We just got off the phone with our neighbor Sean S. who is putting his 1 BR flat at 5SL up for sale. His 784 SF-spread features both East- and North exposures and is the only 1 BR apartment in the building that has a back yard (116 SF). For the last two years, Sean has worked in Seattle and rented his apartment out. Before that, his commute to his 5th avenue job in Manhattan was 18 minutes, “from locking the door at home to turning my computer on at work.”
Sean might return to the East coast but not to Long Island City. He is planning to use the proceeds from the sale to buy a fixer upper in Bedford Stuy, Bushwick, or an underdiscovered Queens neighborhood. “My passion is restoring older buildings and I want to take the earnings from this sale and buy something that needs work.”
Sean was the first person who closed on an apartment in 5SL in 2007. He bought his apartment for $486,000. He knew real estate agent Rachel Weiss and he knew that the building was about to come to the market. He trailed Rachel almost every day asking her whether the plans for going condo had been filed. As soon as he had access to the plans, Rachel told him that he should buy the only 1 BR apartment in the building that had a garden.
Sean -who is not using a broker and who can be reached at email@example.com- is now asking $760,000 for his 784 SF 1 BR/1 BA apartment with a 116 SF back yard (monthly real estate taxes are $62).
How did Sean arrive at his asking price? “It’s about scarcity and I looked at the comparables. There is no other 1 BR for sale at 5SL right now and 5SL is the best building in the neighborhood. The renovation of the former Zipper factory and the planned conversion to a boutique hotel with steak house and rooftop beer garden is fantastic! The 5SL experience was very pleasant. I love the staff, I love the neighbors. It’s a nice group of people. It is intimate and it never feels busy because the building is not a skyscraper.”
Here is the listing on Streeteasy:
5-09 48th Avenue #2N in Hunters Point
Spacious 1-Bedroom with 119 Sq ft Back Yard oasis. Open Kitchen/Dining/Living perfect for entertaining.High Quality finishes – Bosch W/D & Gas Stove/Range and Dishwasher, Liebherr Refrigerator, Kohler Bath Fixtures, Allmilmo cabinets. Caeserstone kitchen countertops and glass tile backsplash. Plenty of storage. 15 year 421-A tax abatement.
5SL is a 118-unit, full service condo built in 2007 by toll brothers, pet friendly, 24 hour concierge, fitness center, landscaped rooftop terrace and common gardens, childrens playroom, refrigerated storage in lobby
One stop from grand central on the 7 train (a block away)