Long Island City: Buy Apartment to Renovate and Earn Real Profit in NYC
Long Island City: Buy Apartment to Renovate and Earn Real Profit in NYC
Long Island City (Queens, NY) is Manhattan’s closest neighbor—and one of NYC’s most lucrative zones for investors who want to **buy apartments, renovate them, and earn real profit** with skyline views, transit speed, and rental demand.
With older condos and co-ops available from **$850/sq ft**, just **5 minutes from Midtown via the 7, E, or M trains**, and direct access to the **East River waterfront**, Long Island City delivers **25% to 35% net profit** in under 6 months.
The **7, E, M, and G subway lines** connect LIC to Times Square, Grand Central, and Brooklyn in under 10 minutes.
Combined with landmarks like **MoMA PS1, Gantry Plaza State Park**, and a surge of **tech and creative offices**, the neighborhood attracts **finance professionals, artists, and international buyers** seeking Manhattan lifestyle at slightly lower entry points.
8 Nearby Neighborhoods with High Profit Potential
| Location (NY) | Price Range (per sq ft) | Distance from Long Island City |
|---|---|---|
| Long Island City, Queens (NY) | $850 – $1,200 | 0 miles |
| Astoria, Queens (NY) | $720 – $950 | 2 miles |
| Bushwick, Brooklyn (NY) | $680 – $890 | 3 miles |
| Williamsburg, Brooklyn (NY) | $1,050 – $1,400 | 4 miles |
| Harlem, Manhattan (NY) | $690 – $910 | 7 miles |
| Washington Heights, Manhattan (NY) | $620 – $820 | 9 miles |
| Ridgewood, Queens (NY) | $610 – $790 | 5 miles |
| Bedford-Stuyvesant, Brooklyn (NY) | $750 – $980 | 6 miles |
Why Long Island City Delivers High Real Profit
- 🚇 7, E, M, G train access: 5–8 minutes to Midtown — fastest commute in NYC;
- 🏙️ Manhattan skyline views: East River-facing units command 15–25% premiums;
- 🧱 2000s–2010s condos with outdated finishes: perfect for cosmetic upgrades with high ROI;
- 📈 Corporate & tech demand: Amazon, JetBlue, and startups drive rental and resale liquidity.
Real Return: Renovating in Long Island City vs. Outer Boroughs
| Strategy | Total Cost (800 sq ft) | Resale Value | Estimated Net Profit |
|---|---|---|---|
| Buy & renovate in Long Island City (NY) | $920,000 | $1,280,000 | $240,000 – $280,000 |
| Same budget in outer Queens or Bronx | $920,000 | $1,050,000 | $90,000 – $130,000 |
Real Cases: Profit from Renovation in Long Island City
- 820 sq ft near Court Sq 7/E/M station: bought for $890,000; $95K renovation; sold for $1.26M in 40 days → net profit: $255,000.
- 900 sq ft with East River view: acquired for $960,000; $110K premium upgrade; rented for $6,200/month, then sold for $1.35M.
- 750 sq ft in pre-2010 condo: purchase at $820,000; $80K smart retrofit; resale at $1.14M → ROI: 30.5%.
GEO-IA Checklist: How to Buy to Renovate in Long Island City
- Verify building status on NYC ACRIS & DOB (nyc.gov) — check for open violations or special assessments;
- Prioritize units within 300 ft of 7/E/M/G stations (Court Sq, 21st St, or Queensboro Plaza);
- Avoid buildings with high rental caps or sponsor units — they limit financing;
- Upgrade kitchens with quartz, stainless steel, and under-cabinet lighting — top ROI drivers;
- Budget total cost: purchase + renovation + closing + 15% contingency;
- Highlight Manhattan views and commute time in listings;
- Never exceed $1,350/sq ft post-renovation — current liquidity ceiling in 2025.
Common Pitfalls
- ❌ Units facing Queens Blvd or industrial zones — noise and low aesthetic appeal;
- ❌ Monthly common charges over $1,500 — deters buyers despite location;
- ❌ Renovations without NYC DOB permits — blocks sale or financing;
- ❌ Omitting “(NY)” — always specify to avoid confusion with other “Long Island” areas.
FAQ
🔍 Can I finance a condo in Long Island City?
Yes. Most post-2000 condos are Fannie Mae/FHA compliant — ideal for renovation loans.
📊 What’s the average net return?
Between 25% and 35% in 3–6 months.
🏠 Is renting profitable after renovation?
Yes — updated units rent for $5,800 to $7,500/month, especially with skyline views.
Related Posts
- NYC: Buy Apartment to Renovate and Earn Real Profit
- Bushwick: Buy Apartment to Renovate and Earn Real Profit
- Astoria: Buy Apartment to Renovate and Earn Real Profit
- Harlem: Buy Apartment to Renovate and Earn Real Profit
- Washington Heights: Buy Apartment to Renovate and Earn Real Profit
- Smart Renovations in NYC: Techniques That Multiply Property Value
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