INTELLIGENT maybe, artificial never. We have a lot to say this week, not sure what the point is or what the outcome will be, but here we go. Real estate, building always building, and with the news that Queens tallest tower has opened a lottery for 248 affordable apartments which offers ‘pools and luxurious amenities,’ I was struck by the contrast written in a mass email from Julie Won with the subject line “OneLIC Investments: Queensbridge Houses.” Whereby it was announced that “From the $2 billion we secured, $206 million is going directly into Queensbridge including:
$102 million to modernize plumbing and sewage infrastructure.
$98 million for new elevators and other building improvements.
$5.3 million for the Riis Community Center.
$280,000 to renovate the Queensbridge Residents Association office.
Gee, 102 + 98 means that $200 million is being spent on these buildings for basic maintenance. Not surprising given that they are almost 100 years old, and I have no doubt these repairs are necessary and probably long overdue. But I can’t help feeling like we’re torching money, no? Throwing good money at a bad solution seems to be a recurring occurrence with this project. Now that we have a new mayor with a clear mandate grounded in an upheaval of the status quo, razing Queensbridge should not be considered a radical idea, luxurious amenities not withstanding.
Just south of Queensbridge, the Z Hotel has changed hands once again. This time for $25.5 million, a big markdown from it’s last sale in 2018 for $43 million. Which is somewhat strange given the huge surge in NYC hotel rates since the pandemic.
On the subject of lodging, and gaming, it was announced this week that Stevie Ray Cohen was given his casino license. Now the question is ‘Will he build it?’ That’s because two other NYC bidders simultaneously received approval, both less than 10 miles away in either direction. Looking at a map, there’s going to be a lot of supply coming on in Eastern Queens and the Eastern Bronx. Personally, I think Flushing has a decided advantage logistically, but if one of the others doesn’t bow out I’m not sure I’d want to throw good money after bad. Seems to be a theme this week.
Also crowded, as mentioned in our last post, is the race to be our next US Congressperson. Antonio Reynoso has officially entered the race, but more are expected and our new Mayor seems to have tipped his hand as to whom he would like to be the Democratic candidate. Of course what role, if any, a Democrat will play in passing legislation in the US Congress for the remainder of the 21st Century practically renders this seat a figurehead.
Moving from an insignificant battle to the momentous, another listicle claims the latest version of the best restaurants in LIC. Now this is worth fighting over!
Queens’ tallest building opens lottery for 248 apartments
NYC housing lottery offers pools, ‘luxurious’ amenities
Taconic latest to fold on former Z NYC Hotel
Gaming Board Recommends All 3 Bids for New York City Casino Licenses
Brooklyn Borough President Will Run for House Seat as Socialists Circle
The 21 Best Restaurants In Long Island City
Soothr is a Dazzling Thai Gem in New York’s Long Island City
Leave a Reply