You are reading

Over 6,200 Units to Hit LIC Market By Next Year, ‘Tremendous Growth All Around’, Report Says

April 12, 2018 By Nathaly Pesantez

More than 6,200 new residential units are expected to be available in Long Island City by next year, according to a LIC Partnership report that says the area is experiencing “tremendous growth across all real estate sectors.”

The LICP’s annual Neighborhood Snapshot report, released this morning, shows a variety of data points associated with the neighborhood’s profile and growth.

The new units expected to come online next year follow the 15,700 completed residential units this year since 2006, bringing the number of new apartments built in Long Island City to roughly 22,000 by 2019.

The report also notes that over 10,000 residential units are proposed or under construction for 2020 and beyond. The majority of the built and upcoming units are rentals.

Long Island City’s commercial and industrial sectors have also seen some changes. Over the past year, 1.2 million square feet of industrial and commercial space have opened, adding to the 8 million square feet of already existing space. In addition, 5.3 million square feet of commercial space is expected to come online down the road.

The report highlights that the area gained 160,000 square feet of new retail space over the past year, with another 536,000 square feet to be built by 2021.

Hotel development continues to grow tremendously, with 33 hotels in planning or under construction, which would bring over 4,600 units to Long Island City. There are currently over 3,200 hotel rooms in over 32 hotels.

The report outlines the neighborhood’s amenities, including dozens of arts and cultural institutions, a variety of fitness and wellness facilities, a number of higher education institutions with thousands of students, and several dining and nightlife establishments sprinkled through the area.

LICP

“This year’s Neighborhood Snapshot perfectly captures our dynamic, mixed-use, live/work community that’s coming into focus,” said Elizabeth Lusskin, president of the LIC Partnership. “While previous Snapshots showed rises in individual sectors, this report revealed tremendous growth across all sectors in Long Island City. We anticipate even greater demand for space in LIC now that Cornell Tech is open and as the life sciences initiatives of the City and State take shape.”

For the full report, click here.

email the author: [email protected]

15 Comments

Matt

Where will these residents send their kids to school? There aren’t enough seats for the kids who live here now.




10



15
Reply
Sam

I hate this. 6,200 units ONLY for the super wealthy. Which means if youre nearby, and don’t own your home, you should start planning on where you’re going to have move when you are priced out. I’ve lived in Sunnyside for almost 15 years and my rent was just raised $150 for a 1 year lease and $350 for a 2 year lease all ‘legal’ under the racket that is preferrential rent. NYC doesn’t need more luxury condos for rich people, we need our middle class to be able to live without the fear of losing our long time homes at any moment. But, I know no gives a hoot about my plea as long as greed exists. This just makes me so sad.




22



5
Reply
ginobrino

Come on Sam, how long have you benefited from preferential rent. For those who do not know, preferential rent is rent that is charged that is below the legal maximum rent. Usually done for relatives and such.
My guess is that Daddy, Mommy,Auntie or Uncle sold the building and the new owner doesn’t think of you as family. Your relative or friend who sold the building no doubt got maximum profit from it, new owner has to make up for it somewhere.
Time to move out of the basement and get your own place Sammy.




34



14
Reply
Sam

Ginobrino, Did you know that there is absolutely ZERO verification when an owner raises the rent to change the ‘legal rent’ of a rent stabilized apartment? An owner can just claim that $80K in improvements on an apartment were done and the dhcr doesn’t look at a single receipt to verify the truth behind it? Hence why rent on a rent stabalized apartment can triple in one year and still be ‘legal’. In my case, there is no way my rent stabilized apartment is worth the ‘legal’ rent listed for it, I could get a beautiful place in Soho for that price. The guise of getting ‘preferential rent’ is not in the tenants favor with a loophole like that, where no checks are made on claims of IAI spenditure that raise the ‘legal rent’, it’s a way to get a rent stabalized apartment out of being rent stabalized. And actually if you read up on it, you’d see the issue I describe has already been experienced by many and reported on, especially in the last 5 years.




5



3
Reply
Sam

Also Ginobrino, I have lived in my own apartment for the last 25 years. My guess
is that I’m a lot older than you from the maturity level of your comments and calling me Sammy and talking about Mommy, Daddy, and Auntie etc. BUT hey, if writing all that makes you feel like you’re more superior, I guess you need it more than I do.




10



2
Reply
MRLIC

Anon is right, we lack shopping, Transit is way too overcrowded. Rents for commercial space and residential space is WAY TOO HIGH ! Many storefronts are empty just as in Manhattan. Aa recent article I read called NYC “VACANT CITY” and 188 storefronts are empty along the length of Broadway. Someone should do a study on LIC. Where will these supposed new renters/buyers going to fit on our trains and buses????? On Vernon Blvd. one restaurant opens and one closes. Steinway St. has seen many businesses closing. The openings of Gyms and Banks and Drug Stores reminds me of NYC. Many Luxury Buildings in LIC and very little affordable housing. 33 more hotels means more places for DumBlasio to house his record homeless population. What happened to the Gas Station that was across from MOMA PS 1 also. I see it is all boarded off. This is the 3rd gas station closure I have heard about in recent weeks. 1 on Northern Blvd and 1 on Queens Blvd. were slated for closure. No one needs gas in LIC I guess. TERRIBLE PLANNING. LIC partnership must be dreaming and out of their minds if they think this is OK.




30



40
Reply
vcdcgad

Stores won’t come until residents move in. Most of the units are empty in LIC as they’re still under construction.

The very existence of LIC keeps rents lower in Astoria, Sunnyside, Forest Hills, etc.




4



20
Reply
MRLIC

Just like Manhattan the rents will be kept HIGH and the Stores won’t come here. Are you crazy to think businesses will pay the rents the Landlords want? Why do you think we don’t have any stores now?




14



33
Reply
Anon

Speculation. Look at Manhattan’s retail wasteland. The rent is too high and people are shopping online.




2



0
Reply
brooklynmc

Surprising, but normal. I lived in Hartford, Ct. for a short stint. The city is only 17 square miles with approx. 120,000 people. In comparison, NYC is over 300 square miles. Hartford has not been able to support a real grocery store. Same reason why Whole Foods would not even seriously consider LIC. I think developers need to get smart and build a shopping district into their plans cause god knows, the people are coming.




7



24
Reply
Anonymous

no you have that wrong the “homeless shelters” are coming one by one and that is a fact –




12



12
Reply
MRLIC

Anonymous has it right also. There will be more and more of these shelters coming to LIC and some other boroughs. As it gets more and more UNAFFORDABLE to live in the 5 boroughs. Our Politicians know this but GREED will let it happen. As I said before, if the stores were coming they would be here already. HIGH RENTS STOP these so called stores from coming. Developers love to say how stores are coming to prospective buyers,once they have their money they don’t care. There are only so many rich people who want to come to LIC anyway. Most would rather move to Manhattan or stay in Manhattan if they could. You have it quite wrong.




5



18
Reply

Leave a Comment
Reply to this Comment

All comments are subject to moderation before being posted.

Recent News