You are reading

Developers likely to start building condos, as young renters want to put down roots

Rockrose's Linc LIC

Rockrose’s Linc LIC in Court Square

June 19, 2014 By Christian Murray

Several of Long Island City’s leading real estate experts believe that developers will start focusing on building condos now that the neighborhood is starting to mature.

Developers have largely focused on building rental units since coming to the neighborhood a little over a decade ago. For instance, TF Cornerstone has built six out of its seven waterfront properties as rentals. Rockrose, too, has focused on rentals since it started building in Court Square.

However, this focus is likely to change.

“You have all these renters coming in who are falling in love with [Long Island City] and are getting invested in it,” said Justin Elghanayan, president of Rockrose, who was a panelist at the LIC Summit on Tuesday. “We are gestating a large condo market…where there are a lot of young people who start renting and then want to stay.”

Rockrose is in the midst of developing four buildings in Court Square totaling 2,200 units. “The final building of the four may be [a small] condo,” Elghanayan said. He said that developers tend not to build condos until an area has matured and taken shape.

However, many renters are moving out of Long Island City despite their love of the area.

Eric Benaim, founder of Modern Spaces and another panelist at the LIC Summit, said a big factor for their departure is the lack of 3 bedroom apartments in the neighborhood. He said that in most buildings about 30% are 2 bedrooms, with the remainder typically studios and 1 bedrooms.

“There is demand for—yet lack of–3 bedrooms in the neighborhood…and families are moving out to the suburbs since they can’t find any large apartments,” Benaim said.

Kevin Singleton, executive vice president at TF Cornerstone and panelist, said the neighborhood has more families than the company ever anticipated.

He said that when the company developed 45-45 Center Boulevard it constructed a children’s playground catering to the needs of 45 children. “Now we have a waiting list to use it…so there are a lot of children and strollers,” Singleton said.

The demand from families was also evident at TF Cornerstone’s 184 condo development The View. “We found a diverse population, lots of families, lots of strollers,” Singleton said. “We didn’t anticipate the need for stroller parking originally, but now we have that need.”

TF Cornerstone’s most recent building, however, 46-10 Center Boulevard, caters mainly to single urban professionals. The majority of units are studio apartments, Singleton said.

Elghanayan said that he was not concerned by claims that there is a lack of retail in the area. He said that stores will continue to open in the area as the population increases. Currently, developers are providing incentives for retailers to come to the area.

Nevertheless, Long Island City is not a place where the dollar goes far.

Benaim, speaking in general terms, said that rents on the waterfront tend to go for between $55 to $60 per square foot; Court Square about $50 per to $55 per square foot; and Queens Plaza in the high $40s.

Condos are selling on average for about $1,000 per square foot, Benaim said.

email the author: [email protected]

9 Comments

Click for Comments 
r185

I guess real estate developers are as short sighted as the rest of corporate America. And the City blindly followed along.

Reply
Mel

I’d rather buy a house with 3 bedrooms, a yard,
have a garden for way less than1.5 M!

Reply
Sick NYC

They aren’t necessarily earning Wall Street money or even living on trust funds from their blue-blood families. That’s the perverse thing about New York City these days. We’re drawing the plutocrats from all over the world. Evidently, there’s a bumper crop of them able to buy million-dollar-plus apartments as if it were chump change.

Reply
Amadeo Plaza

Well that’s a deflating point of view for those of us who don’t make Wall St. money. Haha.

Reply
Medium Timer

As long as the young renters earn wall-street salaries by the time they’re ready to purchase, it shouldn’t be a problem!

Realistically, condos in this area are for those making a tonne of money, not for someone who couldn’t afford to live in Manhattan to begin with.

Reply
Time's Up

I’m still wondering how we’re all gonna fit on the 7 – even with increased ferry service.

This bubble’s gonna pop. There’s finite number of millionaires, and college graduates are doing worse than ever.

Reply
Waterfront resident

And on the flip side, there are many millionaires looking to settle here, so how about some super large and extravagant waterfront condos? Maybe convert 4540 and 4610 down the road?

Reply
Amadeo Plaza

This is the two-pronged issue I’d be facing as well. I’ve spent a large portion of my life in Queens and now live in Linc. I’d like to settle down in LIC, but with a baby on the way, which will probably be followed by a second later down the road, a 3-bedroom would be ideal. But convincing my fiancé to spend the money it costs for a 3-bedroom condo here would be next to impossible. You can’t get one without spending over $1.5M. You can take that kind of money to the burbs, or even deeper into Queens, and get an amazing home for that price. At the end of the day, most of us are still just regular people. Not millionaires. And now that we’re starting families, it’s hard to wrap our heads around $1.5M price tags.

Reply

Leave a Comment
Reply to this Comment

All comments are subject to moderation before being posted.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Recent News

Gunman who fired shots at the Ravenswood Houses in Long Island City remains at large: NYPD

Police from the 114th Precinct in Astoria and PSA 9 are continuing their search for a gunman who allegedly opened fire at the Ravenswood Houses in Long Island City last month.

The incident occurred during the early morning hours of Wednesday, Jan. 18, when officers responded to a 911 call and a ShotSpotter activation for multiple shots fired at 21-25 35 Ave. at the Ravenswood Houses NYCHA complex just after 2 a.m., according to authorities.

Popular places where you can watch the Super Bowl in Queens

Feb. 2, 2023 By Tammy Scileppi

Hey, football fans! Game time is fast approaching, and across the city and here in Queens, you can feel the excitement brewing as the two teams prepare to take the field on Super Bowl Sunday, Feb. 12. So, kick back and watch the big game, and don’t miss Rihanna’s exciting performance during halftime. 

Borough president hears from community members on budget needs throughout Queens

During a two-day public hearing on the mayor’s 2024 preliminary budget, Queens Borough President Donovan Richards Jr. listened to testimonies from 14 community board representatives, community stakeholders and members of the public on where the money should be spent in Queens. 

The public hearings were held both in-person and via Zoom on Monday, Jan. 30, and Tuesday, Jan. 31, at Queens Borough Hall. The testimonials will be used to develop the Queens Borough Board’s FY24 preliminary budget priorities in the coming weeks. 

‘He didn’t deserve to die’: Borough President Richards leads emotional candlelight vigil for Tyre Nichols

Queens Borough President Donovan Richards held a candlelight vigil for Tyre Nichols outside Queens Borough Hall Monday, Jan. 30 after Nichols’ death at the hands of police officers in Memphis, Tenn., made national headlines for the brutality in which the officers beat him.

Almost immediately after news broke about Nichols’ death, the Memphis police officers who beat him to death were fired and charged with murder. The police department released the body cam footage of the fatal beating on Jan. 27, but many people, including some at the vigil, have refused to watch it due to its extremely graphic nature.

Long Island City teen sentenced in fatal shooting of ‘beloved’ school teacher at Queensbridge Houses in 2020: DA

A Long Island City man on Friday, Jan. 28, was sentenced to 19 years in prison for the 2020 fatal shooting of a public school social studies teacher who was out walking his dog when he was caught in the crossfire during a confrontation between gang rivals in broad daylight, just blocks from his home, according to Queens District Attorney’s office.

Ike Ford, 19, of 12th Street, in Long Island City, pleaded guilty to manslaughter in the first degree before Queens Supreme Court Justice Kenneth Holder. The teacher, George Rosa, 53, was shot in his abdomen by a stray bullet fired by Ford, who was just 17 years old at the time of the shooting but was sentenced as an adult given the severity of the crime, according to Queens District Attorney Melinda Katz.