Buyers steeling themselves for LIC treat

Real Estate Weekly, Oct 31, 2007

The PowerHouse, former home to the Pennsylvania Rail Road's century-old power station, will be New York City's first-ever power station to luxury condominium conversion.

The PowerHouse, which recently launched sales with a waiting list of more than 2,000 people, will also feature New York's first Aqua Grotto[TM], a water-oriented social space for residents that will include a large whirlpool with an exotic waterfall, massage services and full-service spa.

Designed by Architect Karl Fischer with interiors by Andres Escobar, The PowerHouse will overlook the East River in burgeoning Long Island City.

The building will boast 177 loft-inspired residences with 80 layouts for studio, one-, two-, and three-bedroom homes. Residences range from approximately 600 s/f to over 1,700 s/f and are priced from approximately $450,000. Expected occupancy is scheduled for July 2008.

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"The PowerHouse will be the marquee luxury residential building in Long Island City," said Sar Inbar, director of marketing of CGS Developers, LLC, the developer of The PowerHouse.

It incorporates the history of the structure with the future of the area to create a kind of residential condominium that has never before been seen in New York City."

Residents will enter through and ultra-modem lobby with the original steel girders of the power station. Prudential Douglas Elliman is the exclusive marketing and sales agent.