So, Rockrose previewed their newest building in LIC yesterday, Link LIC. By preview, I mean allowing select VIP’s like myself to see the amenities(half-court basketball and a squash court, etc.), apartments, and common spaces of the new 700+ unit building in Court Square. Followed by a few local pols giving speeches about the growth of the neighborhood, followed by a ribbon-cutting, hopefully followed by cocktails, and always ending with a trek back to my ground floor hovel in an unglamorous stretch of LIC near the Mongolian border, as befits a low-level local beat reporter with a big ego and a taste for whiskey.
While normally I view these occasions as a chance to add to my thousands of pictures of LIC stock photography, I did receive some very interesting insights from Justin Elghanayan, the president of Rockrose. And in my mind, these might be very helpful for those of you contemplating a home purchase in LIC.
By way of background, Link LIC is 40% leased so far, and Rockrose has a 925-unit rental in the works which should be available for leasing in 2016, followed a year later by an 800-unit rental expected to be completed in 2017, all in the Court Square area. So the first question I asked Justin was “Are you worried about a glut?” He responded that there was still a huge demand for thousands of apartments in the five boroughs, so even if there’s some short term dislocation in Court Square, the fungibility of high end rental apartments close to Manhattan will eventually draw people to LIC. On the supply side, he feels that the more apartments that come to Court Square the better the odds that infill and critical mass make the location an attraction of its own. Ehh, he may or may not be right about the inexorable demand, and he can’t control other developers from possibly overbuilding, but there’s no question that he’s very attuned to the three cardinal rules of real estate: location, location, location. His exuberance for LIC is exemplified by his in-depth knowledge of every single street and lot in town. He reeled off addresses like he’s been a regular at Brooks Restaurant for half a century.
Most importantly, when I asked him “In light of so many rental buildings going up, why don’t you tack, and build condos?” He responded “I can’t see any reason to give up all that value.” In other words, so what if the market is soft for the next two, five, or ten years; this is valuable real estate and I want to own it forever. In addition to location, its got incredible views of Manhattan, is right near the subways, and if my grand scheme turns out right, will become a destination in its own right.
Now, while Justin may be building multiple 40 to 50-story apartment towers whilst overseeing a real estate empire, and I sit in my darkened cave and tap away meaningless drivel on WordPress, there is one big advantage I, and you, have: we actually live in LIC. Therefore we have the tactical advantage of knowing that it already is a destination. So if you’ve been on the fence about buying an apartment, or two, don’t wait any longer. Over the next ten years the Queens discount will narrow, the Long Island City premium will skyrocket, and you will have two things in common with Justin Elghanayan: you’re a real estate savant and you read LICtalk.
Luxury Rental Building Linc LIC Opens In Changing Court Square – here, read Jeanmarie if you want to know all the facts and details about Rockrose’s new buildings and plans
Transmitter Brewing Coming to LIC – yet another brewery is opening in LIC! This one is expected early next year and is located down by Borden Avenue. Meanwhile…
Rockaway Brewing May Decamp for Far Rockaway – as one brewery announces it’s opening in LIC, another may be leaving LIC
Eating Along the M-line: Court Square Station’s Got Top Restaurants – talks about JB’s Smokehouse, BreadBox Cafe, and Jora – the new peruvian restaurant at the foot of the Pulaski Bridge, which expects to open in December
LIC Flea & Food Indoor Holiday Market – here’s the details