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About 9,000 residential units to hit the market in Long Island City this year, according to report

Future development

March 16, 2017 By Christian Murray

Long Island City will see nearly 9,000 new residential units hit the market in 2017, according to a report released this morning by the Long Island City Partnership.

The LIC Partnership released its semi-annual real estate report this morning, revealing that the number of new residential units that are expected to come to market in Long Island City this year will almost double the area’s existing inventory.

The report shows that since 2006, about 11,850 residential units have come to market, about three quarters of which are rental.

In 2017, 8,945 units are expected to be completed, with 1,573 planned for 2018 and another 11,532 already planned for 2019 and beyond. This year is the neighborhood’s biggest ever in terms of new units coming to market.

The report also covered Long Island City’s commercial sector. It showed that by 2020, the area would add about 3.5 million square feet of office space to the existing 6.8 million square feet, and another 395,000 square feet of retail space in mixed-use buildings to the existing 253,000 square feet.

LIC is also seeing a steep increase in hotels in the area, with 29 currently operating and 35 more in the planning or construction phase, adding 4,670 or more hotel rooms to the existing 2,900.

“Long Island City’s location, mixed-use character, cultural vibrancy and interdependence among the diverse businesses are this neighborhood’s greatest assets,” said president of the LIC Partnership Elizabeth Lusskin at the LIC Partnership’s annual Real Estate Breakfast this morning where it unveiled the report.

The breakfast hosted a panel of speakers addressing the massive development in LIC, and was attended by about 250 people, including Queens Borough President Melinda Katz, Councilman Jimmy Van Bramer, and Senator Michael Gianaris.

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19 Comments

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Jamal

People keep complaining about politicians yet keep voting the same ones in. Hilarious. This is what happens when people consistently vote blindly for a party rather than a person.

Reply
Anonymous

And you think some slimy local Republican politician would be any different, because they just hate real estate developers?

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John

Move to Dallas-Ft Worth. My 4-bedroom, 2800 square foot home, in in-ground swimming pool, has current market value of $350,000. Home has 3-stall attached garage. All types of jobs are readily available in Metro area. NO STATE INCOME TAX IN TX.

Life is so much better here.

Reply
I left

Uhh, please don’t tell people about the rest of the US. Let them live under the illusion that life is horrific anywhere but NYC. I like my low rent and open spaces.

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yasss

60% 1beds for new condos……yeah, no one gives a crap if your family wants to buy here or live here period.
What an unfortunate turn of events for LIC

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Max

So gross to think of all these real estate developers gorging on baked goods and coffee while congratulating themselves on creating a “neighborhood” full of high rise buildings and hotels with no plans for shoring up the infrastructure or building parks or schools. LIC will become a case study for what not to do in urban planning but it will be too late for those of us who live her to un-do all of these follies.

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Anonymous

Right , especially the waterfront, currently completely under-developed, needs more parkland and recreational areas.

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Max

Except we’re not talking about Hunters Point. We’re talking about LIC/Court Square, which has no parks other than Murray Park and very little sense of community. Walk around on a Saturday afternoon and see what a great place it is to live. Hunters Point also doesn’t have a glut of hotels.

Reply
rikki

Well maybe my stupid ignorant dumb idea to reverse commute may not be so bad after all….. or get used to 25 more years of this…

Only 2 solutions force the LIRR to have a sunnyside stop at say 43rd st and have shuttles all day long to grand central

Or wait for a new tunnel to be built under the east river and tie into the second ave subway

Reply
dave

A huge glut and increased vacancies could lower rent prices for the area. That’s the only upside I can think of.

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MRLIC

Will these units be rented? If they are, get ready for more overcrowded trains if that is possible.More Traffic and more crowded sidewalks. More Pollution etc….LIC can’t handle this and Katz, Van Bramer and Gianaris know it.

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MRLIC

How is it they could not protect the former Knigths Of Columbus Building on 44th drive last year. It was sold to a developer an is now being destroyed for residential use I heard. I know the city would not judge it a historic site for some reason. I don’t trust NYC or the City Council or Jimmy Van Bramer as they are all in the pockets of the developers.

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LICer

@MRLIC: Because no one in the community lead anything. HDC is there to serve the people’s interest not to baby feed them on issues. YOU need to lead them.

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