Long Island City’s Skyline Tower has hit the 95% sold mark as of this week, with just 38 condos left out of 802. The milestone comes as Queens’ new development pipeline trails demand, especially in the Court Square corridor.

Skyline Tower’s near sellout keeps Long Island City at the center of Queens’ ongoing condo boom. Modern Spaces CEO Eric Benaim, whose firm is handling sales, told NYC Pulse on Wednesday, “We’ve averaged 25 closings a month since March. The buyer pool—especially first-timers and tech professionals—is relentless.”

The 67-story building at 3 Court Square began closings in 2020 and now claims the title of Queens’ tallest residential tower. Units have ranged from $650,000 studios to $3.2 million three-beds, with this spring’s contracts mostly over $1.1 million, Benaim says. Recent buyers include young couples upgrading from Astoria rentals and two international buyers from Seoul and Mumbai, according to property records.

Queens’ new development supply is struggling to keep up with demand, with active condo listings across the borough down 22% from last summer. LIC, once flooded with new inventory post-2018, now has fewer than 160 available units, according to StreetEasy’s May data. Real estate broker Yana Volfson, who just sold a two-bedroom at Skyline to a Google engineer, says the project’s “commute-to-Midtown in ten minutes” pitch is a consistent driver even with hybrid work schedules.

Rising mortgage rates and a softening rental market haven’t dimmed the pace at Skyline Tower, which hit contract highs in April. The last sponsor units—mostly higher-floor one-beds and two-beds—are expected to close by September, per Modern Spaces. The building’s retail tenants, including Blank Street Coffee and Bonmi, have also reported a jump in foot traffic since March.

Frequently Asked Questions

How many units are left for sale at Skyline Tower?

As of June 2024, only 38 out of 802 total condos in Skyline Tower remain available. The remaining units are primarily one- and two-bedroom layouts on the higher floors, with prices starting around $1.1 million. Modern Spaces expects these to sell out by September.

Is demand for condos in Long Island City and Queens still strong?

Yes, demand remains high. Condo inventory in Long Island City is at its lowest level since 2019, and borough-wide listings are down more than 20% year-over-year. The market is especially active among first-time buyers and professionals seeking proximity to Manhattan.

Who is buying at Skyline Tower?

According to sales agents and property records, buyers include young professionals, tech workers from firms like Google and Citibank, couples upgrading from neighborhoods like Astoria, and a number of international buyers from Asia and Europe.

Frequently Asked Questions

How many units are left for sale at Skyline Tower in Long Island City?

As of June 2024, only 38 out of 802 condos remain available at Skyline Tower, mostly higher-floor one- and two-bedroom units.

What is the starting price for the remaining condos at Skyline Tower?

The remaining sponsor units at Skyline Tower start at around $1.1 million.

When is Skyline Tower expected to sell out completely?

Modern Spaces expects the remaining units at Skyline Tower to sell out by September 2024.

How low is condo inventory in Long Island City and Queens right now?

LIC condo inventory is at its lowest since 2019, with fewer than 160 available units borough-wide and listings down 22% from last summer.

Who is buying condos at Skyline Tower?

Buyers include young professionals, tech workers from companies like Google and Citibank, couples upgrading from Astoria, and international buyers from Asia and Europe.

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