Anyone who’s ridden the Long Island Railroad into Penn Station has almost certainly noticed the rapidly changing skyline in Long Island City!
Development is occurring in LIC at a frenetic space and I for one, having worked in the Citigroup Building at One Court Square back in the 1990’s, barely recognize the place when I’m there!
Of course the same can most certainly be said of Manhattan and Brooklyn as well, with both boroughs undergoing massive skyline changes of their own.
That said, with the massive volume of residential projects rising-up throughout New York City, one has to wonder if and when the music may stop and some of these developers will be left with no chair to sit down in.
Put another way, will the laws of supply and demand in conjunction with inevitable economic cycles leave some of these building owners and their structures with the lights on but with no tenants or permanent residents home to pay the bills?
Not to be left out of the construction party, the City of New York along with the MTA has issued an RFP for the 58,000-square-foot property located at 11-24 Jackson Ave. bordered by 21st Street, Jackson and 49th avenues.
Currently an LIRR site used for storage NYC, which owns the property’s air rights, seeks a qualified buyer and ‘developer to build a mixed-use project that would include housing for a variety of incomes, as well as a community facility, retail and publicly accessible open space.’
- Who is your underwriter?
- What is the claims experience of your title insurance provider?
- Do you know whether the non-title insurance premium fees you are paying are fair and reasonable?