A new condo launch in Hunters Point puts a clear price range on the table for Long Island City buyers: one-bedrooms at $948,000, two-bedrooms at $1,388,000, and three-bedroom penthouses asking about $2.728 million. The 35-unit building at 10-39 49th Avenue was developed by 1037 Development LLC. Sales launched June 18, 2026, and CityRealty reported the listings on October 28.
For people comparing queens apartments for sale or looking specifically at condos for sale in Queens, Luma offers more than a set of asking prices. It is a reminder that smaller buildings are a distinct part of LIC’s condo market, and that they call for a close look at building finances, amenities, and future resale.
What does $948,000 buy in LIC?
At Luma, $948,000 is the starting asking price for a one-bedroom. Two-bedroom asking prices start at $1,388,000. The three-bedroom penthouse is listed at about $2.728 million. These are asking prices, not guarantees of final sale prices, and availability may change.
The price alone does not show the full cost of ownership. Before comparing homes, ask for the current common charges, property-tax information, and any other recurring costs. Confirm what is included in the asking price and whether any options, such as parking, are priced separately.
Luma’s listed amenities include a virtual doorman, fitness center, resident lounge, rooftop terrace, and available on-site parking. Listings are managed by The Bethoney Shen Team at Nest Seekers International.
An illustrative residential interior, not a photograph of a specific Luma residence.
The appeal, and trade-offs, of a smaller building
Boutique condos, often understood as buildings with fewer than roughly 50 units, sit apart from LIC’s large-tower developments. With 35 homes, Luma is in that smaller-building niche.
Fewer units may mean fewer neighbors and a different day-to-day feel than a large tower. But buyers should compare the actual services and shared spaces, not assume a smaller building is automatically quieter or better managed. Luma lists several shared amenities, but the right mix depends on how you plan to live. Consider which facilities you will use and whether their costs make sense to you.
Parking deserves its own check. Luma has on-site parking available, but buyers should confirm current availability, price, and terms rather than assume a space comes with an apartment. In a city where parking options can be limited, a space may matter to some buyers and add little value for others.
An illustrative residential fitness amenity, not a photograph of Luma’s fitness center.
Small buildings need a closer financial review
In a smaller condo, a limited number of units share the building’s operating costs. That makes it important to understand how expenses are divided and whether the budget appears sufficient for the building’s needs.
Review the offering plan, current budget, common-charge schedule, and reserve information with your attorney and other advisers. Ask how the building plans for repairs and larger future expenses. A modest monthly charge is not necessarily a benefit if the building is not setting aside enough for maintenance.
Also remember that a smaller building may have fewer directly comparable sales. When checking value, compare similar homes in nearby buildings and account for differences in size, condition, location, and amenities. Avoid relying on one sale or a broad neighborhood average to set your expectations.
A boutique pipeline, not a market-wide forecast
Luma is not the only small-scale LIC condo project in the news. On October 21, Commercial Observer reported that BridgeCity Capital provided a $36.2 million construction loan for a separate planned 41-unit condo building at 10-56 46th Road. That project is distinct from Luma. Together, the reports show that smaller condo developments remain part of the neighborhood’s pipeline; they do not, by themselves, predict future prices or buyer demand.
An illustrative residential rooftop terrace, not a photograph of Luma’s terrace.
A practical checklist for buyers
Before making an offer on Luma or another boutique condo:
- Compare like with like. Look for recent sales in similar buildings and compare unit size, layout, condition, and location.
- Calculate the full monthly cost. Ask about common charges, property taxes, utilities, and any parking costs.
- Read the building documents. Review the offering plan, budget, reserve information, and rules with your attorney.
- Match amenities to your priorities. Decide whether a virtual doorman, lounge, fitness center, rooftop, or parking option is worth its cost to you.
- Think about resale. A smaller building may offer fewer comparable sales and a narrower pool of future buyers. Consider how that fits your expected time in the home.
Luma’s launch gives LIC shoppers a concrete starting point: $948,000 for a one-bedroom and about $2.728 million for a penthouse. The more useful question is how each apartment, its carrying costs, and its building finances fit your plans. Buyers weighing options across Queens can speak with Armas Group NYC for local guidance.