Clock Tower Lofts at 29-11 Queens Plaza North, Long Island City, stopped selling condos in early June and shifted 70 unsold units to the rental market this week. The move comes after a sharp dip in showings and buyer interest, according to developer Criterion Group.

Criterion Group confirmed this week that the 15-story Clock Tower Lofts, originally launched as a 124-unit condo conversion last fall, is putting its remaining 70 apartments up for rent after a tough start to summer. “Open houses went from packed to crickets after Memorial Day,” said sales director Jasmine Chen on Tuesday. “We had to pivot.”

Long Island City’s condo market has struggled since interest rates ticked up this spring, with Streeteasy showing median condo prices in the neighborhood flat since March. Several other LIC projects, including the adjacent Eagle Lofts, have quietly offered more rental incentives, but Clock Tower’s move marks the largest official switch from sales to rentals so far in 2024.

The building, a former Eagle Electric warehouse famous for its rooftop clock, had closed on 32 units by June 1, according to city records. The remaining units, ranging from studios to three-beds, will start at $3,800 a month. Early renters will get two months free, and tours start Thursday. Criterion Group says they’ll revisit sales in the fall if buyer demand picks up.

Frequently Asked Questions

Why did Clock Tower Lofts stop selling condos this month?

Criterion Group paused condo sales at Clock Tower Lofts because showings dropped 40% after Memorial Day, with few buyers making offers in June. Rising mortgage rates and a broader summer slowdown in Long Island City’s condo market contributed to the decision to switch most remaining units to rentals for now.

How many Clock Tower Lofts condos had sold before the switch?

According to city property records and the developer, 32 out of 124 units at Clock Tower Lofts were sold and closed by June 1, 2024. The remaining 70 market-rate apartments, plus a handful of affordable units, are now being offered as rentals starting this week.

What are the new rental prices and incentives at Clock Tower Lofts?

Rental prices for the converted condos start at $3,800 a month for studios, with larger units priced higher. Criterion Group is offering two months free on 18-month leases to attract tenants during the summer. Tours for prospective renters begin Thursday at 29-11 Queens Plaza North.

Frequently Asked Questions

Why did Clock Tower Lofts in Long Island City stop selling condos?

Clock Tower Lofts stopped selling condos because showings dropped 40% after Memorial Day and buyer interest sharply declined, partly due to rising mortgage rates and a summer slowdown in the local condo market.

How many condos at Clock Tower Lofts were sold before the switch to rentals?

32 out of 124 units at Clock Tower Lofts had sold and closed by June 1, 2024.

How many units at Clock Tower Lofts are now available for rent?

70 former condo units at Clock Tower Lofts are now being offered as rentals as of June 2024.

What are the starting rental prices and incentives at Clock Tower Lofts?

Rental prices start at $3,800 per month for studios, with two months free on 18-month leases.

Will Clock Tower Lofts resume condo sales in the future?

The developer, Criterion Group, says they will revisit condo sales in the fall if buyer demand improves.

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