SINCE shortly after the pandemic began in the U.S., the mass media has gorged on the supposed city to suburbs migration angle. I say supposed because there are a number of complicating factors and spotty data making it difficult to discern whether it’s a torrent or a trickle. Every year there is a migration of some for the burbs, with the bulk of that bell curve moving when school lets out in the summer. This year you also had some that pulled forward that decision, which should create a vacuum in years hence under ‘normal’ circumstances. The additional demand from that ‘pull forward’ is probably enough to lead to bidding ‘insanity’ as described in the NYT title below (link). That’s because unlike toilet paper there’s no way to instantaneously increase supply, which is made more acute (and drawn out) given the strict zoning in NYC suburbs, especially versus say Dallas. Once you net out the two sets above, I think the absolute numbers of those leaving NYC and buying a home1 in the NYC suburbs is smaller than the hype, if solely because of the incremental supply issues. 2[Read more…] about Leaving LIC For $uburbia?
WOW, what an end to the
week summer. Two big pieces of news for Long Island City occurred within the last 24 hours, after a six-month local news cycle usurped by city, national and worldwide headlines. First, a young man was shot and killed one block from Center Boulevard in Hunters Point early yesterday evening. While this news is startling and seemingly an abrupt punctuation mark on a crazy summer both near and far, I’m not quickly tempted to extrapolate the nightly shenanigans in the park to it. One look at the picture1 of the young man lying on Borden Avenue being aided by a police officer and knowing now that he’s in his last minutes of his life is much graver than what we’ve been dealing with.2 I still believe the parks will calm down after the summer is over and that this is a one-off incident much like the occasional shootings that intrude on the Upper East Side or Tribeca. I hope.
Over the last two months various cheerleaders and detractors have stated their cases as to why they are for/against the Waterfront Master Plan. The latter group seems to be spearheaded by Councilman Jimmy Van Bramer on behalf of various groups created during HQ2, aka the Amazon Naysayers. The cheerleaders are a seemingly disparate collection of voices looking to bless the Plan exactly as it is, let’s call them the Amazon Apologists.
Well Amazon isn’t coming to LIC, and neither is its 25,000 jobs. I think most would agree that the Naysayers are fully responsible for that. While that is a terrible shame, more now than ever, it is completely irrelevant in terms of assessing how much and what type of upzoning should be allowed now. It certainly does not mean completely unfettered approval of the full density, developer-friendly amenity package put forth in the initial Plan.[Read more…] about The Apologists Vs. The Naysayers In LIC
So after completing my last post which was an update on real estate in LIC, I go on vacation for a couple of weeks only to find that rental prices have seemingly dropped yet again. According to an article published last week in Bloomberg, as well as on their own web site, QLIC, a 420-unit rental building on Queensboro Plaza is offering two months of free rent on select newly-leased units.[Read more…] about Two Months Free Rent In LIC
It’s been almost two months since we gave our predictions for real estate in Long Island City in the shadow of Coronavirus, what’s transpired so far? Well inspiring me to do an update so quickly, was an article late last week in The New York Times highlighting the number of new apartments available in LIC. Less inspiring have been the multiplicity of articles saying prices are going down/haven’t really gone down much/dire predictions for the future of NYC real estate/minimal sales & leases signed since the shutdown, blah blah blah – all of which contained spotty data and little of value.
The NYT article had facts, and best of all they were specific to LIC. Oh, and Greenpoint too. And the combination of available units and soon-to-be available units in both locales ain’t good – unless you’re a prospective buyer![Read more…] about Long Island City Real Estate: The Latest