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 “I know from the Costco people that this is one of the smallest stores they have which limits them in what they can sell, for example furniture, and other larger items.” He also shared that he heard the tip from a real estate broker.
Being a skeptic, I responded “I’ve got to believe it’s also one of the most profitable based on volume and sales per square foot. It’s not like they’re going to have an easy time finding cheap, accessible space elsewhere, and furniture in NYC is already quite competitive and easily available. Plus, for the new owner, it may not be so easy finding a tenant as suitable as Costco, nor as creditworthy.”
He replied “My guess is that the buyer will tear it down and build.”
Sounds plausible to me. If so, a lot of LIC residents shopping habits will be impacted. Does anyone have any more information on this?
//We spotted another short term sublet on Tenant King, and a quick back of the envelope has it going for less than $125 a day. What do you get for that price? A large one-bedroom with spectacular views of Manhattan. That crushes the price of a small no-view hotel room actually in Manhattan, and does a similar number even on a hotel room in LIC.
1 Bed/1 Bath Available on Center Blvd Nov 24-Dec 12 – take advantage of the huge arbitrage and have mammy and pappy over for the Holidays
Bierocracy to Open Next Week – as in this week, …maybe, as last weeks grand opening was delayed. You might want to call first.
For Foreign Buyers, Family Homes Over Trophy Towers – one new condo in LIC specifically targeting Chinese buyers, the first time LIC has been honed in on for foreign buyers
Queens CB2 Rejects Affordable Housing Plan Citing Overcrowding Concerns – “You’d wind up with people in affordable housing who are very pleased they have the opportunity to enjoy it, until they realize they can’t get on the subway, they cant get to a doctor and they can’t find a school to send their kids,” he explained.
Chain Theatre Group Looking for New Home as Building is Set for Development – just like Costco?
Lightstone to Develop Massive Rental in LIC – 428 units near Astoria border. Sounds a little big for that neighborhoods zoning.