purves in LIC

lookingforapt- Purves is not in the Queens plaza area. It's actually located at the foot of the upper roadway for the 59 street bridge. Also across from Arris Lofts. Perhaps you looked at another building in the Queens Plaza area. I'm not saying this to be a pain, just would like to give you my opinion and want to make sure we are talking about the same place.

Hi, Take a look at the article: http://afinecompany.blogspot.com/2008/06/purves-street-luxury-cul-de-sac-of-long.html

No supermarket in the neighborhood only Fresh Direct. Lots of trains and future construction. They are adding two office towers in addition to the new condos.

Hi, I should have clarified. My apologies. I am specfically asking about the Vantage purves 44-27 building. The building from the outside looks fine and according to this website its about 600 dollars per sq feet. Do you guys think its too high?. Only thing that bothers me is the area surrounding it. It will be years before this area actually gets up and running...any thoughts?

what price range are you looking at?

It's hard to find stuff around the vernon/jackson area in the low 600s these days but I would have the same issue that you do with the area around purves; a lot of positive development but you have to ask yourself if you would be happy living there if no new projects were to begin.

It's all a matter of opinion but I would be happy living in the vernon/jackson area even if no new developments were to start. I can't say the same thing for Court Square or Queens Plaza.

I ask your price range becasue there are two units left in the badge building - it's a great location and a nie building -- they just cut the prices on the last two units and they are in the 600s psf range.

http://www.streeteasy.com/nyc/building/10_55-47-avenue-queens

there are also 2 that came back on the market in 10-50

http://www.streeteasy.com/nyc/building/10_50-jackson-avenue-queens

My recomendation, stick to the first stop on the 7 and stay close to the subway, those are the places that will best hold their values.

I see your point but honeslty I do not have a big budget. Price range is 300-350 for studio, do you think its possible to find something in that range close to the 7 subway. There is a lot of talk on these discussion boards about development in LIC but I am not sure about it, because it seems like it may come but will take some time I am guessing like 4 to 5 years..

Vantage is about 4 blocks from Queens plaza where I believe is the E/V/R

lookingforapt- Perhaps your best play is to rent for the next year and get a good feel for the area. And the best part is that you will pay much less in 12 months then you would today. LIC has a lot of hidden inventory not yet on the market. Do some research and you'll find many projects have still not released over 50% of the total inventory for the project. Good luck.

Purves isn't THAT far from the 23rd and Ely trains. A few blocks walk. The development is definitely happening right now with more to come.

the building on the other side of the pulaski "L haus" is supposed to be condo and is rumored to be starting in the 600's - they have not begun selling yet.

Vantage does seem like a good building though. And I do have very high hopes for the area - I was just raising my point becasue some people just assume that development will continue and that's not always the case.

It's not that you can't get studios for the $$ you are talking about in the waterfront, it's jsut that they sell as soon as they hit the market at that price. There is a huge market for starter apartments in LIC (especially the waterfront) - for example, all of the studio's in 10-63 and 10-50 jackson were at around the price range you are looking at but they all sold in the first few weeks. It's the larger apartments that are sitting on the market.

Another suggestion would be to wait and see what comes on the lot where vernon meets jackson. They tore down an old building and they are supposed to be building condos but no details have been released yet. The first few releases of studios always seem to be in the 300's then they make it up to around 450. for example , at 10-50 the first studio released went for 350,000 and the last one that went to contract was well over 400,000.

I will jsut warn you that you should be putting down 20% in the current climate (I would argue always) - most new constructions do not have finance contingencies, so if you are not able to get financing you will still be held to the contract (and most likely lose you 10% downpayment). Also, just to make you aware that new constrcution means you need to pay the city and state tranfer tax. So, on a 350,000 apartment, you could pay as much as $17,000 on your closing costs -- that would be more than half of your 10% downpayment.

I jsut raise these points becasue it seems like you are looking for a starter apartment and these are thigns that you should be aware of.

Otherwise, I am a firm believer in owning vs. renting - just know what you are getting yourself in to and be sure that you are ready to wait a few years if necessary.

best of luck.