This article is intended for the owners of TF Cornerstone. Brace yourself, because I’m about to make you a coupla’ hundred million at no cost. I know, I know, who am I to offer real estate advice to a family that has very successfully built a multi-billion dollar real estate business in NYC over the last half-century? But follow my logic and the recent words (and actions) of other successful NYC developers as quoted in Forbes last week, and I think you will see that I am not a fast talking alchemist.[Read more…] about The Pool Rules in Long Island City
Thinkin’ of a master plan
‘Cuz ain’t nuthin’ but sweat inside my hand
So I dig into my pocket, all my money is spent
So I dig deeper but still comin’ up with lint
NYC officials have been holding talks with property owners and leaders in Long Island City about joining forces and coming up with a master plan for the northern portion of the LIC Waterfront according to Politico via The Real Deal. This acreage includes the two lots that were part of the Amazon deal as well as the 5-acre plot just north coined ‘Lake Vernon.’[Read more…] about City Looking At Master Plan For LIC’s Waterfront Post-Amazon
One interesting and two disappointing developments in the local real estate news last week. In the latter category, I was sad to read about the conversion of an old warehouse-type space to an office building in the Queensboro Plaza area. Though the structure is non-descript architecturally, “Prior tenants included furniture makers, art restorers and antique sellers, most of whom have left the building. The rebuilding is likely to cater more toward tech, advertising and media companies” according to The Court Square Blog.
Also disappointing was the announcement of the second tenant at 22-22 Jackson Ave: a Blow Dry/Lash/Brow Bar, only two weeks after the signing of the first lease containing a waxing salon. Both seem to be wasted on this high-ceilinged and patio’d location.
More interesting and significant, [Read more…] about On the Real Estate Beat in LIC
Every year since 2012 I have marveled at the growth of the LIC Partnership’s Annual Real Estate Breakfast This year was no exception, as the newest location (as of last year), the Ravel Hotel, could barely contain all the attendees, as opposed to being almost full last year. Nevertheless I couldn’t help but analogize the burgeoning interest in Long Island City Real Estate to other buzzy locales. Are we at the Bushwick or Williamsburg phase of development? Or has LIC jumped the shark? Or maybe I’m being too critical, as seven years covering the local beat counts as “experienced” in LIC whereas one would just be finishing up an apprenticeship in Manhattan. Or I’m just jaded.
Anyway, as in the recent past the focus of this year’s breakfast was primarily on office space. Interesting tidbits included [Read more…] about Long Island City Real Estate 2019: Lotsa Buzz, Slim Pickings
Don’t need no release, when a reporter’s on da beat. Last week a reader sent us a pic (above) revealing that construction has finally begun on Parcel C of Hunters Point South. Today we received a press release announcing an official groundbreaking for the site scheduled for next week. Anyway after years in the making what’s a few days/weeks discrepancy? This project was first announced in 2013 when the development was awarded to TF Cornerstone (surprise!), only to be mysteriously delayed until word leaked in mid-2017 that there were logistical problems due to the trains and power lines running below. Several months later a redesign was announced splitting what had heretofore been a concrete and glass monolith along Center Boulevard into two towers of 55 and 44 stories and maybe a Shake Shack in between, all slated to [Read more…] about Construction Has Begun on Parcel C in Hunters Point South