Queens Gets Its First Billion-Dollar Condo Tower, With 802 Units

(Bloomberg) -- Who says billion-dollar condo towers are just for Manhattan? Now Queens is getting one.

Skyline Tower, a 67-story project rising in Long Island City, got approval last week from the state attorney general’s office to begin sales. Its marketing plan estimates the sellout price of all its units to be $1.008 billion, a first for the borough, said Eric Benaim, chief executive officer of Modern Spaces, the brokerage marketing the tower.

Queens Gets Its First Billion-Dollar Condo Tower, With 802 Units

Condos at the project, located at 23-15 44th Drive, aren’t running in the tens of millions of dollars, however. The reason for the high sellout figure is the building’s size: It will have 802 apartments.

Units start at just over $600,000 for a third-floor studio and go up to $3.04 million for a two-bedroom on the top floor of the project, which will be higher than the nearby Citigroup Building. The larger penthouses on the upper stories haven’t been priced yet, so the sellout estimate will rise after they are, Benaim said.

“It’s like Queens has finally made its mark in real estate,” he said.

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