The Market

In Long Island City, a penthouse for the buyer on a (relative) budget

By Jennifer Laing | September 24, 2014 - 2:59PM 

The term “penthouse” is bandied about rather freely these days to describe almost any apartment on a high floor. (The most recent offender is 388 Bridge Street, a hybrid rental-condo tower in Downtown Brooklyn that's got 40 penthouses, as DNAinfo reports.) But the technical definition is actually something along the lines of a structure on the roof of a building that’s set back from the outer walls to create a private and secluded outdoor space. So even though this Long Island City two-bedroom, two-bath with a terrace is asking $1.5 million (not exactly a record-breaking price tag), it qualifies. Consider it the penthouse for the non-oligarchs among us.

The kitchen has Caeserstone countertops and a SubZero fridge

One of three penthouses in the building, this one is on the small side—just 1,195 square feet—but has other compensating perks, like floor-to-ceiling windows and walk-in closets. The bathrooms have heated marble floors and Jacuzzi tubs, while the open kitchen has been kitted out with a walk-in pantry, wine cooler and a bunch of brand-name appliances, which presumably would make entertaining a breeze. There’s a washer and dryer, to boot.

The terrace is narrow and long, but the gas grill is a plus

But the real draw here is the 255-square-foot terrace, complete with a gas grill, with views out over Long Island City and Manhattan. 

The floorplan shows few closets but lots of open space

Known as the Casa Vizcaya, the building at 10-40 46th Road was finished in 2009, and has a virtual doorman, a live-in super, indoor parking and storage, a gym and a landscaped courtyard.

Still, the price of the apartment is up considerably from its initial sale price of $864,494—when it was brand new, but also in the depths of the housing crash—and also higher than similarly-sized condos in the area. According to StreetEasy, the sale price averaged $989,841 in the last 90 days. A 421A tax abatement expires in 2024.

Related:

When is a "penthouse" not a penthouse?

Living in Long Island City, the Manhattan suburb with the 3-minute commute

How high is too high for a roof deck?

Would you rather have a terrace or a backyard?

Terrace test: make sure yours is safe

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