NOVA: Flatiron-shaped condo presents a smart investment opportunity for buyers with LIC homes from $645K

(l-r) Rendering of NOVA and photo from topping out ceremony via Denice Flores Almendares; NOVA interior rendering via Modern SpacesIn spite of the pandemic, Long Island City continues to pump out new projects faster than pretty much any neighborhood in the country. According to a study by RentCafe, LIC's Hunters Point district ranks third in terms of number of apartments under construction. Now with its rental market getting plenty of new supply, especially with leasing set to begin on Durst's 763-unit rental Sven, a handful of builders have turned their attention towards building condos.

One of the largest sales prospects in Long Island City is NOVA, a 24-story condominium located across the street from Sven at 41-05 29th Street. Construction topped out in December 2021 with executives from developer SB Development Group (SBD1Oak) in attendance. Guests also included representatives from Modern Spaces, the firm that will ultimately be marketing the 86 units inside.

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The 280-foot-high tower usurps a humble two-story building that once held Dena’s Coffee Shop. According to The Real Deal, SBD1Oak picked up the land plus air-rights assemblage in late November 2017 for $15.5 million. It is located on a triangular-shaped lot, and architect Fogarty Finger rose to the challenge with a Flatiron-inspired design featuring a white terra cotta facade and curved prow. Other recent condos that have taken advantage of skewed/triangular lots include the SoHo’s 10 Sullivan Street, designed by Cary Tamarkin, and One Clinton, designed by Marvel Architects. Nova 41-05 29th Street LIC

Building filings note that the ground floor will have retail spaceSales are underway with current availabilities starting at $645K, $861K for one-bedrooms, and $1.15 million for two-bedrooms. These are approachable for any part of New York City and bargains compared to Long Island City median condo prices, ranging from $701,280 for studios to $1,430,000 for two-bedrooms (per CityRealty listings). The Real Deal notes, “Most of Long Island City’s limited condo supply is concentrated along the waterfront, while apartments near Queensboro Plaza tend to lean toward rental.” Recent condo developments in the area include Hero LIC and One LIC. Per our listings, there are 133 apartments for sale in the neighborhood, the vast majority of which are located in the new-construction condos of recent years. one last thing: When we first did this in January 2022, we cited Hero LIC and One LIC as recent developments in the area. Should these stay, or are there others you would like to include instead? 41-05-29th-Street-02

Living room rendering via Modern Spaces 41-05-29th-Street

Bumblebee-furnished apartmentThere are no more than five units per floor, and high-floor, west-facing units will enjoy views of the East River and the Manhattan skyline. All apartments will feature large windows, open-plan layouts, open-concept kitchens with top-of-the-line stainless steel appliances, baths with glass showers and stone sinks, and video intercoms. One of the two penthouses will include a private terrace.

Additionally, select units will feature Bumblebee Spaces’ robotic furniture system, which allows users to move their bed, desk, and wardrobe out of the way with a single tap or voice command. A sophisticated robotic system and a ceiling-mounted grid lift furniture out of the way when not in use, allowing users to configure small spaces for any number of uses, and room-sensing technology ensures that the area is clear before lowering the furniture. Bumblebee Spaces got its start in San Francisco and made its New York debut at The Smile in East Harlem.

Common LoungeChildren's playroom NOVA rooftop

Common roof deck

The tower's top floor will host a common roof deck that will grant occupants far-reaching views over Dutch Kills and Astoria. Other amenities will include concierge service, a package room, storage units, a library with terrace access, a children’s playroom, a bike room, a dog washing station, and a fitness center.

Permits call for retail uses on the ground floor, and the site is a stone's throw from the Queensboro Plaza's spaghetti of train lines (E, M, R, 7, N, Q) that offer unbeatable access to Midtown Manhattan. Across the street, behind Sven, Durst will build a new public park with a dog run, lawn, and children's playground. Furthermore, the site is a block away from Tishman Speyer’s sizeable office complex JACX and a burgeoning retail scene to better serve the neighborhood's thousands of new residents. The building uses its Instagram page to draw attention to local restaurants and attractions. 41-05 29thStreet

Google Earth aerial showing location of 41-05 29th Street (CityRealty)

Google Earth aerial showing location of project (CityRealty)

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