The Mayor and the City Council reached an agreement to increase building size allowances in a number of zones in NYC, one of which is in the Court Square/Queens Plaza neighborhood. In return for this increased density, developers will set aside a portion of the new apartments for affordable housing. I’m not going to delve deep into this story as I have already done so recently here and here. The distillation of it then and now continues to be: [Read more…] about GET READY FOR PACKED SUBWAY CARS LIC
long island city
This week comes two stories that should give a pretty good indication of where things are headed in the LIC, and NYC, real estate market. First, an article in DNAinfo talks about the increased concessions, in particular a free month’s rent, that landlords are giving prospective tenants. The freebies are up to 19%1, which supposedly is the highest percentage in six years. While the specifics of the numbers are a little nebulous, I have little doubt that the trend is real and that it’s accelerating, or about to. Implied in the story2, is that while reported rents in the city keep inching higher, or at least staying afloat, cracks are starting to appear.
The second story will be the proof in the pudding, or not, for Long Island City. [Read more…] about LIC GLUT?
A new cafe called Sugarcube Patisserie has opened on 50th Avenue between Vernon Boulevard and Jackson Avenue. It serves pastries, gelato made in house, petit-fours, and of course coffee. The building housing it blasted out a previously non-existent storefront to create a retail space, as the demand and price for street level locations escalates higher. Early reviews from a sprinkling of readers are very good, so take tomorrow off and join cafe society for a day.
//The owner of the Army/Navy store on Vernon has “narrowed the list to [Read more…] about SUGARCUBE OPENS IN HUNTERS POINT
The NYC EDC has put out a request-for-proposal (RFP) to develop the land currently occupied by the Water’s Edge Restaurant and the adjacent parking lot along the East River, as well as a long thin lot across the street on the south side of 44th Drive. In total, it’s about 4.5 acres, with the choice river front property about 75% of that total once one includes the possibility of reclaiming, via landfill, a portion of the lot that’s currently underwater.
The city’s RFP makes it clear that they want the developer to think big and ignore the current zoning restrictions1, and while paying lip service to including space for light manufacturing, heavily emphasizes the desire for affordable housing, on the magnitude of ~1,000 new apartments. Also, it begs the question: now that the city has shown their hand and a willingness to quickly change zoning in this specific neighborhood, does that mean the Paragon Paint Building should be given an exemption, as the previous complaint against doing so per Community Board 2 was that a comprehensive plan was needed?
Also, the RFP requires that [Read more…] about CITY TO BUILD HOUSING & SCHOOL ON WATERS EDGE RESTAURANT
- M1-M4 = low slung manufacturing buildings [↩]