All right you real estate obsessed residents of LIC, here is an update on TF Cornerstone’s huge residential project which I refer to as Hunters Point North. I hear the first building has 60% of the apartments under lease(they just aren’t all occupied yet, but will be by mid-summer). The second building is ready to be occupied and is being shown to prospective tenants. The third, and biggest building, looks to be about one third completed and, ta-dah, the fourth one has just commenced pile-driving! This leads to the question: who is going to live in all these new apartments? My guess is there will be plenty of demand and from what I am hearing there have been minimal concessions made on them to date. Why? Well the first thing, as we all know, is this is a terrific place to live. Just looking at the links in my last post 1) the obviously easy commute to midtown 2) the walk-ability of LIC and 3) the strong demand for rental properties. In addition to the other obvious LIC attributes such as great views, alot of people are getting priced out of Manhattan or looking to get more for their money due to a number of non-traditional forces pushing up the costs of living there, such as foreigners(Brazilian, Chinese, Russian and now the French! are buying everything in sight), college students, and retirees. Therefore I expect most of the benefits of these new buildings to accrue to TF Cornerstone and not to people looking for a break on their current LIC rent. But hey, at a 20-30% discount to Manhattan you’re not doing too bad and hopefully the four new buildings will temper any rent increases.
Talk about hitting a grand slam and being in a great location, congratulations to all our NY Met neighbors as they are now at the top of their division!