As if what is visible to the naked eye is not enough, the wheeling and dealing and prospecting going on in this town makes Manhattan look like Arkansas. Especially on a per capita basis. Everywhere I look, both on the streets and in the news, deals and development are occurring at a frantic pace in Long Island City for both commercial and residential real estate. I have documented most of them here on this website, but they keep popping up like weeds and keeping track of their progress and locations is bewildering. All I can say is that if the building sales continue at this pace, and the construction(and financing) goes according to plan, three years from now LIC will look like Dubai .
Most people think of LIC as Hunters Point, Court Square, maybe Queens Plaza. But from a land mass perspective these comprise less than 50% of the acreage in LIC. The biggest “other” section is the area north of the Queensboro Bridge. Even here there are many different enclaves, but I’m just going to refer to them as the Northern Hinterlands. For those wanting greater distinction, the final two stories tell of a kooky local business and a just-reviewed by the New York Times restaurant located up there.
Developer Looks to Turn LIC’s Court Square into Nightlife Hub – beer hall, music venue, high end restaurants. You know, just like Disney World.
26-14 Jackson Avenue – 98-unit rental building scheduled to break ground in June (Google “Ekstein Development if this does not load correctly)
5-27 51st Avenue – 4-story condo building in the heart of Hunters Point, Condos!
Tower on the Rise In Greenpoint – relevant to LIC because it is just across Newtown Creek and is going to be a 210-unit rental building
$40 Million Paid for Innocuous Looking Industrial Building – in the hinterlands east, but another sign of all the wheeling and dealing
Corner Bistro LIC Review – hamburger good, beer cold
NY Times review of Bear – all of you clamoring for something different, this fits the bill
Legendary Indie Film Company – who knew on their way to Costco, that we were amidst cinematic greatness?
Paul says
March 1, 2013 at 8:16 amThis will not end well.
gELDING says
March 6, 2013 at 10:24 amGiven Chamber of Commerce chied John J Halleran’s promotion of third ward overdevelopment, aren’t his scion’s objections hypocritical?
LIC4evr says
March 1, 2013 at 11:45 amI disagree with you Paul. I think the proximity to, the ease of access to, and the relative discount to Manhattan makes LIC a natural extension for a lot of people and businesses. The developers envision this and that is why they are one step ahead.
JP says
March 1, 2013 at 2:37 pmPaul – location, location, LOCATION!
? says
March 1, 2013 at 3:54 pmMiami has beautiful weather, is on the ocean, has an international airport hub, and world renowned nightlife and restaurants, but guess what? It got tremendously overbuilt too. I know Miami has recovered, but LIC doesn’t have quite the same appeal. There are too many residential towers going up here to meet demand.
Anonymous says
March 1, 2013 at 4:28 pmWho cares if this place gets overdeveloped. The offset is exactly what is needed for the neighborhood: more infrastructure and more places to go. See the first article on Court Square.
Ro says
March 3, 2013 at 6:52 amPaul – NYC does not even get close to building the necessary housing it needs to meet its population growth and replenish its obsolete housing stock. This area might see a short lived softness in rents due to an uptick in supply but in the long term owners will do just fine. Being one subway stop away from one of the most desirable employment hubs in the world is never a bad investment idea.
Anon too says
March 3, 2013 at 8:20 pmYeah but a lot of the building is being done by Court Square, Queensboro Plaza, and Queens Plaza. Where development sites are innumerable and the streetsscapes not as nice. This increased supply could soften pricing everywhere in LIC.
realestateunlimited says
March 7, 2013 at 3:43 amI looks that most of the commenter of this post is disagree with you. But I am very interested about this. I want to see what will be at last. So I am waiting . . .
real estate echo park