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.
“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.