the view - long island city (price dropped)

wait for 350 to 425 sq ft

Right now, it is extremely overpriced. I think the owners believe that they have enough cash too wait out the recession. They will get desperate, dont worry, but wait.

The building is overpriced. 800psf is fair in this building though ... not the current starting price of 1,000 psf. However, 350 - 425 is moronic. You'll be waiting forever if that's what you're waiting for "goingdown". Also, it is not that the owners "believe" that they have enough cash. They funded the project with cash and have no loans. Therefore, yes, they could get deperate but they also have plenty of time to wait on a tax abated lot with relatively few carrying costs. That building will go rental way before they will drop their prices below 800psf.

"800psf" . . . pesos?

agreed.... 800 psf in LIC?

You can already get Manhattan at those levels...

Where can you get a new development condo in Manhattan for 800 psf?

FiDi.... tons of it now...

Name a new condo building in FiDi that is at 800 psf right now.

Manhattan condos would have to drop to $550 psf for this building to drop to $350.

20 pine...

> Name a new condo building in FiDi that is at 800 psf right now.

here is a link... $821 psf
http://www.streeteasy.com/nyc/sale/350359-20-pine-street-financial-district-new-york

Wait until 20 Pine is 535/sq ft in March 2009.

I don't know about $535, but given that you can rent for about $40-45 psf per year already, I figure $600 is definitely in the range of possibility. I can't imagine not hitting $700.

Although I don't quite get this...

> Manhattan condos would have to drop to $550 psf for this building to drop to $350.

I don't think LIC is going to track Manhattan at an even ratio.... especially given that LIC competes with a lot of Queens neighborhoods that could end up having even more of an impact. When you can buy in Jackson Heights or Sunnyside at a significantly cheaper rate, I think that will have an impact.

nyc10022,

LICComment is in the "bargaining" stage of loss.

20 Pine's active listings average almost $1300 psf.

Most people looking to buy condos in LIC are not looking at Jackson Heights or Sunnyside. Manhattan renters looking to buy and people who work in midtown are buying in LIC.

alanhart is still in the "delusional" stage of renting.

Regardless, the view is overpriced and should be around 700 psf (dollars) and that may be fair as well, the competition in LIC is lowering their prices and they look very good.

"Most people looking to buy condos in LIC are not looking" anymore.

Sorry to disappoint potential buyers waiting for a bargain, but The View will go rental way before it goes for $700 psf. Rockrose is more comfortable handling rentals anyway. And The View is sitting right smack dab in the middle of Rockrose's East Coast complex, so the transition would not be too difficult. You have to wonder why they tried to make The View a condo in the first place. Maybe they were trying to jump onto the condo bandwagon and get a quick cashout. If so, they have clearly missed badly. No worries for Rockrose though. They have plenty of cash flow through their other rental buildings to survive through the recession.

Some of these comments are silly. I can find a crappy apartment in Manhattan at $800psf or I can find a brand new building -- full service in LIC for 700 - 800. A comprable new building on second avenue in the 50s would be 1,300 - 1,500psf, easily. Let's compare apples to apples people.

Second, I would live in LIC over FiDi in a second - and yes, I realize that it's my opinion but others share it as well.

I'm not trying to be one of those people that hypes things up just for the sake of it. And, I'll be the first to admit that if Manhattan averages fall to 550psf then yes, LIC will fall to $350 but they are connected to each other. It's the people that constantly make statements that are not comparing apples to apples that gets annoying.

haterhater, agreed with the rental comment. taht place will go rental way before it will hit under 800psf.

Has the View fallen any further? Have they closed on anything?

LIC down 3.3%...

http://curbed.com/archives/2008/10/23/queens_market_report_this_elevator_is_now_going_down.php#more