Commercial Real Estate Market in Long Island City, NY
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
1,314 active listings and 10,383 off-market properties in Long Island City, NY. Commercial property asks $749/SF to buy and $46.26/SF/Yr to lease.
Market Trends
Long Island City, NY spans 7.0 square miles in Queens County, New York. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Long Island City, NY runs 19.9% across the Northeast region in 2025, up from 13.1% in 2019.
Vacancy Rate % in Northeast region
Retail
Retail space in Long Island City, NY asks $396/SF to buy. Vacancy runs 6% across the Northeast region in 2025, little changed from 6% in 2019. Down from a 2020 peak of 7.1%.
Average Sale Price $/SF
Listings
Vacancy Rate % in Northeast region
Industrial
Industrial vacancy in Long Island City, NY runs 7.6% across the Northeast region in 2025, up from 5.4% in 2019. Nearly 2.4x the 2021 low of 3.2%.
Vacancy Rate % in Northeast region
Multifamily
Multifamily space in Long Island City, NY asks $498/SF to buy. Vacancy runs 5.6% across the Northeast region in 2025, up from 4% in 2022.
Average Sale Price $/SF
Listings
Vacancy Rate % in Northeast region
Market overview
Demographics & Economy
Long Island City, NY has 239,227 residents in 122,606 households. Density runs 34,401 people per square mile. Median household income here is $102,026 and median gross rent $2,292 a month.
239,227
Population
122,606
Households
2
Avg Household Size
36
Median Age
57%
College-Educated
91%
High-School Grad
7 sq mi
ZIP Area
34,401
Density / Sq Mi
$102,026
Median Household Income
$69,315
Median Earnings
$2,292
Median Rent
$861,410
Median Home Value
Tools
Lease vs Buy Breakeven
At $46.26/SF/Yr lease vs $749/SF buy → buying wins if held > 4.7 years.
At a 6.2% gross asking yield the payback reads short relative to leasing. Assumes 30% down at 6.5% fixed, 2% a year in taxes and upkeep, 3% appreciation, 5% opportunity cost, 2% closing plus 5% selling costs, and a 3% annual rent escalator.
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| New York | — | $55.33 |
| Hoboken | — | $66.39 |
| Weehawken | — | — |
| Guttenberg | — | — |
Commercial property in Long Island City, NY asks $749/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Long Island City?
Commercial property in Long Island City, NY asks an average of $749 per square foot. The 6 most recent recorded sales traded at a median of $611/SF, so asking sits 23% above the achieved median. Multifamily carries the highest asking price at $498/SF.
How much does it cost to lease commercial space in Long Island City?
Asking lease rates in Long Island City, NY average $46.26 per square foot per year.
Is it cheaper to lease or buy commercial space in Long Island City?
Buying beats leasing in Long Island City, NY if the property is held longer than 4.7 years, comparing $46.26/SF/Yr asking rent with $749/SF asking price. The model assumes 30% down at 6.5% fixed, 2% of value per year in taxes and upkeep, 3% appreciation, 5% opportunity cost on the cash and a 3% annual rent escalator.
Where does Realmo's Long Island City market data come from?
Realmo compiles Long Island City, NY figures from 6 recent recorded sales, 973 active sale listings, 341 active lease listings, 10,383 tracked off-market properties. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 973 active for-sale and 341 active for-lease listings in Long Island City, NY. These are ASKING figures from live listings, not closed-transaction prices, and a segment carried by a handful of listings reads as indicative rather than an average.
- Vacancy rates
- Published per-sector market series, taken at the metro level where one exists and otherwise at the Census-region level — a chart reading "in <region> region" is a regional number, not this city's.
- Refresh
- The monthly aggregates close at the end of the previous month, so 31 August 2026 — not today — is the honest last update.
- Known limitations
- office vacancy is reported at Northeast region level, retail vacancy is reported at Northeast region level and industrial vacancy is reported at Northeast region level.
- Coverage
- Metrics below the 10-observation threshold fall back one geographic level. The geography used is named on each figure.
Compiled by the Realmo Data team · reviewed 31 August 2026 · report a data issue
