(post by Dee) Among the largest and most recognizable new condo developments in Queens’ Long Island City is 5SL, or 5th Street Lofts. Here are some facts and professional opinions about this Toll Brothers development.

The development consists of two buildings: 5-09 48th Avenue (main entrance / larger building), with 118 units, and 5-26 47th Road, with 22 units, in Long Island City, NY 11101. The concierge and gym are on 48th Avenue but both buildings have common roof-decks for use by all residents. See 5SL on the map:

Developer: Toll Brothers, the largest and most recognizable publicly held residential builder. Traditionally a builder of suburban homes, they are increasingly going into cities, with some most recent action in Murray Hill, including 303 East 33rd, “A Green Condominium” - more about that one in future post. The housing market woes hit their earnings but they are still finishing up 2 more condo building in Williamsburg.

Marketing Group (Listing broker): Halstead is a well-known NYC brand of luxury brokers. The sales team at 5SL, however, is terrible. Cold, fake and just not welcoming at all. We have reported about their stuck-up ways in previous post about luxury development brokers. The whole sales team is just dry. No wander they are having trouble selling the last few units for the longest time. On top of it, none of them is local and they don’t even seem to know the neighborhood well, or even public transportation to LIC. I do have to say, though, that this last comment can be said of most sales offices where brokers are not from the area.

Prices: Here is the main problem. 5SL units are OVERPRICED. Average per square foot price is $850-$920, while the rest of LIC’s new luxury condos sell for between $650-$800 per sq ft. An no, 5SL is not better than other buildings. Current prices: 50studios from $509,000 up to $900,000-plus for 2BRs, and a few 3BRs generally in the $1.1 million-plus range . Tax abatement helps (about $40 bucks / month for a studio), as does reasonable common charge ($440 for a studio).

Location: Located on 48th Ave and 5th Street, this condo is in a great spot of LIC, right across from a basketball park, 3 blocks to the train, and 1 block from the waterfront.

Amenities:
- Around-the-clock concierge service
- Fully-equipped fitness center
- Children’s playroom
- Landscaped rooftop terrace
- Garden and pètanque courtyard
- On-site parking
- 421-a tax abatement
- Refrigerated storage room in lobby
- On-site superintendent
- Bicycle storage

About the building and the units:

UNITS
- Open layouts with spacious closets
- Maple hardwood floors
- Over-sized windows
- Bosch® washer/dryer
- Some units have private outdoor spaces (terrace, roof cabana or yard)

BATHS
- 12×24 porcelain tile floor
- Limestone double sink vanitie
- Dark wood cabinetry
- Kohler® fixtures
- Over-sized shower

KITCHENS
- Allmilmö cabinetry with undermount lighting
- Alpine Snow countertops & glass tile backsplash
- Liebherr® refrigerator
- Bosch® range, microwave, oven & dishwasher
- Insinkerator® garbage disposal

5th Street Lofts is mostly sold, and 70% of units have closed. You can finally see the building come alive, with new people moving in every day, and around 40 units occupied between both buildings.

The Real Scoop: 5SL is called 5th Street Lofts…. that is mislabeled. These are NOT lofts. Ceilings are 10 ft or lower. The finish, while nice, is NOT loft-like, and the layouts are neither. If you want a real loft condo in LIC, go to Arris Lofts or the Powerhouse (not all units). I have spoken with a number of buyers there, all of whom purchased pre-construction and were disappointed when they saw the finished product. Nice apartments, but NOT lofts.

Would I recommend buying there? Well, if you like the location and don’t mind overpaying for the area, than why not. Not is you seek value or are looking for unique style or a loft-like place. Check out some more details about the land purchase for 5SL.

5SL Main Building

5SL Common Areas - nothing special

5th St Lofts Apartments (see their site)

This is no Aaris.