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More rental units built in LIC than any other neighborhood in the country in past 6 years, report says

Future development

May 18, 2017 By Christian Murray

Long Island City saw the creation of more apartment units between 2010-2016 than any other neighborhood in the country, according to a recent report.

RENTCafe, an online apartment search company, analyzed real estate data nationwide and determined that 12,533 rental units were constructed in Long Island City, outpacing any other neighborhood by far, with twice the number of any other neighborhood in New York City.

The area with the second most rental apartments constructed during this was period was Downtown LA with 7,551 units and North San Jose ranked third with 6,814 units.

The report analyzed about 1,000 neighborhoods across the country and was based on construction data generated by the research firms Property Shark and Yardi Matrix. The authors elected this time period since they deemed it a boom period in the construction of luxury rental units nationwide.

“After the ‘big housing crash’ homebuying humbly stepped aside, allowing renting to come out of the shadows, stripped of its old ‘low income’ stigma…making its way into the nicest, most sought after American neighborhoods,” the report read.

Other New York neighborhoods showed up in the rankings. Clinton-Hell’s Kitchen was ranked fourth, with 6,058 rental units; Williamsburg sixth with 5269 units; Downtown Brooklyn ranked eighth with 3,851; and the Upper West Side with 3,536 units.

The report attributed Long Island City’s growth to ‘location, location, location.’

“In a matter of a few years, the neighborhood has gone from a dated industrial vibe to gleaming new glass tower, to take the number one spot for building far more apartments than any other neighborhood in the country.”

The report noted that 36% of the total number of apartments in Long Island City were built in this 6-year time span.

The report didn’t look at 2017 and beyond. However, the Long Island City building boom has only just begun.

The Long Island City Partnership reported in March that 8,945 units are expected to come online this year, with another 13,000 planned for 2018 and beyond. The vast majority are expected to be rentals, as opposed to condo buildings.

For the report, click here

email the author: news@queenspost.com

18 Comments

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brooklynmc

Boy they nailed it when they said… “the neighborhood has gone from a dated industrial vibe to gleaming new glass tower”

Reply
Anonymous

Thank you for Overpopulation….it was a Better and classy neighborhood before.

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Yea.

As soon as I read 20k units were in progress or planned, back in 2014, I packed up and left. Good luck to those who remain.

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Anonymous

Rented for a year on center blvd LIC now own a home out on the island…would NEVER go back!

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MRLIC

Truth, I agree with you. It will probably only get worse if the developers continue unabated. Astoria and Sunny side watch out as the developers have found you

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Bloomberg Killed NYC

I can’t wait for these apartments to sit there and watch these real estate developers implode. They do not care about community. There isn’t anything appealing about most of these units. Modern cages for c-list yuppies that can’t afford Manhattan. Build neighborhoods not hostels.

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MRLIC

To Bloomberg Killed NYC. Your name tells it all. I write about King Bloomberg and that is what he was here, not the Mayor all the time. He rezoned the heck out of NYC for his developer buddies and DumBlasio is continuing the gentrification. Yet when I write about Bloomberg or what is happening in LIC I get 23 Dilikes and 2 Likes. Go figure.

Reply
But

Years ago, credible reports projected NYC population would grow by millions. What do you do? Nothing isn’t and option. Bloomberg reacted by increasing density in goods across the city. It sucks. But without increased density, you would have even higher rent.

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MRREALITY

When this particular bubble implodes, it will not cost these “developers” a dime. It’s called other peoples’ money. Another way to describe it is….our pensions. These guys not only have nothing at stake, they have abused the tax incentives to create massive liabilities that will fall on us all through unpaid city taxes and an unfunded transportation system that CANNOT POSSIBLY handle another 50,000 residents. In the end, many of these units will probably sit vacant but if you are flexible and prepared, you can probably take advantage of the situation personally. Especially if you can bike to work while people line up down the block to the subway stairs.

At very least, every one of these units should pay a 3% surcharge to the MTA. Unfortunately, this town is run by developers so that will never happen.

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brooklynmc

Brick and mortar is practically dead. Rent is too high. Not only for us but for businesses.

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MRREALITY

Brilliant comment. Brick and mortar represents 88.3% of all retail for 2016. I’m going to posit…it’s not quite dead.

I make this point while noting that our family spends roughly 50% of our retail purchases online. Two of my favorite widely held fallacies are that China’s economy has bypassed the US and that online retail is dominant. Wrong. In fact, not even close.

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MRLIC

How many of thee were affordable? Now you know why the trains are so crowded. LIC Rentals make for a transient 1 or 2 year stay and then move on neighborhood. Where are the stores?

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