Score
0Long Island City, NY
4630 Center Blvd UNIT PENTHOUSE 8
2.6M
2 beds
3 baths
1,495 sqft
2 bd • 3 ba • 1,495 sf
This analysis was generated on 1/24/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.
AI Property Analysis
0:000:00 / 0:00
List Price
$2,650,000
Price/Sq.Ft
$1,773
Year Built
2008
AI Property Analysis
A comprehensive evaluation of this property's features, market position, and investment potential.
The Good
This penthouse unit in Long Island City offers exceptional features that justify its premium price point:
1. Location: Situated in the heart of Long Island City, just moments from Midtown Manhattan. The Vernon/Jackson subway station nearby allows reaching Grand Central Terminal in under 10 minutes, offering unparalleled convenience.
2. Views: Breathtaking panoramic views of the East River and Manhattan skyline, visible through floor-to-ceiling windows. The southwest exposure ensures stunning sunsets and iconic views from the Freedom Tower to the Empire State Building.
3. Outdoor Space: A sprawling 30-foot private terrace spans the length of the apartment, plus an additional private south-facing balcony off the second bedroom. This is a rare and valuable feature in NYC real estate.
4. Layout: At 1,495 sq ft, this duplex penthouse is 22% larger than the average two-bedroom in the area (typically around 1,225 sq ft). The open-concept design and dual-level layout offer flexibility and privacy.
5. Luxury Finishes: High-end features include Viking appliances, onyx countertops, and a skylit staircase. The chef's kitchen and three full bathrooms add significant value.
6. Building Amenities: The View at EastCoast Condominiums offers full-service luxury living with a 24-hour doorman, concierge, on-site garage parking, and access to the EastCoast Club (featuring a fitness center, pool, spa, and more).
7. Investment Potential: Long Island City has seen rapid appreciation. This unit, priced at $1,772.58/sq ft, is positioned for potential growth as the area continues to develop.
8. New Construction: Built in 2008, this property is relatively new, minimizing immediate maintenance concerns typically associated with older NYC buildings.
The Bad
1. Price Point: At $2,650,000, this property is significantly above the median home value in Long Island City (approximately $1,100,000 as of 2023). This high price point limits the pool of potential buyers.
2. High Monthly Costs: While exact HOA fees aren't provided, luxury buildings in LIC typically have high monthly charges. Combined with property taxes (which are high in NYC), insurance ($9,540/year), and potential mortgage payments, the total monthly ownership costs could exceed $15,000.
3. Market Volatility: The Long Island City real estate market has experienced fluctuations, particularly after the cancelled Amazon HQ2 project. This high-end property may be more susceptible to market downturns.
4. Limited Bedrooms: With only 2 bedrooms, the unit may not meet the needs of larger families, potentially limiting its resale market.
5. Ongoing Development: Long Island City is still developing, which means potential construction noise, dust, and possibly obstructed views in the future.
6. Transportation Dependency: While close to public transit, the area is heavily reliant on the 7 train. Any service disruptions could significantly impact commutes.
7. School Options: The local public high school (Long Island City High School) has a relatively low rating (4/10), which could be a concern for families with older children.
8. Potential for Oversupply: With ongoing development in Long Island City, there's a risk of oversupply in the luxury condo market, which could impact future appreciation.
The Ugly
1. Extreme Flood Risk: The property has an EXTREME flood risk rating (10/10) and is located in FEMA Zone AE. This poses significant risks:
- Potential for severe water damage or property loss
- Mandatory flood insurance, which is likely to be extremely expensive and may increase over time
- Possible difficulty in reselling the property due to flood concerns
2. Wind Risk: The MAJOR wind risk (6/10) is concerning for a high-rise penthouse. This could lead to:
- Higher insurance premiums
- Potential damage during severe weather events
- Possible issues with the terrace and balcony during high winds
3. Heat Risk: The MAJOR heat risk (6/10) with 7 hot days per year and a 98th percentile temperature of 99°F could result in:
- Increased cooling costs
- Potential strain on the HVAC system
- Discomfort on the terrace during summer months
4. Air Quality Risk: The MODERATE air quality risk (4/10) with 5 bad air days per year could impact:
- Outdoor enjoyment on the terrace and balcony
- Potential health concerns for sensitive individuals
5. Potential for Rapid Depreciation: High-end properties in developing areas can sometimes experience rapid depreciation if market conditions change. The high price point makes this property particularly vulnerable.
6. Limited Resale Market: The combination of high price, specific layout, and environmental risks significantly narrows the potential buyer pool for future resale.
7. Insurance Costs: With critical insurance needs for both flood and wind risks, the already high insurance costs ($9,540/year) are likely to increase substantially, potentially by 50-100% or more.
8. Long-term Viability Concerns: Given the extreme flood risk and changing climate conditions, there may be long-term concerns about the viability and insurability of properties in this area, which could impact future value and livability.
Who is this property for?
These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.
Best For
This property is best suited for:
1. High-Net-Worth Individuals: With a price tag of $2,650,000 and high monthly costs, this property is ideal for buyers with a household income of $500,000+ annually.
2. Manhattan Professionals: The quick commute to Midtown (under 10 minutes to Grand Central) makes this perfect for executives or professionals working in Manhattan who desire a luxury retreat away from the city center.
3. View Enthusiasts: Those who place a premium on panoramic city and river views will find the floor-to-ceiling windows and expansive terrace highly appealing.
4. Entertainment-Focused Buyers: The open layout, chef's kitchen, and large terrace make this ideal for those who love to host and entertain guests.
5. Amenity Seekers: Buyers who value full-service luxury living with access to high-end amenities like a fitness center, pool, and spa will appreciate the EastCoast Club.
6. Urban Lifestyle Enthusiasts: Those who enjoy the balance of a dynamic, developing neighborhood with easy access to Manhattan's offerings will find Long Island City's location ideal.
7. Real Estate Investors: Despite the risks, investors looking for high-end properties in developing areas with potential for appreciation might find this attractive, especially if they have a long-term outlook.
8. Empty Nesters or Couples: The two-bedroom layout is well-suited for those downsizing from larger homes but still wanting space and luxury.
Not For
This property is not suitable for:
1. Budget-Conscious Buyers: With a $2.65 million price tag and high monthly costs, this is not for those seeking affordable housing in NYC.
2. Large Families: The two-bedroom layout may be too small for families with multiple children or those needing more than two bedrooms.
3. Risk-Averse Investors: The extreme flood risk and other environmental concerns make this property unsuitable for conservative investors or those seeking a safe, long-term investment.
4. First-Time Homebuyers: The complexity of the purchase, high costs, and potential risks make this unsuitable for most first-time buyers.
5. Those Sensitive to Environmental Issues: Individuals with respiratory issues or sensitivities may struggle with the moderate air quality risk and urban environment.
6. Buyers Seeking Quiet or Stability: Long Island City's ongoing development and urban setting may not suit those looking for a quiet, settled neighborhood.
7. Car-Dependent Individuals: While parking is available, the urban setting and limited parking options in the area may frustrate those heavily reliant on personal vehicles.
8. Those Needing Immediate Equity: The high price point and potential for market fluctuations make this unsuitable for buyers needing to build equity quickly.
9. Buyers with School-Age Children: The lower-rated local high school may be a concern for families with older children prioritizing education.
10. Those Seeking Historic Charm: Buyers looking for pre-war details or historic architecture will not find it in this modern, luxury condo.
Demographics
Area Median Income
$160,898
Property History
Price History
Ownership Timeline
$1,206,000Cash Purchase
Sep 18, 2015Dong Sook Lee, Hyun Woo LeeVivian Wang, Jeremy Woo
Deed
Standard Sale (Purchase/Resales)
$655,000Financed
Oct 7, 2009East Coast 5 LlcDong Sook Lee, Hyun Woo Lee
Deed
Standard Sale (Purchase/Resales)
Sunlight Analysis
Visualize how sunlight affects this property throughout the day and year.
Sunlight Analysis
Data provided by Shadowmap
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Schools
Nearby school quality by education level
Elementary
8.0/10
ExcellentMiddle
4.0/10
AverageHigh
4.0/10
AverageFinancials
Monthly Costs
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Location & Comparables
Subject Property
Comparable Sales
Subject Property
Price
$2,650,000
Price/sqft
$1,773
Layout
2 bd•3 ba
Days on market
3 daysat time of analysis
Stats in the Area
Based on 6 comparable properties nearby
Average Price
$2,917,500
9.2%
Your price is 9.2% below average
Median Price
$3,275,000
19.1%
Based on 6 recent sales
Price per Sq.Ft
$1,886
6.0%
Your price is 6.0% below average $/sqft
Comparable Properties
| Address | Price | Sq.Ft | Beds | Baths | $/Sq.Ft | Sale Date |
|---|---|---|---|---|---|---|
| 29 HURON Street #6CW, NewYorkCity, NY 11222 | $3,325,000 | 1,566 | 3 | 3 | $2,12319.8% | 12/3/2024 |
| 240 51st Avenue #1A, Long Island City, NY 11101 | $1,605,000 | 1,367 | 2 | 3 | $1,17433.8% | 12/5/2024 |
| 29 HURON Street #11AW, NewYorkCity, NY 11222 | $3,845,000 | 1,577 | 3 | 3 | $2,43837.5% | 10/31/2024 |
| 29 HURON Street #PHGE, NewYorkCity, NY 11222 | $3,275,000 | 1,605 | 3 | 3 | $2,04015.1% | 10/30/2024 |
| 400 E 51ST Street #17B, NewYorkCity, NY 10022 | $2,180,000 | 1,504 | 2 | 3 | $1,44918.2% | 9/11/2024 |
| 29 HURON Street #5CW, NewYorkCity, NY 11222 | $3,275,000 | 1,566 | 3 | 3 | $2,09118.0% | 9/25/2024 |
29 HURON Street #6CW, NewYorkCity, NY 11222
Price: $3,325,000
Sq.Ft: 1,566
Beds/Baths: 3/3
$/Sq.Ft:
$2,12319.8%
Sale Date: 12/3/2024
240 51st Avenue #1A, Long Island City, NY 11101
Price: $1,605,000
Sq.Ft: 1,367
Beds/Baths: 2/3
$/Sq.Ft:
$1,17433.8%
Sale Date: 12/5/2024
29 HURON Street #11AW, NewYorkCity, NY 11222
Price: $3,845,000
Sq.Ft: 1,577
Beds/Baths: 3/3
$/Sq.Ft:
$2,43837.5%
Sale Date: 10/31/2024
29 HURON Street #PHGE, NewYorkCity, NY 11222
Price: $3,275,000
Sq.Ft: 1,605
Beds/Baths: 3/3
$/Sq.Ft:
$2,04015.1%
Sale Date: 10/30/2024
400 E 51ST Street #17B, NewYorkCity, NY 10022
Price: $2,180,000
Sq.Ft: 1,504
Beds/Baths: 2/3
$/Sq.Ft:
$1,44918.2%
Sale Date: 9/11/2024
29 HURON Street #5CW, NewYorkCity, NY 11222
Price: $3,275,000
Sq.Ft: 1,566
Beds/Baths: 3/3
$/Sq.Ft:
$2,09118.0%
Sale Date: 9/25/2024
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