SNOW is temporary, apartment vacancies may stick around a little longer. The Real Deal reports that:
“At Tishman Speyers’ 1,871-unit Jackson Park, occupancy declined from 96 percent in 2019 to 59 percent as of September 2020” and “Rockrose’s 715-unit Linc LIC, at 43-10 Crescent Street, saw occupancy decline from 91 percent in 2019 to 67 percent in the third quarter of 2020.”
Those are big numbers, much bigger than I surmised. Given the lack-of-a-real neighborhood feel, I’ve always felt there might be a certain transience about the bulk of the inhabitants, especially the newer Jackson Park, thereby making it swing capacity for NYC and subject to greater volatility. So in this neighborhood it might take 3 months of free rent which equates to a 20% discount1 to move leases. Which may not be amenable to the buildings lenders and is further complicated by the fact that the borrowings were sausaged into CMBS.
Meanwhile, the completed 1,200 unit 5Pointz compound down the road, which was supposed to start filling up in 2020, looks to be mothballed for the time being as there’s not even a website yet.
//BJ’s, bike lanes and snow, the fun continues in LIC. January is over, pitchers & catchers is less than 2 weeks away, and Ground Hog’s day is tomorrow, which means spring is…, oh here’s a recipe for stuffed groundhog passed down by my great-Uncle Jethro…
Two Huge LIC Rentals See Occupancy Plummet – how low she goes nobody knows…
Inside BJ’s Big New Little Store in LIC – now open on Northern Blvd
This Is The Largest Home On The Market in LIC – more like a building
12-15 Jackson Ave – see for yourself
- 3 free/12 +3 months [↩]