Recently I penned a note as to why I do not expect rents in Long Island City to soften, despite all the new rental buildings being developed or having just been completed. Today comes the other side of that vise: there are no residential buildings being built with sales in mind, and thus very little inventory to buy if one wanted to get off the rental increase treadmill. Now if I am the developer of that lot above, or say the lot across from the playing field on 5th Street that just broke ground, I would have a very serious discussion with my partners and lenders about maybe switching my original rental intentions over to condos. But hey, I’m no developer, I’m just a poor schlub fantasizing about having more room for my bike.
Lack of availability and three million dollar condos notwithstanding, the bigger real estate story for LIC this week(and possibly this year …or decade) is on the commercial side. I am not talking about the sale of the Citi tower either, that is just meaningless paper shuffling between large institutions despite the large denominations being tossed around, as far as the neighborhood goes. The deal that really might change the face of LIC, both commercially and residentially, is Publicis’ decision to relocate many of its Manhattan based employees to LIC. In my mind, the cachet a big international advertising agency brings to a peripheral commercial area like Long Island City is a watershed moment. Once the first corporation makes the jump, others become more willing, and the perception of the area goes from being manufacturing and warehouse-centric to “happening” and cutting-edge, with the added bonus of a discount for those who act fast. Think of Conde Nast and the impact their last two moves had on the surrounding neighborhoods. But hey, who am I to surmise about the destiny of LIC’s commercial district? I should just be happy we’re getting a beer garden within stumbling distance.
Prices Rise For Smaller LIC Condos As Supply Wanes – get’em while they’re hot!
Queens Most Expensive Condo Hits The Market For $3.25 Million – we told you about this last week, but a natural extension of the story above. Did she really say the economy is recovering? Quick, call Bernanke.
Crescent Club Launches In LIC – shoulda kept’em condos
LIC Citi Tower sells for $500 Million – an LIC icon changes hands
Publicis To Move From Manhattan To LIC in Blockbuster Deal – if the above is an icon, this is a game changer!
New High End Hunters Point Sprinkler Features Lifeguard – and her name is Pamela Anderson! Only the best for LIC …or maybe this is a bit much?
Queens Parks Offer Free Yoga With Sweeping Views – free is free, yoga is yoga, nuff said, now GO!
Wedding Bells Ring For Sunnyside Pol – congrats to Jimmy V from LICtalk
MTA Poised To Restore Some Subway And Bus Services – the changes would include a permanent extension of the G train to Church Avenue
Shapeways Opens Doors To Its NYC 3D Printing Distribution Center – another cutting edge LIC biz we’ve previously cited
Driver injured After Vehicle Smashes Into LIC Condo Building – local news here, get your local news here
JP saysJuly 20, 2012 at 11:37 am
Lifeguards for sprinklers??? What a waste, especially in light of the lack of funding for the park. How about new red chairs too?
cl saysJuly 20, 2012 at 1:12 pm
Does anyone know what time the yoga on the pier starts this Sunday? Thank you.
z saysJuly 20, 2012 at 2:08 pm
Yoga I do not know, but i do know what I will be doing this weekend:
The second incarnation of barbecue joint John Brown Smokehouse soft opens tonight at 7 p.m. According to the restaurant’s Facebook page, they will no longer be BYOB and delivery/take out will resume next week.
ML saysJuly 20, 2012 at 3:43 pm
Does that mean the beer garden will be open?