to those found for units by the water front. In LincLIC, for example, two bed/two bath go for at least $3500/month and many are north of $4,000.

Another positive is the lack of new inventory coming on board over the next few years.
The recent sales for Five27 was out of control. Majority of the units have already been sold.

Look at this 1 bedroom unit. Every few weeks, they re-list the price higher by 2-3%. There's bidding wars going on out here. With Williamsburg north of $1,200 psf, i can see LIC closing the gap real quick over the next 3-6 months.

http://streeteasy.com/nyc/sale/881041-condo-5-27-51st-avenue-hunters-point-long-island-city

05/11/2013
Listed by Modern Spaces at $585,000.
06/01/2013
Price increased by 3% to $601,000.
06/18/2013
Price increased by 2% to $611,000.
07/10/2013
Price increased by 3% to $630,000.
08/21/2013
Price increased by 2% to $645,000.

Glad to see it! I bought at The Industry last year and have already seen a good deal of developemnt in the area. As you mention, there's very little condo inventory coming on-line in the next few years.