April 8, 2019 Staff Report
The wealth and education level of Long Island City residents continues to rise and the neighborhood’s development boom shows no signs of abating, according to a recent report.
The Long Island City Partnership released its LIC Neighborhood Snapshot report Thursday, which revealed that the median household income in the Long Island City zip code of 11101 has jumped 10 percent from 2013 to 2017, to $52,000.
Additionally, the income level in the 11109 zip code, which covers a section of Hunters Point by Center Boulevard, increased about 10 percent over the same period to $132,000.
The education level of residents has also risen.
The percentage of residents aged 25 years and older with at least a bachelor’s degree in the 11101 and 11109 zip codes jumped from 43 percent in 2013 to 52 percent in 2017.
The report also provided a detailed look at the development boom.
The report noted that since 2015, 10,450 housing units have gone up in the combined zip codes of 11101, 11109 and 11106. The partnership said that 4,000 of those units have gone up in the past 12 months.
Since 2006, 19,800 housing units have been completed within the three zip-codes. Of that number,16,200 are rentals with 3,600 being condos/coops.
The partnership expects at least 10,700 additional units to open by the end of 2021, with the next wave of development to take place north of the Queensboro Bridge.
Many of the Court Square/Queens Plaza buildings are in construction or are complete, while there are many buildings in the pipeline located north of the Queensboro Bridge, according to the report.
For instance, in the Court Square/Queens Plaza district, 8,700 units were completed between 2013 and 2018. Meanwhile, the number in construction is 3,600, while the number in the planning stage is 450.
Conversely, north of the bridge, 1,500 units were completed between 2013 and 2018, while 2,300 are in construction and 3,400 are being planned.
There are still thousands of units coming to Hunters Point. For instance, 4,075 units will open as part of the massive Hunters Point South development over the next decade.
The hotel boom is also continuing, according to the report. Since 2006, 32 hotels have opened in Long Island City and 46 have either been announced or under construction. The majority of these are located in the Dutch Kills/Queensbridge area.