LIC REAL ESTATE DEVELOPMENT IN OVERDRIVE – PART II

A picture's worth 10,000 words ...if I'm doing the writing.

A picture’s worth 10,000 words …if I’m doing the writing.(Click on pic to see all your friends at this barn raising)

I’d rather live in Oz, than look at it.”

The above comment, was a sentiment expressed by someone around the turn of the century(21st), when referring to living on the waterfront of New Jersey that overlooks midtown.  Well guess what residents of Long Island City, as of today that is no longer true.  In our town you get the best of both worlds.

Yesterday morning, the LIC Partnership held its annual Real Estate Breakfast.  Scheduled to last between 8am and 10am, when I waltzed in at 8:05 the place was packed, Packed!  After half an hour of schmoozing, everyone settled down to hear five real estate veterans with different expertise’s give their views of the current and future state of LIC.  Normally these type of events go from a schmooze-fest to a snooze-fest in under 20 minutes.  Yet this panel was so incredibly well attuned to what’s going on in our neighborhood, and the information they conveyed so fascinating, that the hour and a half just flew.  So instead of my giving my usual sarcastic yet ebullient spin on topics such as this, I’m just going to go down the line and pass on the nuggets that each panelist conveyed, as it pretty much confirmed what I wrote in my first overdrive piece.  Read closely though, because there are some big, specific revelations that are imminently coming to our town and have never been revealed before…

Andrew Nimmer – Principal, The Local Hostels/Sunlite Capital Management

“LIC has a sense of community not found in other areas of NY”

Here’s Andrew’s 1-2-3 on why there’s been an explosion of hotel building in LIC

1. Manhattan hotels average $400 a night after including all lodging taxes.”

2. Europeans go on to a travel aggregation website and look at a hotels proximity and access(aka mass transit) to all the sites they want to see (LIC = Bullseye)

3. After seeing Times Square the first time they come to NYC, the second time they ask “Where is Brooklyn?”  (Thus the G-train is genuinely their version of the Disney Shuttle)

Now here’s the best part according to Andrew: Where do you think they want to go the third time they come to NYC?  Hopefully they decide to hang in LIC.

Jonathan Miller – President and CEO of Miller Samuel Inc. – Jonathan is a RE valuation expert, and an unparalleled publicity hound.  It would take less time to mention what publications he hasn’t been quoted in(yes, I am envious). Nevertheless his opinions on our neighborhood, and future valuations, happen to be the same exact ones as mine:

“Despite all the growth to date, what’s visibly being constructed, and what has been announced, it’s the very beginning for LIC”

Michael Phillips – Chief Operating Officer of Jamestown – Jamestown owns Chelsea Market and was part of a partnership that sold a measly 15-story building in Chelsea for $1.8 billion in the biggest NYC real estate deal of 2010.  Fast forward to 2012, and as we reported here at LICtalk, they purchased a commercial building in a heretofore forlorn area of LIC.  Hmm, very interesting…

“LIC can offer 3 or 4 or 5 different neighborhoods”

Eric Benaim – CEO, President, and Founder of Modern Spaces

“Condos on the waterfront are selling for $1,000 a sq. ft.”

“A children’s boutique just leased space at 10-50 Jackson Avenue”

“Another supermarket is coming to the waterfront(!)” In addition to the previously announced one going into the Rockrose building in Court Square.

Jason Sheftell – Real Estate Editor, NY Daily News

“LIC offers superior (inbound) office transportation than Brooklyn.”

“There are 602 internet start-ups in Manhattan as venture firms are migrating away from Silicon Valley”

“The next Wired or Kayak is going to come out of LIC.”

“Keep an eye on Dutch Kills, it has all the elements to be the next place in LIC to burgeon.”

Finally, we leave you with this thought from Jason.  I think it sums up what I mean, when I gush at how perceptive the panel was:

“The people here are a little more relaxed than Manhattan or Brooklyn.  They don’t get into fights in lines.  Maybe it’s because they can see the sky.”

LIC Arts Open Garden PartyMay 6th, 6-10pm, in addition to great food and unlimited booze, the setting is at the most amazing individual backyard in LIC

LIC: The Busiest Neighborhood in Queens, major transactions reportnot just in Queens, try all of the tri-state area

Possible 5Pointz Towers Show No Sign of Graffitideveloper now wants two towers, 47 and 40 stories and totaling 1,000 units, vs. previously announced plans of one tower w/ 600 units.  Occupancy expected by 2017.

Gearing Up For Loss of 5Pointzfrom the artists and tourists perspective

Shapeways Gets Another $30 Million in Venture Capitalthe next Kayak or Wired?

The Complete Guide to LIC Hotelsfrom budget to boutique

Chris Schoeck Documentary to Play at Tribeca Film FestivalConey Island strongman lives in LIC, is he your neighbor?

13 thoughts on “LIC REAL ESTATE DEVELOPMENT IN OVERDRIVE – PART II

  1. LICer says:

    thanks for the wonderful report! What supermarket will be there? Cant wait!!!

  2. Ally says:

    The fence around the library site was just completely wrapped with a tarp with drawings of characters reading books. It’s a major improvement aesthetically.

  3. calpio says:

    Disney Shuttle is clever shit.

  4. anony mouse says:

    Here is why all this development is occurring:

    LIC = Happiness

  5. CL says:

    I hope that tarp around the library isn’t just a delay tactic!

  6. anonymous says:

    I don’t know why all these artists are up in arms over 5pointz. It was great of the developer to allow them to use the space while he waited, but everyone knew it wouldn’t last forever. I do think it’s ballsy though for the developer to want to now construct two 40+ story towers there.

  7. [...] 9.  Winick Realty’s Hal Shapiro, the leasing agent on the Lightstone retail space(adjacent to The Powerhouse), is hoping for a gourmet market and a coffee shop.  Uhh, didn’t Eric Benaim let the cat out of the bag the week before that we’re getting a supermarket?  [...]

  8. […] today.  I quoted Jason, amongst other “incredibly well attuned” real estate panelists, in a post back in April, and was really struck by his enthusiasm and insight into the NYC real estate market in general, and […]

  9. […] though.  We hinted at a possible transformation back when they first purchased it, and then a year later when we heard the head of the project, Michael Phillips, speak at a local real estate conference.  […]

  10. […] LIC Partnership held their annual real estate breakfast this morning.  Like last year’s event, it was a full house shortly after the doors opened, despite moving to a larger venue.  It’s […]

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