A new luxury rental building in prime Long Island City is poised to be the next great outpost for those fleeing Manhattan and Brooklyn for more bang for their buck – while located just a stone’s throw from Midtown.
The Crescent Club, a 17-story building on Crescent Street just steps from the Queensboro Bridge, is one of the many new buildings near the waterfront in Long Island City that have been popping up in recent years.
Like Williamsburg and DUMBO, Long Island City was an industrial hub of factories before developers saw potential in the waterfront neighborhood, especially given its proximity to Manhattan and the space to build.
Once home to factories like Chiclets Gum and Swingline Staplers, the neighborhood is now known for Silvercup Studios, which produced shows like Sex and the City, and online grocer Fresh Direct.
Most of the residents are young professionals and young families transitioning to the neighborhood from Manhattan, Brooklyn and other parts of Queens that were looking for easy access to transportation as well as condo-style amenities, according to local brokers, who say Long Island City’s finally getting its moment in the spotlight.
Sales prices for luxury condos in the neighborhood are averaging $750 per foot. Only two new sales buildings are scheduled to open in the coming year: The Bindery, a 20-unit new condo development that touches on industrial Long Island City’s book-binding past, and Five27, a new 27-unit condo.
According to real estate website StreetEasy, average rental price for a studio in Long Island City is $2,135 and a one bedroom is $2,600.
And there is a dearth of new rental accommodations in Long Island City right now, which is being reflected in the pace of leasing at The Crescent Club.
Since leasing started last June, the building is now 80 percent full, with 102 out of 130 units filled.
“It speaks to the strength of the entire rental market and this product in particular has been incredibly well received,” said Jackie Urgo, president of the Marketing Directors, the building’s exclusive marketing and leasing agent.
Access to public transportation is a big selling point — commuting to Midtown can take less than 10 minutes, with the 7, N and Q subway lines a block away at Queensboro Plaza, the E, M and R lines five blocks away at Queens Plaza, and about a mile from the LIRR at Hunterspoint Avenue.
And the city is opening two new schools, a P.S. and a high school, in the neighborhood come September.
Originally built to be condos, The Crescent Club stalled when the developer ran out of money. When Meadow Partners and Simon Development took over, the building was already 90 percent complete.
The partners finished construction and an amenities package that includes an outdoor pool with barbecue grills, lounge seating and outdoor showers and onsite parking.
There are several lounges in the building, including one top-floor lounge with billiards, lounge seating, rootop terraces and panoramic views of the East River and Manhattan.
The Crescent Club also offers residents a full-size gym, 24-hour doorman, storage units, bicycle storage, and cold and dry grocery storage.
All of the units include a washer and dryer, up to 10 ft. ceilings, Brazilian teak floors, and oversized windows.
Chef-inspired kitchens come with Caesarstone counters, Bianco ceramic tiled backsplash and wenge wood and back-painted glass cabinetry.
Master baths feature stone floors, vanity and showers, Grohe rain shower heads, and Zuma soaking tubs.
And the prices start at $2,100 a month for a studio. One bedrooms are $2,500, two bedrooms $3,400 and three bedrooms are $4,900.
“It really represents a viable alternative to rental high rises in Brooklyn and Manhattan,” said Urgo. “What have been so well-received are the condo-style interiors and world-class amenities not typically found in rentals.”