A new report released this week is highlighting the good and bad about Long Island City

The Long Island City Partnership unveiled Phase 1 of its yearlong study of development on their neighborhood this week.

The goal of the research was "to enhance the incredible revitalization of New York City’s fastest-growing neighborhood and position it to capitalize on future opportunities".

The report found that people like the neighborhood's combination of business and residential space.

It also found that many plan to stay in the area long term.

However, the research found that keeping people around will require more space and a efforts keep the diverse mix of residential and retail establishments.

"Everybody's so excited about Long Island City. We want to see what's going on, what does it need to succeed, what kind of future do we all want to have," said Elizabeth Lusskin, the President of the Long Island City Partnership.

"People love to live and work and play in the same neighborhood, in one neighborhood. If you live here and work somewhere else, it's nice to have some place to have a drink or see an art show after work," said Mary Ceruti, the Executive Director at SculptureCenter.

The report also suggests that incentives for businesses would bring new companies to the neighborhood and would also encourage people to stick around.