Brand new building|6 floors|42 units|Completed in 2024
Jerry Wang’s pertinent assessment
Building – Small to medium-sized development, modest layout, economical and practical.
Transportation – Located just north of Queensboro in Long Island City, it should be okay in the long run, with Astoria to the north and New York City’s largest social housing to the west, but still some distance away, and ongoing development to the east. Conveniently located and the surrounding restaurants still need to be enhanced, but to the south of Queensboro is a fast-growing area with buildings slightly away from traffic/subway noise.
Value – In the long run, there is no problem that new construction projects in Long Island City should maintain their value/appreciate steadily, but due to the large number of overseas people, the majority of people like to buy new homes, and the price of new buildings has pushed new highs in the past 10 years, the growth of second-hand housing prices has been slightly slow.
Miscellaneous – Personally, I still like the waterfront and courthouse squares in Long Island City, but the north side of Queensboro is okay in the long run, and the future development potential is OK, especially in areas that are as far away from the subway and bridge noise as possible, as well as social housing.
Suitable for – People who like brand new buildings, easy access and reasonable monthly costs.
Basic Information
Located in Long Island City, New York, Mason LIC is a newly built luxury low-rise condominium offering modern interior design and sophisticated amenities designed to enhance the quality of life for residents.
Brand new building in 2024
6 floors
42 households
Studios to 2 bedrooms
Single room rates: from $650,000
1 bedroom price: from 900,000 USD
2 bedroom price: from $1,215,000
facility
Landscaped courtyard
Fitness center
Residents’ lounge
Parcel mailroom
Bicycle storage
parking space
location
Mason LIC is conveniently located in Long Island City’s fast-growing Queens Plaza – Dutch Kills area, just minutes from Midtown Manhattan.
There are several restaurants, bars, cafes and shops nearby, and landmarks such as Murray Park, Jackson Avenue, Target, SculptureCenter, MoMA PS1 and Hunters Point are close to it. In addition, residents will have easy access to attractions such as Brooklyn Boulders and Queensbridge Park.
Floor plan and interior
Mason LIC ranges from studios to two-bedroom units, with 11-foot ceilings creating a sense of space and floor-to-ceiling windows that let in plenty of natural light.
Cell
Mason LIC’s studios (380-431 sq. ft.) are designed with space to create a sense of openness with a simple yet welcoming layout. Floor-to-ceiling windows let in natural light, an open plan seamlessly connects living and relaxation areas, and modern kitchens and exquisite bathrooms are suitable for urban dwellers who seek to live efficiently.
One-bedroom units
Ranging in size from 596 to 709 sq. ft., the Mason LIC one-bedroom units offer a more independent living space with a more defined living line. The master bedroom is designed to be comfortable and spacious, with a walk-in closet and a modern bathroom. The open-plan kitchen connects to the spacious living and dining areas, providing a relaxing atmosphere for both daily living and entertaining.
Two-bedroom units
Mason LIC’s two-bedroom units (872-1340 sq. ft.) are designed for residents looking for more space, with two separate bedrooms and two bathrooms, making them ideal for families, shared tenants, or high-end rental needs. The master bedroom has an en-suite bathroom and large wardrobes, while the second bedroom also has plenty of natural light and flexibility. The expansive living room seamlessly integrates with the modern kitchen, with views from the upper floors and exquisite building materials, providing residents with a luxurious and comfortable urban living experience.
Suitability for investment
Market trends and potential for added value
Long Island City has grown rapidly in recent years, with house prices and rents continuing to grow, with apartment prices rising by more than 40% over the past decade. Since it is just across the river from Manhattan, rents are 20-30% lower than in Manhattan, attracting many office workers who want to lower the cost of living. At present, the average rent of a one-bedroom unit in LIC is about US$4,000/month, and the average rent for a two-bedroom unit can reach US$6,000/month.
Mason LIC has the potential to increase in value as it does with a slightly lower price compared to other new projects in the area. One-bedroom units start at about $960,000 (about $1,350/sq ft), which is more competitive than Skyline Tower ($1,500/sq ft). As the market continues to grow, Mason LIC unit prices are expected to exceed $1,500 per square foot in the next 5 to 10 years.
Rental market and yield rate
Mason LIC has stable rental demand with an ROI of around 4.5-5%. For example, the purchase price of a one-bedroom unit is about US$960,000, the monthly rent is about US$4,000, the annual rental income is about US$48,000, and the annualized rate of return is about 4% after deducting property taxes and management fees. Long-term holding and enjoying the appreciation of house prices is the main investment strategy.
Suitable and unsuitable investors
It is suitable for investors who are willing to hold it for a long period of 5 to 10 years, or those who want to obtain stable rental income. Compared to other greenfield projects, Mason LIC is competitively priced and suitable for investors who want to enter the LIC market but have a limited budget. Not suitable for short-term speculators, as the market is volatile in the short term, and not suitable for investors who need a very high rate of return, as New York has relatively low rental returns but high potential for house price appreciation.
Investment Conclusion:
Mason LIC is suitable for long-term investment and has a stable rental demand. Its housing prices are more competitive than other new projects in the area, and the geographical location is superior, and the regional development potential is great. However, the market is volatile in the short term, and the increased supply of real estate in New York could affect the pace of rental growth. Overall, Mason LIC is a long-term investment that is suitable for investors looking for stable returns and asset appreciation.
conclusion
Located in the heart of Long Island City, New York, Mason LIC combines modern design, high-quality amenities and convenient transportation to provide city dwellers with a comfortable and efficient living option. The apartments offer a variety of layouts, from exquisite studios to spacious two-bedroom units, to suit different living needs.
Long Island City has grown rapidly in recent years, and housing prices and rents have continued to grow, and Mason LIC has become a target with long-term investment potential due to its competitive prices and stable rental demand compared to other new projects in the area. House prices are expected to rise steadily over the next few years, with rental yields of around 4.5-5%, making it suitable for investors who want to earn a stable income and hold their assets for the long term.
With its strategic location, strong market demand and regional growth potential, Mason LIC is not only an ideal place to live, but also a long-term investment option worth considering.
Listing Credit：Brian Chan with SERHANT. New Development
