Closures Begin at Queens Condo Skyline Tower
The tallest building in Queens, Overview, is on the way to potentially breaking a record.
About 41% of Long Island City’s 801 condominium units are under contract, according to Modern Spaces, which has been managing the building’s marketing and sales since 2018. The first round of closures began last month.
The 67-story tower is targeting a sale of $ 1.09 billion, according to documents filed with the attorney general’s office. It is the first condo in the borough to attempt a billion dollar sale.
Selling units in the building is a daunting task in itself, given the glut of unsold condos in Long Island City. Last summer, nearly 60% of units built since 2018 were would have languishing in the market.
Eric Benaim, CEO of Modern Spaces, said the brokerage incentives for buyers and their agents change every month to compensate for the tough market. These incentives ranged from $ 5,000 in gift cards for agents bringing in buyers to covering closing costs by developer Chris Jiashu Xu.
Xu developed the tower alongside Risland US Holdings and FSA Capital, and funded the project with a $ 502 million construction loan from a consortium of lenders led by JPMorgan Chase.
The prices of the building units range from $ 600,000 to just over $ 3 million. Nest Seekers International’s new development arm is also marketing units in the building, according to the project’s website.