editor

The LIC Partnership held its 2nd Annual LIC Summit today.  A few interesting tidbits were gleaned, but there’s not much left to say about LIC that hasn’t been said or isn’t really known.  There was a lot of jawboning about residential edging out office space, and thus office space displacing light manufacturing, and hazy solutions for it, all of which require government subsidies, tax breaks, zoning changes, and variances.  As if letting capitalism take its course combined with good regulation aren’t enough of a panacea.

Plus there was a lot of well trodden ground such as [Read more…] about WHERE ARE THE CURRENT RESIDENTS’ YACHTS?

Despite headlines in the last week declaring record highs, I predict that over the next 12 months supply will finally overtake demand in the NYC residential sector.  The high level of current building activity and the expected number of units to be completed in the next year are easily evident to any layman who looks at the skyline or at street level, and/or to anyone reading mainstream local news, where real estate increasingly competes with sports as the lead topic around town.  Requiring a little more analysis and maybe a hunch or two, I believe demand will start tailing off from its furious pace due to the recently stronger dollar, the smaller base of 20-somethings still living at home and then spinning off seven years after the ’08 crash, and the fact that this city will see diminished demand by college graduates due to it’s being so much more expensive to live in than comparables.

Before we get to what this means for residents of LIC, let’s quickly address the other real estate sectors in the neighborhood. [Read more…] about LONG ISLAND CITY 2015 REAL E-STATE OF THE UNION