Goodbye Teens, Hello Twenties
It is remarkable that 20 years have passed since the first new development condominium came to market in Long Island City. With tens of thousands of new residents, LIC’s growing population density has increased demand for homeownership opportunities. It is more remarkable that even larger changes are ahead as new projects surpass the scale and sophistication of previous developments of the past two decades.
Highlights from the 2025 Year-End Long Island City Condominium Report.
Closed sales declined 21%, from 384 in 2024 to 305 in 2025, largely due to limited inventory; new construction is expected to replenish supply in 2026–2028.
Median price per square foot reached a record high of $1,501 in 2025.
The average price per square foot premium for new development units as compared to resale units was 16% in 2025 (New Dev $1,595 PSF v. Resale $1,377 PSF).
$2M+ sales surged from 16 closings in the 10-year period, 2006–2015, to 174 closings in 2016–2025, including 18 closings in 2025 alone.
Approximately 1/3 of closed units in 2025 were purchased by investors.
Average days on market and average listing discount were somewhat higher in 2025 as compared to 2024 which indicates that buyers have increased negotiation power.
43% of buyers closed on a cash basis without mortgage financing in 2025. By comparison, in 2022, only 19% of buyers paid in cash.
Skyline Tower is the most significant condominium offering in Long Island City in terms of building height (762 feet), total units (802) and dollar volume (> $1 billion).Therefore, we have included a special analysis on the resale market in Skyline Tower in this year's report.
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Thank you.
Patrick W. Smith
Licensed RE Broker
