LIC Residential Real Estate is Booming
A new report shows residential real estate is booming in Long Island City, with more units on the way. NY1's Clodagh McGowan filed the following report.
Long Island City's Court Square district is on the rise, literally. There are cranes and construction everywhere you look. According to the Long Island City Partnership, there are 9,000 new units hitting the market in 2017, the most ever in a year in LIC's history.
"It's an amazing number and it's going to basically double the new residential units that we have in the area,” said Elizabeth Lusskin, the president of the LIC Partnership.
The LIC Partnership released its annual Real Estate Snapshot last week. According to the report, commercial development is booming too. There will be an additional 3.5 million square feet of commercial space and almost 400,000 additional square feet of retail space in mixed-use developments by 2020.
"People appreciate this neighborhood as a mixed-use neighborhood because that spawns creativity, it spawns live/work opportunities, it adds culture and nightlife and lunch opportunities," said Lusskin.
Eric Benaim, the founder of the Modern Spaces real estate group, says of the 9,000 new units, only about 10 percent are condominiums, meaning it's a great area for renters.
"People do see the construction is happening, and there is a sense of excitement knowing you're actually literally seeing a city being built," said Benaim.
In addition to all of the new residential and commercial space, Lusskin says there's an additional 35 hotels in the works which she says will help fulfill the demand for both business and leisure travelers alike.
"They're deciding to now experience Long Island City and the rest of Queens for the culture, for the food, for the waterfront and so the hotels are really full," said Lusskin.