Real estate recaptures the headlines for LIC this week. Within 24 hours, two different websites put out stories marveling at all the construction going on along Jackson Avenue. Curbed’s methodically walks through every single project, while Yimby’s focuses on the potential of a two-block stretch. All I can think is LIC Glut.
Two other little stories add anecdotal fuel to this fire. The first is about a 3-unit condo project off Vernon, that utilizes a new source of mezzanine financing: the retail investor – always the last guy in! The second details a 7-story 20-unit development being built along the elevated subway on the LIC/Astoria border, where every building around it is low-rise and fairly gritty (Enterprise Rent-a-car, Halal Live Poultry). The developer is the owner of the lot, which currently has an empty, graffiti-laden three-story house on it, and they’ve owned it since 1984.
//While we’re on the subject of LIC real estate, there’s also Continue reading