Long Island City, NY – The Long Island City Partnership – the economic development organization for LIC, Queens – released a real-estate market report showing that the residential sector is exploding with approximately 9,000 new units slated to come online in 2017, which would be the most in a single year in LIC’s history and almost double the area’s existing inventory. This will bring the total number of residential units built in LIC since 2006 to more than 20,000. The report, titled the “LIC Real Estate Snapshot,” also showed that over the past 12 months, there was a deal volume of $2.13 billion in commercial and investment sales in the neighborhood.
The LIC Real Estate Snapshot can be viewed here.
The Snapshot was released at the Partnership’s twelfth annual Real Estate Breakfast, which has become a premiere real-estate event in the borough as LIC remains one of New York’s most popular neighborhoods. More than 250 leaders in real estate, finance and the community convened at the Con Edison Learning Center to hear about current projects underway and activity on the horizon in western Queens.
During the breakfast, a panel discussed a mix of residential, commercial, retail, cultural and industrial developments including market trends, sector and cross sector development, among other topics. The panelists were David Brause, president of Brause Realty and chair of the LIC Business Improvement District, who moderated the panel; Andrew Kurd, director at Savanna; Tom Powell, director of business development at Boyce Technologies; Olaf Schmidt a senior associate at Steven Holl Architects and Tara Sheikh, general manager at Aloft Long Island City Hotel.
“Long Island City’s location, mixed-use character, cultural vibrancy and interdependence among the diverse businesses are this neighborhood’s greatest assets, which creates a perfect recipe for the district’s renaissance. We anticipate even greater demand for space in LIC when Cornell Tech opens this year,” said Elizabeth Lusskin, president of the LIC Partnership. “As LIC has transformed, our annual Real Estate Breakfast has evolved to become a valuable source of information to all in economic development and the real estate industry looking for insights and data to support their investment and policy decisions. Thanks to everyone who made this year’s Breakfast a success.”
Also in attendance were NYS Senator Michael Gianaris, Queens Borough President Melinda Katz and Majority Leader Jimmy Van Bramer.
Long Island City, Queens, located across the East River from Midtown Manhattan, is New York City’s fastest-growing neighborhood with a development pipeline of more than 3.5 million SF of office space and nearly 400,000 SF of retail; 22,000 residential units; and 4,600 hotel rooms. A vibrant mixed-use community, the neighborhood is home to Fortune 500 companies, world-renowned arts and cultural institutions, prominent film and television studios, a thriving industrial zone providing good jobs as well as products and services, more than 70,000 residents and 55,000 college and graduate students.