Category Archives: Real Estate

EGGS AND FLEAS AND RENTALS AND FLEES

Bunnies big and small

Bunnies big and small

From the day we arrive on the planet
And, blinking, step into the sun
There’s more to see than can ever be seen
More to do than can ever be done
There’s far too much to take in here
More to find than can ever be found
But the sun rolling high
Through the sapphire sky
Keeps great and small on the endless round

THE stories of the week are the stories of life.  Yes I am making that profound statement, despite its only having a filigree of connection at best.  Though aren’t egg hunts, food festivals posing as flea markets, and real estate a suitable analogy for the basic necessities of LIC in 2017?

Anyway, for those not leaving town, the LIC Flea begins this Saturday.  You know the deal, what began several years ago as a market of goods, is now predominantly gourmet food stalls and craft beer.  Nothing wrong with that!  Moreover as the beer swilling continues it helps to grease the wheels of an egg hunt of sorts for adults. Capisce?

//I don’t know what’s more highly anticipated, the Annual Trinity Grace Church Queens Easter Egg Hunt in Gantry Park, or the registration for it?  Either way, Continue reading

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FEUDIN’ N FIGHTIN’ LIC-STYLE

no fighting here

No fighting here

I’ve seen you ’round for a long long time
I remembered you when you drank my wine

I’ve seen you walking down in Chinatown
I called you but you could not look around

The color of your skin don’t matter to me
As long as we can live in harmony

I’d kind of like to be the President
So I can show you how your money’s spent

Why can’t we be friends?
Why can’t we be friends?
Why can’t we be friends?
Why can’t we be friends?

Have you ever walked by a building in Long Island City and thought “I wonder who owns it?” or “How does it remain ‘as is’ in light of all the changes going on in the neighborhood/city?”  Real estate investing is idiosyncratic.  Unlike a stock or a bond, which can easily be compared, quantified, and traded, every single home, building, and piece of land is unique.  So are the circumstances behind their ownership.

Proof of that comes in a story today about Continue reading

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IS LONG ISLAND CITY PLAYED OUT?

Where's the guy with the inside scoop?

Where’s the guy with the inside scoop?

SO, the annual LIC Partnership Real Estate Breakfast took place this morning.  There is not a lot to share.  While it’s still a great event to network at and meet the big local RE players – many of whom were in attendance, the presentation and panel were a little stale.  Now in fairness, I’m not sure there’s much meat left on the bone in terms of the LIC transformation.  At this point we can tangibly see a lot of the growth, and that which is on the drawing boards has already been revealed.  Furthermore, there are few, if any, undiscovered gems, as most landowners are aware of what’s going on, some a little too optimistically.

In light of this, the LICP Breakfast line-up needs some pizzazz.  Might I suggest Continue reading

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MARCH MADNESS: SNOW DAY OFFICIAL TOMORROW LIC

March Madness: just last week we had spring training in shorts

March Madness: just last week we had spring training in shorts

GET out your sleds kids, the NYC Department of Education (DOE) has declared tomorrow a Snow Day. Yes, Snow Day is capitalized according to Webster’s, as it is both a holiday and a holy day – at least as far as public and parochial schools go.  Best of all, by calling it early, the DOE has given cover to everyone to sleep in and uhh …work from home.  As for myself, it gives me more time to “work” on my brackets and run thru a dress rehearsal for St. Patty’s Day.

//LAST July we did some calculations and made the call that the townhouses being built on the south end of Murray Park we’re going to lead to Continue reading

NEW CONDOS STILL SELLING LIKE HOTCAKES IN LIC

5Pointz about to cast its 40+ story shadow on Iglesia de Cristo and Murray Park, and the benefits are?

5Pointz about to cast its dual 40+ story shadows on Iglesia de Cristo and Murray Park, and the benefits are?

ACCORDING to an article this weekend in Crain’s, The Harrison, a 27-story/120-unit condominium in Court Square, is 60% sold despite the fact that it won’t be completed until June, and thus doesn’t even have a model apartment to exhibit.  In addition, the article mentions that all 33 condos in The Marx are sold.

The latter building is located on the Astoria/LIC border across the street from the Kaufman Studios.  Heretofore I’d refer to this as a no-man’s land, yet Continue reading

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MORE CHANGES COMING TO VERNON BLVD & MORE TACOS

After being vacant for six years, a not-so-new tenant comes along

After being vacant for six years, a not-so-new tenant comes along

HUNTERS Point Dental will be moving to new and bigger offices at the base of One Vernon Jackson.  This prime new location, on Vernon Boulevard just south of Cafe Henri, has been vacant since the building’s construction in 2010.  Moreover, HP Dental’s previous home three storefronts north of Dorian’s Diner (49-13 Vernon Boulevard), will now be open to a new tenant for the first time in 32 years! Continue reading

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APRES HAYDEN, LE DELUGE?

E & I Deli expansion, not quite ready for prime time

E & I Deli expansion, not quite ready for prime time

ROCKROSE has just launched leasing on the Hayden in Court Square.  Who/what/where is the Hayden?  It’s that just completed 50-story tower abutting dominating Jackson Avenue and 44th Drive1 across the street from the Citi building.

It’s 974 units are comprised of studio, 1-br, and 2-br apartments, which according to Curbed will range in price from Continue reading

  1. technically the address is 43-25 Hunter Street, and even though that is probably where the entrance is, it will still be known for its Jackson Ave presence []
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SUNNYSIDE YARDS AND FLYING CARS

Let's put another one next to it?

Let’s put another one next to it?

YESTERDAY the ‘official’ study regarding the plan to deck over Sunnyside Yards and build housing on top was released by the city.  Actually, three separate plans were released, each containing a different mix of residential/office/other space that would yield between 14,000 and 24,000 new apartments.

As expected, the study, commissioned by the Mayor, confirmed that the plan is both feasible and at a cost of $16 – $19 billion …uhh reasonable? The release was accompanied by the usual canned ‘huzzah’s such as this one by deputy-mayor Alicia Glen: “Sunnyside Yard represents one of our greatest opportunities to invest in the affordable housing, good jobs, open space and public transit western Queens needs,”

Here at LICtalk we see through such non-sequitur’s and are completely opposed to pursuing the Sunnyside Yards proposal any further.  Given all the non-decked over growth that will occur in Long Island City over the next 5-6 years, which will roughly double the existing housing stock, why is there any hurry to look to the next phase whilst having zero knowledge of how the current excessively-expansionary one will play out?

The obvious answer to this is Continue reading

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JANUARY ROOSTERS AND FEBRUARY DELIVERS

Who needs democracy when you have Bierocracy?

Who needs democracy when you have Bierocracy?

OH my, even with no snow there’s been a flurry of local news that’s come to pass in the last week.  To start, as always, is more residential real estate development.  There are five short articles on local slightly-off-the-radar projects – which basically means they’re under 30-stories:

6 flrs/94 units in Dutch Kills

A pair of 7-story buildings totaling 80 units in Dutch Kills

9 flrs/30 units in Queensboro Plaza

23 flrs/117 units in Queens Plaza South

15 flrs/99 units in Queensboro Plaza

While the total # of units of these five projects are fewer than say a single Rockrose tower, and while most of these projects are already accounted for in previous tallies of all the residences being added in LIC, these “infill” developments will hasten the lowering of rents in the neighborhood.  This is not solely because of the additional supply, which we’ve noted is not much in aggregate, but because of the diversity of offerings and the competitive market they’ll create – versus say the three-player oligopoly on Center Boulevard.  But who am I, the owner of a lean-to, to question the rationale of those with the ability to borrow 7-9 figure sums of OPM with zero recourse?

//UNLIKE the majority of Americans, or at least an electoral majority of them, I’m not a big fan of Mac & Cheese.  Despite attempts by many a renowned chef to doctor it up and pass it off as haute cuisine in the 21st century, my continental upbringing (aka semester abroad) inculcated me with DNA that has an aversion to pasta not served al dente, and dairy products whose Continue reading

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GREEK RESTAURANT COMING INTO SAN REMO PIZZA LOCATION

Where have all the condos gone?

Where have all the condos gone?

WE have received a tip from a reader that a Greek restaurant is coming into the San Remo Pizza location on Vernon Boulevard.  The source said she popped into the space out of curiosity because the door was opened during construction, and happened into the owner, a “lovely Greek man,” who shared this information.  Continue reading

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