THE New York Times published an article in the real estate section this Sunday about city folk moving to the suburbs in light of coronavirus. That’s pretty standard fare and unlike the pandemic itself a story like this comes as zero surprise, as do the basic anecdotes and rationales of those fleeing. Nevertheless it spurred me to write down my predictions for what effect the virus will have on Long Island City real estate, a subject I’ve been mulling over since the shutdown began.[Read more…] about What Does The Coronavirus Mean For LIC Real Estate?
A one million square foot office tower will be part of the LIC Waterfront Master Plan according to Tom Elghanayan, the co-founder of TF Cornerstone. This is the first salient detail revealed about what the developers are contemplating for the 28-acre assemblage, and is an indication they are open to compiling a whole new playbook for the area. I say contemplating because they are still in the process of gathering community input prior to putting forth their initial proposal.[Read more…] about 1-Million Square Foot Office Tower To Be Part Of LIC Waterfront Plan
Plaxall has decided to join the other waterfront land holders in order to create a Master Plan for the 28 contiguous acres of Hunters Point North that it encompasses. LICtalk has been advocating for a Master Plan for this large plot since before Amazon was proposed (and then deposed), and we’ve been advocating for a key component of this plan – a Rec Center – for half a decade. There’s no need to hold workshops on this aspect of the plan, the people have already spoken. In fact I would say any plan ultimately put forward is DOA without the inclusion of a Rec Center. I hope the powers-that-be are listening, I’d hate to see another Amazon-type rejection due to community disapproval, real or not.[Read more…] about Plaxall Joins Waterfront Development Group – All Systems Go For Rec Center?
This morning Bisnow held their annual Long Island City/Queens Real Estate Event. No revelations were shared and most of the banter was just such, which this late in the economic cycle is not surprising. So we will use it as a jumping off point in regards to a trend in regards to Long Island City real estate that’s been occurring for a few years but has yet to be publicized.[Read more…] about The Waterfront Premium in Long Island City
This article is intended for the owners of TF Cornerstone. Brace yourself, because I’m about to make you a coupla’ hundred million at no cost. I know, I know, who am I to offer real estate advice to a family that has very successfully built a multi-billion dollar real estate business in NYC over the last half-century? But follow my logic and the recent words (and actions) of other successful NYC developers as quoted in Forbes last week, and I think you will see that I am not a fast talking alchemist.[Read more…] about The Pool Rules in Long Island City