REAL estate steps back into the headlines this week. First off a pair of affordable housing lotteries in LIC were announced. The bigger one is for 288 units at the massive 71-story Sven Tower in Queens Plaza. One bedrooms are $2,189, 2-br’s $3,328, and 3-br’s are $3,843 – if you win lotto. For comparisons sake, a reminder that market rate apartments at the relatively new American Copper Towers in Manhattan had 1-br’s starting at $4,958 and 2-br’s at $8,067, and I’m guessing similar market-rate apartments along the LIC waterfront are going for a 25-35% discount to these.
Of course that’s only part of the picture, the other being location. Even at a 50%+ discount, do you really want to live in Queens Plaza for more than a year or two? There are zero parks close by, minimal foot traffic or retail after 6pm, and it’s more of a bedroom community than a community-community. As for the other Affordable lottery, it’s offering 31 units a few blocks east of the Sven – which also lacks the aforementioned. Either way, it’s a lot better as Affordable than Market!
Next up comes the news that the planned 50-story Toyoko Inn Hotel – aka the Macro Microtel – will not be and the owner is selling the lot for what will most likely be residential use due to recent changes in hotel zoning. This prominent piece of property on Jackson abutting the Court Square station – aka The Jackson Jungle, has been vacant for almost a decade and cleared for half that long. Now it looks like the Jackson Avenue Canyon will soon be filling in another piece of its wall.
//BUBBLE Tea bubble alert: iCha Boba bubble tea shoppe has opened at 12-07 Jackson Avenue, two doors down from the former Mu Ramen.
Lottery Opens For 288 Units at 71-story Rental Sven – you get a pool though!
Live In A New Luxury Rental In LIC From $1486 a Month – no pool though
Stalled LIC Hotel Development Site Up For Sale – scaled down residential instead
NOVA Condominium Tower Tops Out at 41-05 29th Street – 86 units in nice-looking triangular building one block from Sven
LIC Dog Walker Makes $100k+ Walking Dogs – great profile on LIC legend Ryan Stewart