Back in the mid-1990’s, working at Citicorp in their Long Island City tower located at One Court Square, there was virtually nothing commercial in the area outside of this 50-story building!
Commercial development and construction?
As they say in one of the other New York City boroughs that’s not Manhattan, ‘Fuhgeddaboudit!
Flash forward to today, and the scenario above of a lack of activity has completely flipped as I notice every time I use the 59th Street, or Ed Koch Queensboro Bridge as it is now named.
Brooklyn, and more specifically the areas known as Williamsburg and Greenpoint, for one reason or another have long been considered more desirable locations to live and work (not to mention more expensive) when compared to Long Island City.
Commutation Game Changer?
But Williamsburg, as of April 2019, will be losing use of the L subway for more than a year! This fact will completely decimate the commutation choices and time for area residents who may instead look to greener pastures. Long Island City may fill this void.
From the perspective of transportation LIC offers the following options in addition to what has been lower rents for apartments: eight subway lines, 15 buses and two ferry stations!
From the perspective of rent consider:
‘…The average rental unit in LIC was priced at $2,291 per month for a studio and $2,904 for a one-bedroom apartment, according to Modern Spaces’ fourth-quarter 2017 market report. Meanwhile, in Williamsburg it was $2,671 per month on average for a studio and $3,076 for a one-bedroom, according to Citi Habitats’ report for the same period…‘ (Source)
So what is it that Long Island City has to offer? The Commercial Observer article ‘A Look at the Glassy Behemoths of Long Island City’ tells much of the story…
‘So many skyscrapers are going up in Long Island City, Queens, that the air is starting to feel a little thin.
Much of the construction of the tallest buildings in the area is focused around the Queens Plaza and Court Square sections of the neighborhood with their easy access to eight subway lines…’
Read the rest of the article at CO here.
Michael Haltman, President
Hallmark Abstract Service
Board Chair, Heroes To Heroes Foundation, Heroes To Heroes Blue