Real Estate

IS COSTCO LEAVING LONG ISLAND CITY?

November 16, 2015 by editor 8 Comments

Costco maybe, but we, well Greenpoint, will alway have Sweetleaf — Costco maybe, but LIC …or Greenpoint anyway, will always have Sweetleaf

We received a rumor from a reader that the parcel on Vernon Boulevard containing Costco has been sold, and that this branch will close next year. He goes on to say that [Read more…] about IS COSTCO LEAVING LONG ISLAND CITY?

LIC REAL ESTATE TRENDS AND ZONING THOUGHTS

November 6, 2015 by editor 4 Comments

Affordable Housing? — Housing for the poor, yes. This?

Real estate takes center stage in LIC once again. A recent study indicates that rents in LIC are catching up to those in Manhattan and now lease at only an 11% discount. There are probably a lot of moving pieces in that calculation, but it sounds about right according to my back of the envelope anecdotally-based analysis. For reference, that discount was closer to 25% back in 2008.

This occurs just as [Read more…] about LIC REAL ESTATE TRENDS AND ZONING THOUGHTS

A CHANGE IN DIRECTION – APARTMENT PRICES TO FALL IN 2016

September 21, 2015 by editor 12 Comments

A whopper going up on West Street in Greenpoint. One of many going up on the waterfront just south of us — A whopper going up on West Street in Greenpoint. One of many being built on the waterfront just south of us.

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

MASSIVE DEVELOPMENT WITH FOOTBRIDGE TO CORNELL TECHNION PROPOSED FOR LIC WATERFRONT

August 20, 2015 by editor 3 Comments

Maiella: delicious food, fantastic service, and the setting... — Maiella: delicious food, fantastic service, and the setting…

A huge development with something for everyone including a pedestrian bridge to Roosevelt Island, is being proposed by a group of investors according to POLITICO New York.

The site is on [Read more…] about MASSIVE DEVELOPMENT WITH FOOTBRIDGE TO CORNELL TECHNION PROPOSED FOR LIC WATERFRONT

LIC TO GET HOMELESS SHELTER AND STARBUCKS?

August 18, 2015 by editor 14 Comments

Ahh summer, when the kale is as high as a young lady's thigh. In Queens anyway — Summer, when the kale is as high as a young lady’s thigh – in Queens no less!

The Court Square Blog has uncovered permits for the lot at 21-16 44th Drive that link to a developer named Alan Lapes who’s made a very profitable living operating homeless shelters for NYC. Though it’s only slated to be 29 units and 44th Drive has a bit of a gritty feel to it, I’m sure the 75 condo owners in The Industry across the street are [Read more…] about LIC TO GET HOMELESS SHELTER AND STARBUCKS?