The condos at The Monarch have officially hit the market with starting prices for one-bedrooms beginning at $790,000, and two-bedrooms starting at $1.1 million. Situated at the southeast corner of 5th Street and 47th Avenue in Long Island City, The Monarch will join in on the neighborhood's rapid transformation into one of the most sought-after areas to live in New York City. The six-story, 21,000 square foot building was developed by the experienced team of Paramount Realty Management, and its design was crafted by Newman Design Architecture (NDA). Sales are being handled by Modern Spaces and completion is pegged for later this summer.
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The building is conveniently situated only one block from LIC's Gantry State Park and its stunning waterfront, offering residents postcard views of the Manhattan skyline. Inside is a mix of one-, two- and three-bedroom layouts for sale, several of which are duplexes. All homes will be outfitted with wood flooring and nine-foot high ceilings. Kitchens feature Bosch appliances and boast oak wood cabinetry, Caesarstone countertops and subway tile backsplashes. Baths have stone countertops, deep soaking tubs and rain head showers.
Amenities include a children’s playroom, a resident’s gym, a virtual doorman, on-site parking and bike storage. Many homes will have open views overlooking a full-block ball-field, and there will be a communal second floor terrace for residents. Conveniences such as Duane Reade and Food Cellar are steps away. In addition, buyers will benefit from the 421a 15-year tax abatement program, under which homeowners are exempt from future property tax increases. Eric Benaim, CEO and founder of Modern Spaces, notes that “The Monarch is one of few developments built under 421a, giving buyers a considerable perk in the form of exceptionally low monthly taxes.”
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