Paragon, a new waterfront condominium at 45-40 Vernon Boulevard in Long Island City, has officially hit the sales market, putting some serious numbers behind LIC's latest luxury bet. The 23-story tower works the old Paragon Paint Factory into its base, then stacks a modern brick-and-glass structure on top, with homes ranging from studios to four bedrooms. Units are being marketed from about $655,000 up to $4.65 million, and the developer says first move-ins are expected this fall.
Design, interiors and amenities
Designed by Archimaera with interiors by MAWD, the building leans into the warehouse-meets-waterfront look, keeping an industrial podium and topping it with contemporary volumes and oversized windows. The amenity list reads like a lifestyle brochure: a 20th-floor sky lounge, a landscaped rooftop terrace, a state-of-the-art gym, a fifth-floor outdoor fitness terrace with a pickleball court, plus a golf simulator and a karaoke room, according to SERHANT.
Early market test
The developer is pitching Paragon as the first new waterfront condo in Long Island City in more than a decade, which is why insiders are keeping a close eye on how quickly contracts get signed. “The market has been waiting over 10 years for this tower and we anticipate a rapid sellout,” Ryan Serhant said, as quoted by CoStar. Occupancy is being targeted for the fall, lining early buyers up with the timing of the neighborhood's new rezoning.
Where it fits in LIC's housing boom
Paragon sits just off Anable Basin and within walking distance of areas covered by the OneLIC Neighborhood Plan, the 54-block rezoning the New York City Council approved last November that officials say will allow roughly 14,700 new homes, according to New York City Council. Local listings note its proximity to Gantry Plaza State Park, the ferry terminal and the Court Square transit hub, all selling points brokers say help juice buyer interest, per CityRealty.
Pricing and rent backdrop
The launch is landing in a rental market that has not exactly cooled off. CoStar data shows the Long Island City market cluster's asking rent per unit rising to a record average of about $4,326, above the New York City average of roughly $3,616. That gap helps explain why developers feel comfortable rolling out higher-priced condos along the riverfront, according to CoStar.
What to watch
Market watchers will be tracking early sales velocity, how close contracts land to asking prices and whether the broader OneLIC pipeline of new housing starts to shift pricing for both condos and rentals. ZD Jasper's project page lists an anticipated 2026 completion date, and the SERHANT development listing carries contact information for the exclusive sales team for previews and pricing updates, per ZD Jasper and SERHANT.
