A thousand reasons to love Long Island City. Tips: Editor@LICtalk.com
This Sunday brings the pivotal Week 4 match-ups of NFL action. It’s no more pivotal than week 3 or week 5, nor 2, 8, or 12 for that matter, but no less pivotal than week 11.
In other news, specifically that of the LIC and non-football genre… [Read more…] about PIVOTAL LIC NEWS
Back in the Mad Men days of say 1964, in addition to working in advertising, nothing was hipper than knowing a diplomat and attending parties at foreign embassies. In a very straight, conservative, monochrome country, any accent, the more exotic the better, was accorded a certain cachet in Manhattan circles. Feeling those choppers late yesterday afternoon as they hovered just above Gantry Park, and the omnipresence of the UN Building for anyone visiting the waterfront, reminded us once again that LIC is at the center of the universe.
At the very other end of the scale, is [Read more…] about COMMUNITEA RE-OPENS, DANNY BROWN’S WILL NOT
The Fall Equinox brings police boats to the East River for UN week, the Jets teasing their fans as if this is the year, a good yontif to the pontiff, and best of all Oktoberfest in full swing ((it is a 16-day festival running from mid or late September to the first weekend in October)). It did not [Read more…] about HOLY AUTUMN TREMORS FROM ACROSS THE RIVER
Apartment prices are heading down soon, there’s simply too much supply coming on. Not only in LIC, but citywide – a gaze across the river confirms that the cranes aren’t just in Court Square and Queens Plaza. A good analogy would be the recent drop in crude oil prices. All those drilling rigs cracking open shale, led to a glut. In the latter stages, a lot of cheap debt and high priced equity fueled even more drilling, until it tipped the balance.
We have the same in NYC – a hunt for yield has led investors worldwide to invest here, both by lending money to developers and acting as silent partners on the equity side ((and agreeing to very generous ‘promotes’ to the developers)). So many of the new towers and other projects are being built using Other Peoples Money (OPM), which in the 21st century is the last stage of a real estate bull market. The good news is that the percentage drops from today’s peak apartment prices, will not be nearly as drastic as oil’s.
More importantly, while we expect softness in the rest of the city, sales inventory in LIC [Read more…] about A CHANGE IN DIRECTION – APARTMENT PRICES TO FALL IN 2016
It took a little while to get into swing this year, but my packed 7-train the last two days means it must be September. Wait there’s a disconnect, it’s 89 degrees out and [Read more…] about AHH SEPTEMBER IN LIC