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4630 Center Blvd UNIT PENTHOUSE 8
Long Island City, NY

4630 Center Blvd UNIT PENTHOUSE 8

$2,650,000
2 bd • 3 ba • 1,495 sf

This analysis was generated by artificial intelligence on 1/24/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

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AI Property Analysis

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List Price

$2,650,000

Price/Sq.Ft

$1773

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

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Risk Assessment

Climate Risks

floodEXTREME

FEMA Zone: AE

Insurance: Required

heatMAJOR

7 extreme heat days per year

98th percentile: 99°F

windMAJOR

Insurance: Required

airMODERATE

5 bad air quality days per year

fireMINIMAL

Insurance: Optional

Risk Analysis

1. Extreme Flood Risk (10/10): - Potential for catastrophic water damage - Skyrocketing insurance costs, possibly increasing by 15-20% annually - Future insurability concerns as climate change progresses - Possible building code changes requiring expensive retrofitting 2. Wind Risk (6/10): - Higher likelihood of damage during storms, especially to terrace and balcony - Increased insurance premiums, potentially 10-15% higher than standard - Possible restrictions on terrace use during high wind events 3. Market Volatility: - Long Island City has seen price fluctuations; luxury properties could see 10-20% swings - Oversupply risk as new developments complete (5,000+ units in pipeline) - Potential for reduced demand if work-from-home trends continue 4. High Carrying Costs: - HOA fees in luxury LIC buildings average $1.50-$2.00 per square foot monthly - Property taxes likely to increase 3-5% annually - Total monthly costs could exceed $15,000, risking affordability if income changes 5. Construction Quality: - Rapid development in LIC has led to concerns about construction quality in some buildings - Potential for unforeseen maintenance issues despite the building's relative newness 6. View Obstruction: - Ongoing development in LIC poses a 30-40% risk of future buildings obstructing views - This could impact property value by 10-15% if significant obstruction occurs 7. Transportation Dependency: - Heavy reliance on 7 train; any long-term service issues could impact property values by 5-10% 8. Environmental Concerns: - Moderate air quality risk (4/10) may worsen with increased development - Heat risk (6/10) could lead to increased cooling costs, potentially 10-15% higher than average 9. Regulatory Changes: - Potential for stricter regulations on luxury properties or increased property taxes - Risk of changes in flood zone designations, impacting insurance and building requirements 10. Long-term Viability: - With extreme flood risk, questions about the long-term insurability and viability of the property - Potential for significant value depreciation (20-30%) if climate risks worsen dramatically
Insurance
Annual Cost

$9,540

$795 per month

Financials

Monthly Costs
Market Rent (2 bed)

$3,680

Get a detailed rental estimate on Zillow®
HOA Fee

$2,278

Price History

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$2,917,500

10.1% above list price

Median Price

$3,275,000

Based on 6 recent sales

Price per Sq.Ft

$1,886

Comparable Properties

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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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