A thousand reasons to love Long Island City. Tips: Editor@LICtalk.com
AN article in The New York Times this week rehashing the proposed development of Sunnyside Yards pulled the editorial staff here out of their late-summer stupor. I could spill lots of ink rebutting the rationale put forth by the proponents of this pipe dream, but I’m on the beach and the waves are so soothing. Plus I’ve already done so in the past, so I’ll boil it down to the two main arguments: [Read more…] about SUNNYSIDE YARDS DEVELOPMENT UPDATE
It’s August in Long Island City folks and with it comes the type of inconsequential news all other publications covering LIC put out 12 months a year. But it’s also [Read more…] about CONDOS AND LUZZO’S AND SHOOTINGS OH MY
ONE million square feet of office space is up for lease in the Citi Building in Court Square as Citigroup consolidates according to the New York Post. That’s a lot I think. In addition, YIMBY revealed that a 24-story spec ((as in speculative, as in being built on spec that they can fill it, as in they have no tenants currently lined up, as in it’s a total crapshoot, as in it must be getting built using OPM)) office building containing 400k sq. ft. is coming to Queens Plaza South. Ahh, 24 stories, that’s a lot easier to comprehend spacially – but I’m glad they also supplied a picture. As for the Citi building, a million square feet is roughly 2/3 of the tower. Yeah, a lot.
In order to attract commercial tenant(s), the owner of the Citi building plans on transforming the 5-story retail “atrium” to [Read more…] about NEW FOOD HALLS AND LOTS OF COMMERCIAL REAL ESTATE IN LIC
There’s a bright golden haze on the meadow,
There’s a bright golden haze on the meadow,
The corn is as high as an elephant’s eye,
An’ it looks like its climbin’ clear up to the sky
For the first couple of years of its existence, LICtalk would offer it’s financial predictions on every type of building in Long Island City in an annual post entitled “Real E-State of The Union 20–” Since the last one in 2015, one could extrapolate the projections and pretty much end up where things are currently. In light of some recent developments I’m going to cut to the chase and talk about what readers care most about: condos and rentals. Or maybe it’s condo or rental? [Read more…] about GLUT, TAXES, AND MASSIVE CONDO TOWER GETS GO AHEAD IN LIC
Just as the tax abatement for the Citylights Building was about to start rolling off, NYC boosted the buildings assessed value by 87%. For good measure they tacked on another 5% this year. The near doubling in possible tax payments has the co-op’s residents looking at a 50% increase in already steep monthly maintenance over the next five years, which if implemented on this tower of over 500 units will force out many residents who can no longer afford to live there.
You can read the story below for more details. Instead I’d prefer to focus on two takeaways that all apartment owners in [Read more…] about CITYLIGHTS TAX SAGA, TWO LESSONS FOR ALL LIC CONDO OWNERS