As buildings go up all around Long Island City, so does the cost to live there.
A new report from real estate company Modern Spaces shows condo prices are on the rise in Long Island City.
This leaves buyers looking elsewhere, like Astoria, where one-bedroom condos are about $116,000, less than the average price for a similar unit in LIC.
Experts say prices in Astoria will likely also go up as demand increases.
"It's obviously a good thing right now what's going on in Queens in general. Right now there are a lot of rental product out there but not as much supply for purchase product. So because of that, it's driving prices up. Long Island City is a good example of that. And because the prices in LIC are up, prices in other neighborhoods are going up as well," said Eric Benaim, C.E.O. and President, Modern Spaces.
Benaim says the best time to get a deal if you plan to rent or buy is in the fall.