Long Island City's Court Square area is quickly becoming the new frontier for development. NY1's Clodagh McGowan filed the following report.
The ever-changing Long Island City skyline is on the rise, especially in the Court Square District.
Associate real estate broker Christopher Austad told NY1 the industry is seeing construction moving eastward because the neighborhood's waterfront area is almost completely developed.
"The new development is concentrated here in Court Square and Queens Plaza. And what's exciting is back to being a brand new neighborhood is it's an emerging market. So for those buyers that are looking for a great investment or a primary residence, that's what Court Square offers," said Austad, who works for Douglas Elliman.
Austad said there are approximately 23,000 new residential units coming to the area over the next decade.
"You have great transportation here, you have 8 subway lines, 13 subway lines the infrastructure can support larger growth," said Austad.
In addition, he said the expiration of the 421-A program earlier this year, which gave developers a tax break for building multi-residential projects on vacant land lead to a construction boom.
"There was a surge of development, a lot of the developers had to begin their foundation and be in the ground, file their plans, so we saw a ton of new projects come online at that time," said Austad.
Sales Director Rick Rosa said even with all of the new projects, sales are way up. The Dutch Condominium building will be complete next year but it's already 80 percent sold. The Factory House, which is ready for occupancy later this month is more than 90 percent sold.
"The people that come here they're not forced to live here, they chose to live here. They can all afford to live in Manhattan but they want to live here because better quality of life, better sense of community," said Rosa.
Rosa said a lot of the new development in the Court Square area is designed to meet the needs of families. That includes larger units, with more bedrooms.
"Which is what this neighborhood is becoming, a very family driven neighborhood," said Rosa.