It’s amazing the effect a simple press release can have on a slow news day. TF Cornerstone issues one1 Tuesday morning, saying that its latest LIC rental building is 100% leased, and The Daily News, amongst others, laps it up and calls it news by the evening. So isn’t it ironic, that only two days prior, The New York Times real estate section prints an enormous front page article about the potential glut of rental apartments and the weakening of rental rates(as I first noted five months ago in my seminal real estate piece Let’s Talk About Rents)? Unlike condos and co-ops, rental apartments are priced to clear. In other words, the owners take the rental rates down to whatever level necessary2 to make sure they are full. For all we know, TF may have held a “buy one month get another one free sale,” as they wisely make no mention of any discounts or concessions in the press release in order fill the building. If there is a takeaway to be gleaned from these two articles, it is that rents should stay flat in LIC through 2015. But nobody goes out on a limb to say that …except me.
Kudos to the PR people at TF for getting this much publicity off of a non-event. As for all those who picked up the news release and ran it for a story, now you know why your jobs are at stake: you’re giving away the milk …and it’s close to expiry!
Which leads to the next bit of local news, this one not being a non-event and broken by Jeanmarie Evelly at DNAinfo: the homegrown ice cream store Malu, is closing! Very sad news for those hoping LIC would belie its gentrified image and maintain some originality. Also, breaking news from WeHeartLIC about a new restaurant coming to Hunters Point on 50th and Jackson scheduled to be called Station LIC. At least some people are digging up real scoops. Not me though, I just blabber.
All 820 units in a 41-story tower on the Long Island City waterfront, the neighborhoods biggest, have been leased – this is literally the headline
Rent Check: Manhattan Rents Down, Incentives Are Up – “Rents have steadily declined across Manhattan over the past few months,…”
Homemade Ice Cream Shop Malu to Close Its Doors in LIC – a sad day indeed
Station LIC to Bring Burgers and More to LIC – might they serve Homer-themed donut-burgers to stand out in this competitive LIC field?
LIC Development Site Hits The Market for $50 million – hmm, slated to be condos over by Queens Plaza: 232 of them in fact
Simon Baron To Buy LIC Development Site for $54 million – yet another rental: 400 units also over by Queens Plaza
LIC Is the Top Arts Destination in Queens – somewhat ironic in light of all the gentrification going on around here. But I guess Times Square is considered the center of the arts in Manhattan
LIC Comedy Club Becoming a Hotspot for Pinball – Cave n Creek has 7 pinball machines
Anonymous says
February 20, 2014 at 10:49 amWhy is Malu closing, does anyone know? I thought they were doing well. That’s too bad.
CL says
February 20, 2014 at 1:08 pmThat is one long, bland headline from the Daily News, and they don’t even capitalize it.
I hope you’re right about rents not going up!
Ro says
February 24, 2014 at 8:59 amI propose that Malu team up with Coffeed in Coffeed’s new South Park establishment. This would be great because both establishments provide high quality products that compliment each other. They can cater to both to the coffee drinker (usually adults me) and to the ice cream eater (usually kids and adults like me) – all in one place. You guys can thank me later. 🙂
Amadeo Plaza says
February 24, 2014 at 4:33 pmThat would actually be awesome. Hahaha. I had never been to Malu before, but I decided to stop in this weekend to get a pint of whatever they had left. Ended up with half vanilla, half coffee. I didn’t know it was so good. Such a shame that I’m only now finding out 🙁