July 29, 2020 By Christian Murray
The Long Island City condo market is currently in a state of flux.
The market was showing signs of softening before the pandemic struck and analysts were also noting that a large supply of units were coming online.
The New York Times did a story on July 3 discussing a glut and looked at what that might mean for developers in a post COVID-19 economy.
We talk to Patrick W. Smith, a new development specialist with the Corcoran Group, about how he sees the Long Island City condo market right now.
Maybe they will finally stop overbuilding LIC without planning. telling people to not use Ac in a heat wave at certain times is a joke if you are dding more luxury condos. Don’t forget Gov. Corruption Cuomo wants to shut down Indian Point soon. Where will the missing electricity come from. Too many hotels and not enough guests will be fair game for DeBlasio to put homeless in many of those LIC hotels and others in the 5 boroughs.
Mr. Smith sure sounds like a new development specialist. But him saying there are buyers for small 1 BR apartments here makes me laugh. Relative to larger apartments, maybe. But that’s a very low hurdle to jump.