Lusskin: “We anticipate even greater demand for space in LIC when Cornell Tech opens this year.”
NEW YORK CITY—The hot Queens neighborhood of Long Island City doesn’t appear to be slowing down any time soon.
The Long Island City Partnership has released its LIC Real Estate Snapshot report, showing that the residential sector is exploding, with approximately 9,000 new units slated to come online in 2017—the most in a single year in the area’s history and almost double its existing inventory.
This will bring the total number of residential units built in LIC since 2006 to more than 20,000. The report, entitled 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. It was released at the Partnership’s twelfth annual Real Estate Breakfast. Over 250 professionals 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,” says Elizabeth Lusskin, president of the LIC Partnership. “We anticipate even greater demand for space in LIC when Cornell Tech opens this year.”
Located across the East River from Midtown, Long Island City has a development pipeline of more than 3.5 million square feet of office space and nearly 400,000 square feet of retail; 22,000 residential units; and 4,600 hotel rooms. The area is home to 70,000 residents and 55,000 college and graduate students.