About 9,000 residential units to hit the market in Long Island City this year, according to report
Long Island City will see nearly 9,000 new residential units hit the market in 2017, according to a report released this morning by the Long Island City Partnership.
The LIC Partnership released its semi-annual real estate report this morning, revealing that the number of new residential units that are expected to come to market in Long Island City this year will almost double the area’s existing inventory.
The report shows that since 2006, about 11,850 residential units have come to market, about three quarters of which are rental.
In 2017, 8,945 units are expected to be completed, with 1,573 planned for 2018 and another 11,532 already planned for 2019 and beyond. This year is the neighborhood’s biggest ever in terms of new units coming to market.
The report also covered Long Island City’s commercial sector. It showed that by 2020, the area would add about 3.5 million square feet of office space to the existing 6.8 million square feet, and another 395,000 square feet of retail space in mixed-use buildings to the existing 253,000 square feet.
LIC is also seeing a steep increase in hotels in the area, with 29 currently operating and 35 more in the planning or construction phase, adding 4,670 or more hotel rooms to the existing 2,900.
“Long Island City’s location, mixed-use character, cultural vibrancy and interdependence among the diverse businesses are this neighborhood’s greatest assets,” said president of the LIC Partnership Elizabeth Lusskin at the LIC Partnership’s annual Real Estate Breakfast this morning where it unveiled the report.
The breakfast hosted a panel of speakers addressing the massive development in LIC, and was attended by about 250 people, including Queens Borough President Melinda Katz, Councilman Jimmy Van Bramer, and Senator Michael Gianaris.