More than 100 new condominiums have hit the market in Queens, New York, inside a building near the East River waterfront.
The Openaire is a 13-story tower with 143 condos that range from studios to two-bedroom units. Prices for the studios — which are around 500 square feet — start at $499,000, said Modern Spaces, the New York City firm listing the property. The one-bedroom units — between 600 and 850 square feet — start at $582,000, and the two-bedroom units — ranging from 850 to 1,000 square feet — are listed between $803,000 and $915,000.
Openaire arrives at a time when condo selling in New York City has been hot and the Big Apple has been in desperate need of more housing.
"We see the Openaire as a return to what city living should be — livable, light-filled homes with room to grow," Eric Benaim, Modern Spaces CEO, said in a statement. "You’re not sacrificing location, amenities or design to access value."
Most units come with a private outdoor space with views of the Manhattan skyline, Modern Spaces said. Other amenities include a rooftop terrace, a fitness center, co-working spaces and a private shuttle to New York City subway and ferry stations.
The Openaire is in Long Island City, a waterfront neighborhood on the western edge of Queens known for trendy restaurants and art galleries. Many New Yorkers live in Long Island City because it offers a short commute to Manhattan for work or school. Residents typically watch views of the East River from Gantry Plaza State Park or play sports on the courts at Murray Park.
JetBlue Airways and fashion brand Steve Madden are based in Long Island City, and other major companies and television production studios also have a presence in the community.
According to a second-quarter market report from Modern Spaces, the average price for a studio unit inside condo buildings in Long Island City was $688,768, while a one-bedroom unit was around $900,000 and a two-bedroom unit was $1.4 million.
The number of condo sales in Long Island City has grown so far this year, but prices have fallen, according to data from brokerage Douglas Elliman Real Estate. The number of closed sales fell from 81 in the second quarter of 2024 to 61 in the second quarter this year, while the median sales price dropped from $1.04 million to $908,000 during the same period, Elliman data shows. The median sales price for condos across all of Queens grew to $650,000 in the second quarter, according to the research.
Prices are rising throughout Queens in part because the borough has seen dozens of new condo buildings opening within the last year.
