TWO weeks ago The New York Times ran a real estate story entitled “The Tax Man Cometh for Some Condos” highlighting an issue we’ve been worrying about for some time in LIC. In fact it’s been 18 months since we warned condo owners that the tax problems at the Citylights Building could come to bite them as well and they should start preparing themselves, and their building, way ahead of time.[Read more…] about Bah Humbug, Mr. Scrooge Taketh Equity Too
“To destroy is easier than to create, and that is why so many people are ready to demonstrate against what they reject. But what would they say if one asked them what they wanted instead?”Ivan Klima – Love and Garbage
A little over a year ago I gave my opinion on the Amazon HQ2 deal struck by the Mayor and Governor. My conclusion was that while the two leaders were not very good poker-players and could have offered less, the overall deal as struck was worth taking a chance on.1 I even-handedly acknowledged that not everyone in LIC would be a winner from the deal, and some of the biggest winners would be those already well-entrenched (and well-heeled). Most importantly, the physical presence of Amazon being located in LIC would be transformational for us and the rest of Western Queens. Heretofore a backwater of NYC, hence the cradle of growth.[Read more…] about Where’s The Plan Jimmy V & Mikey G?*
- No matter what either side says, like any investment you don’t know until later if it will be a good one. [↩]
Plaxall has decided to join the other waterfront land holders in order to create a Master Plan for the 28 contiguous acres of Hunters Point North that it encompasses. LICtalk has been advocating for a Master Plan for this large plot since before Amazon was proposed (and then deposed), and we’ve been advocating for a key component of this plan – a Rec Center – for half a decade. There’s no need to hold workshops on this aspect of the plan, the people have already spoken. In fact I would say any plan ultimately put forward is DOA without the inclusion of a Rec Center. I hope the powers-that-be are listening, I’d hate to see another Amazon-type rejection due to community disapproval, real or not.[Read more…] about Plaxall Joins Waterfront Development Group – All Systems Go For Rec Center?
YIKES, it took less than a week for the tables to turn on local WeWork rival Knotel, or at least for the press to start snooping around and poking holes. According to a headline in Crain’s, Knotel is plagued by vacancies. Unfortunately the story is behind a firewall, but what is viewable is this:[Read more…] about Ranting, Raving, and Rithmetic in Long Island City
This morning Bisnow held their annual Long Island City/Queens Real Estate Event. No revelations were shared and most of the banter was just such, which this late in the economic cycle is not surprising. So we will use it as a jumping off point in regards to a trend in regards to Long Island City real estate that’s been occurring for a few years but has yet to be publicized.[Read more…] about The Waterfront Premium in Long Island City