Modern Space’s Announces Skyline Tower Reaches 90% Sold, Achieves Another Price Per Square Foot Record for Queens

[New York, NY— [July 2024] — Skyline Tower, the tallest luxury condominium development in Long Island City, has announced that 90% of its units have been sold and/or in contract, marking a significant milestone in the project's success. Additionally, Skyline Tower has set a new record in Queens for price per square foot with the recent sale of Penthouse 102 at $2,434 price per square foot, surpassing the previous record of $2,304, set by the firm in 2023. 

Eric Benaim, CEO of Modern Spaces, attributes the sales achievement to several key factors: "Skyline’s location, as tallest condominium building in Queens with exceptional, one-of-a-kind views, and the extraordinary finishes and amenities package, have been huge driving factors." Additionally, Benaim cites Skyline Tower's success as, “Driven by the vibrant and evolving neighborhood of Court Square, abundant transportation options including buses, ferries, and four subway lines, strong support from the brokerage community, and a market need for luxury condos amidst predominantly rental properties." 

The sales process was not without its challenges. Benaim noted that COVID-19 initially slowed progress, delaying the project by approximately a year. However, the pandemic also presented unique opportunities. As buyers sought to leave Manhattan during the pandemic, Skyline Tower met their needs with its proximity to the city. Post-pandemic, the desire to return to urban life further fueled Skyline’s sales success. 

Eric Benaim explained that the project's unique appeal drove demand: "People view this project as something truly special, like a Birkin bag that they must own." Skyline Tower's extensive amenities have been a major draw for buyers with the popularity of the pool and club room a particular draw for buyers, along with the comprehensive range of amenities, including valet parking, a fitness center, a spa, a large pool, and a lounge. These offerings, along with the highest views in the area, set Skyline Tower apart from other developments. 

The current real estate market trends, characterized by a shortage of housing and high rental prices, have made Skyline Tower an attractive purchase and investment opportunity. An additional driver of interest is the thriving retail component in Long Island City, with major stores like Target and Trader Joe's, and numerous restaurants enhancing the neighborhood's appeal. 

Since the start of construction, the Long Island City neighborhood has transformed significantly. The arrival of major retail stores and a diverse range of dining options has made the area a sought-after destination with Skyline Tower has playing a pivotal role in this transformation. 

Skyline Tower's recent sale of Penthouse 102 at $2,434 price per square foot has set a new benchmark for the borough, and Modern Spaces anticipates continued success as the project moves towards full occupancy and project sell out.