Ground Up New Development | 11 floors | 58 units | Summer 2020
1 Bedroom Price: from $790,000
2-bedroom Price: from $1,170,000
3 Bedroom Price: $2,240,000
Long Island City CP Value Proposition
I believe many who have been around Long Island City may have seen the recently opened 5 Court Square, which is located next to the Court Square subway station, between Jackson Ave and Thomson. With the scheduled opening of Trader Joe’s and potentially Wholefood’s within 8 minutes walking distance, I believe this project is a very worthy investment option for 2019-2021.
As mentioned before, Long Island City is divided into two major areas.
One is the old town area with Vernon as the core, which has an older vibe and less new housing. The other is Court Square, with the Court as the core, which is the location of many offices, residences, supermarkets, etc. The surrounding environment is newer and the planning is more towards the urban vibe.
5 Court Square is located in the middle of the only green space in Court Square Station, which makes this project very unique. The houses facing north face the green space of the Citi office building, while the houses facing west face the woods in front of the courthouse. Anyone who has bought a home in New York City knows that if it’s in New York City, it will be built sooner or later, regardless of the front view. The exception to this rule is that if the house faces a historic site, a water feature, or the first row of a park, the view is essentially protected.
For more information about the Long Island City area, please click on the link
5 Court Square has 4 orientations, with the most valuable being the west side, where the lower floors have park views and the higher floors have an additional of city skyline view.
On the contrary, the houses facing east and south are relatively less desirable, both in terms of layout and future views. Because the southeast side of 5 Court Sq has already been confirmed to have at least a 10-story residential building, and there will definitely be new developments on the east side in the future, which will seriously affect the views of these two directions.
In other words, the most desirable houses in 5 Court Square are those facing west, then north, and finally south and east.
I think the design of the building is OK, the entrance is in Thomson, which is away from the traffic of people and cars on Jackson Ave. The tall double doors make this small project look more grand. Two elevators are sufficient to support only 60 households on the 12th floor, and a very positive decision was made by the developer to locate the amenities on the 11th floor, which is generally placed on lower floors and in the basement for maximum profit.
The basement and the rest of the first floor will be commercial, with the first floor being a bank and the basement uncertain. There is a possibility of a small medical office or gym, etc. The entrance to these businesses will be separate from the residences and will not affect the residences.
As I mentioned earlier, the only housing types that are worth investing in at 5 Court Square are on the west and north sides.
My personal favorite 2-bedroom apartment in 5 Court Square is the E apartment, which faces the courthouse and the park, while my favorite 1-bedroom apartment is the B apartment.
Both of them are relatively square and efficient, but of course both of them still have minor drawbacks.
Facing west towards the park view (high floor for city and park view)
Efficient and not wasteful
Units are smaller only 878 sq. ft. for a 2 bedroom
The interior of 5 Court Square is another area where the developer has put in efforts. Overall, the interior of 5 Court Square is relatively good, and the materials used are very solid compared to other homes in the same price range.
Bosch’s home appliances
Electric curtains that normally do not appear in new houses (most developers do not even include curtains)
Bosch inside the higher grade washer-dryer (most of them are Bosch lower-grade, easy to break)
Nest automatic air conditioning system + central air conditioning
Kitchen lighting (generally speaking, there will not be)
Living room and room lights (many new homes are done randomly)
As mentioned before, 5 Court Square’s amenities are on the 11th floor, which is a great bonus for residents.
Lounge (relaxation room/meeting room)
Rating and Conclusion
5 Court Square is my favorite developments in the area so far, and I think it is also one of the more carefully designed projects. This is a good project for both owner-occupiers and investors, especially in the next 1-3 years, the living area of Long Island City Court Square will undergo great changes, including the arrival of Trader Joe’s, Wholefood’s, as well as the renovation of Court Square Park. I believe that the prices and rents will continue to grow!