The Reel

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A blog for breaking sales and neighborhood real estate news.

As I’ve pointed out in previous posts, I like to show the drastic difference in property values throughout NYC. Sometimes these variations can happen only a few blocks apart. Without question, 10-15 miles in any direction makes an enormous difference. I doubt you would ever see this drastic of an effect in any otherUScity.

In the case of Long Island City (LIC), land values are only about 6% of what a prime downtownManhattan development site sells for. These neighborhoods are only 12 miles apart or a 23 minute drive (in little or no traffic, which I question why Mapquest even bothers citing).  

Our office recently sold a vacant lot at29-37 41st Avenue, located on the northeast corner of41st AvenueandQueensPlazain LIC. It sold for $8,300,000 or about $40/BSF.

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