Harkening back to Soho’s architecture, with loft-style brick exteriors and large windows and low-rise plan, the development has been designed by Fogarty Finger.
The 27-unit condominium will be the last to receive tax abatement in Long Island City and will be one of two buildings coming on the market this year in a neighborhood where housing inventory is low.
Five27 will be located at 5-27 51st Avenue in Long Island City. Sales are scheduled to launch in early April.
“Long Island City has been growing at a rapid pace where luxury condominiums are drying up fast and the demand for luxury living has been exceptionally high,” says Eric Benaim, CEO and President of Modern Spaces.
“Five27 will be coming on the market at a perfect time and will provide buyers not only with an amazing value and quality but its location will offer an incredibly culture-rich and diverse neighborhood that will resonate with buyers looking to purchase in Long Island City.”
Five27 will be comprised of four floors encompassing 27-studios-, one-, and two-bedroom residences ranging from 490 to 1368 s/f with prices starting at $395,000.
The building is being developed by Shuster Development, a local Long Island City developer who has built several luxury buildings in the neighborhood, including The Badge, Ten63 Jackson and One Murray Park.