April 22, 2015 By Michael Florio
It’s only just begun.
More than 22,500 units are either being constructed or are in the planning phase in Long Island City, according to a market report released by the Long Island City Partnership today.
The LIC Partnership, which released the numbers at its 9th annual real estate breakfast held at the Con Edison Learning Center this morning, also noted that the units will come on top of the 8,600 apartments that have been completed since 2006.
The LIC Partnership also reported that 20 hotels have opened in Long Island City since 2008, with another 26 in the planning or construction phase.
The report, based data provided by real estate firms, revealed that the average sale price for a studio in 1Q 15 was $678,000, while it was $820,000 for a one bedroom and $1.1 million for a two bedroom.
Meanwhile the average rental price per square foot for an apartment in April was $53 for a studio; $50 for a one bedroom; $47 for a two bedroom; and $53 for a three bedroom.
The partnership also provided data as to the commercial and industrial marketplace. The report noted that 2 million square feet of Class A office space had been developed in LIC since 2003, occupied by tenants such as Jet Blue.
However, city planners in the past have expressed their disappointed at the pace of commercial development in Long Island City. They had hoped in 2001, with the rezoning of Queens Plaza/Court Square, that it would be a major hub for office and retail space. Instead the area has attracted residential buildings.
Exactly Anon! Why hasn’t a proper supermarket opened up by Jackson ave? Lord knows there is space. Keyfood on 21st sucks! Food cellar sold me a sirloin that was so tough, just awful! And urban market is not good, they obviously don’t check the dates on a lot of their produce.
It’s really ridiculous because there are not enough goods and services in the area. Some of these residential buildings claim “retail space” but will it turn into Manhattan where the only businesses who can afford it are Duane Reade and Starbucks? Also, where is the commercial space and offices? Why aren’t they trying to bring more businesses into LIC? People need places to work, too. Stop with all of the residential and hotels and start with what we actually need.
Suburbanization is reversing. More and more realize city life makes a lot more sense. Places like LIC will densify. Oppose, support, buy, rent, leave, stay, whatever: it will be a trend going forward.
What we really need is Sunnyside Yards to be decked so that we can add another 50,000.
glad all the developers are contributing to all the infrastructure improvements
I like how rent keeps going up and more kids with mommy and daddy’s money keeps helping me move out because I can’t afford rent, no I’m not on section 8 or walfare because I have two legs and feet and choose to provide for myself with out getting help from the system. Pretty soon were am I going to live, work eat. as rents raise business barely holding on can stay and of course again my rent gets raised, I work 80 hrs a week and barely make 2000, my rent 2150 plus utilities how do I survive in my birth place long island city!
If you’v lived in LIC for a long time you should have bought something years ago. I bought in 2005 and wish I had made the jump sooner.
so, i don’t mean to be rude, but how on earth are you working 80 hours a week and only pulling in 2000 and your rent is 2150?
how did you even qualify for a rental apartment based on your income? You are in a deficit
you mean like every other train in the city?
Nope, I do not. You clearly don’t know the 7.
That should get nice and snuggly on those rush-hour trains… heck even on the off-hour ones.