FLOODING, shooting, the plagues are upon us in LIC. Pestilence anyone? No, that’s been temporarily superseded by Gamestop this week.1 Yet the real story for the large majority of residents is the increasing evidence of significant rent reductions here in Long Island City. According to a recent report by real estate firm MNS, rents here are down 14.42% year over year. Of course readers of LICtalk won’t find this overly surprising, as that’s the exact percentage we predicted back in May.
Nevertheless I have an actual anecdote to share. Upon receiving their lease renewal this month, a resident in Rockrose’s 47-05 Center Boulevard asked for a reduction and received 2 free months2 plus their previous years monthly reduced a smidgen, yielding just over 15% year over year. Bingo!
Now, some people may credit my financial acumen to the PhD in statistics I received at MIT. Others may point to my being named the youngest partner ever at Goldman Sachs. And there are even some who believe I am the second coming of Nostradamus. Whichever camp you’re in, please don’t ask me about Gamestop.3
Massive Water Main Break Floods Several Blocks of Long Island City – along Vernon Blvd by the Queensbridge Houses early this morning
Complete Chaos, Cars Under Water On Vernon Boulevard – see the video
Man Shot Twice On Center Boulevard Tuesday Night, Suspect On The Loose – around 9pm near 46th Avenue, victim still alive in hospital
LIC Rental Prices Plummet, Major Drop Over The Past Year – didn’t need a real estate report to tell me that