Okay folks, before we get to the aforementioned headline and other juicy local real estate news, a little follow-up on my last post regarding the PS78Q PTA. There is going to be a fundraiser for the PTA next Thursday, October 2. It’ll be hosted by LIC: living at their store at 535 51st Avenue, and occurs from 7-10pm. Food and wine will be donated by Manducati’s Rustica and Tradizione Imports, and 10% of sales will benefit the PS/IS 78Q PTA. Go!
//The pic above was from the final concert for the season at Lot LIC. It was in one word -fantastic! Sadly, we will have to wait and hope that a year from now this excellently curated series occurs again, and if we are so fortunate, then definitely make an effort to go.
//So, the commercial real estate site Bisnow held an LIC focused event this morning. There was a packed house at 8:05am, and a full roster of local RE bigwigs on the panel. A whole lot of interesting tidbits were shared by them at this event, so I’ll bypass my editing role and just give it to you raw:
Duane Reade will occupy 11m of the 17m sq. feet of commercial space at the base of the first HPS building on 50th Avenue according to Frank Monterisi at Related Co’s.
Jimmy Van Bramer revealed that he spoke with Mayor De Blasio just yesterday about major rezonings all over Long Island City. In case you are not aware, the Mayor is a proponent of increased densification in order to add more housing. Basically this means he is willing to authorize taller buildings than are currently allowed.
Our current renters are primarily coming from midtown, and a little bit from Flushing – Erik Ekstein @ Ekstein Development, which has four developments currently in LIC. My interpretation of this: based on the latter group, the Chinese are coming to LIC. First they get comfortable in rentals, then their brokers turn to those back in China and pitch LIC as a better alternative to Manhattan.
What started as a value option, has become a lifestyle preference – Timothy Yantz at private equity firm Meadow Partners
We’re getting a lot of unsolicited calls for condos. – Erik Ekstein No interpretation necessary, we know.
We would much prefer a local coffee chain to Starbucks in our retail component – Frank Monterisi regarding phase one of HPS
7-train vs. the L-train - the latter is so packed that you need the employees from the Tokyo subway helping to push people in. – Matthew Baron at Simon-Baron Development Group Aka, the 7-train is a much, much better alternative currently, and has the capacity to handle all the new development.
Finally, while many, many mentions were made regarding the need for larger step-up units for families, condos, and more moderately priced inventory than that in Manhattan, Liz Lusskin from the LIC Partnership reminded everyone of a demographic that we made note of earlier in the year: empty-nesters. As if there wasn’t enough driving LIC housing demand!
Eric Benaim of Modern Spaces Gets Profiled in the NYT – you’ve hit the big time now Eric, congrats!
Listing of the Day: 21-14 45th Avenue – it’ll cost $2 mil for this 2-family on LIC’s brownstone block
Exclusive Leasing Agent Named for the Factory Building in LIC - the building’s retail space offers a “unique opportunity” for a restaurant/bar, food commissary, art gallery, furniture retailer, health club or bicycle shop