(post by Dee) I recently went back to 5SL condo for a listing (yes, we got it). Although I have seen model apartments on both sides of the building (there are two entrances), and several finished occupied units at 5-26 47th Road (the smaller, 20-plus unit building), I have not had an opportunity to review and evaluate a prime 2-BR / 2-Bath unit on a higher floor till August 2008. I took some pictures for you to review (below) and here are some new thoughts on 5^th Street Lofts by Toll Brothers in LIC.

Pros:

1. Location is great: One block from the waterfront and Gantry Park Plaza, the piers, etc.

• Half a block from the new Duane Reade store and Food Cellar & Co Market
• Half a block from Vernon Blvd where most of LIC’s retail is, with Communitea coffee shop, Bella Villa pizza restaurant, and a bunch of local food joints and bodegas right nearby
• 2.5 Blocks from the #7 train Vernon Blvd subway station (one stop to Grand Central)
• Across the street from the basketball and handball courts, and an area for kids to play
• Very close to two options for parking, if you don’t buy a spot at 5SL’s own garage: at the City Lights or at the Avalon
• Across the street from Farmer’s Market (Saturdays), now in it’s 3^rd year since 2005
• Across the street from the best elementary schools, P.S. 78 at 48-09 Center Blvd

2. Brand names: builder in Toll Brothers and managed by Pennmark

3. The building itself: Nice, large windows give light. Common roof deck and computerized concierge service (see what kind of packages you have waiting for you on a computer screen up front), as well as a live person. Nice high-end finish (really cool fridge).

Cons:

1. Overpriced as compared to most everyone around. Per sq foot prices are higher. Absolute prices are higher. You can get better value at Hunters Point Condos, real loft feel and more interesting  place at the Powerhouse, nicer finishes at the Foundry, and the list goes on.

2. Not-that-impressive entrances (at all) - lobby at 48^th Avenue (low ceilings, no light, just plain) is blah. Entrance on 47^th Ave is even worse, with no doorman.

3. The building itself: Ceilings should be higher to call it a “loft”. Hallways are rather narrow. What’s up with the huge ac/heat units right next to the elevators? The gym is just OK. The finish is, well, high-end and very nice… But it won’t blow you away.

Bottom line…. If you purchased 2 years ago and got a great unit for a great price, good for you. You will enjoy living there no matter what, but the value is not there any more at today’s prices.

If you can get a good price today, go for it. Just don’t overpay in this market. Hire a realtor who is knowledgeable about LIC and can help you shop around. Get a unit from someone who has to move or negotiate a deal with Halstead… oh, that’s right. They don’t negotiate and have been sitting on the last set of units for a very long time.

Few more pictures of an 1100-plus sq ft 2BR @ 5SL: