Bargains in LIC? Not anymore as Market Booms.
“Going all-in on an unknown quantity is a smart move”, says Evan Daniel, the executive vice president of the commercial and investment property division of Modern Spaces. Daniel has been studying the Long Island City commercial real estate market since a decade ago. In spite of this though, he has never really explored much about the quaint corner in the city called as Queens.
According to Daniel, “The only existing development site in LIC in 2006 was Queens West. Everything else was just a pipe dream. There was nothing.” With this, LIC is now being looked at as one of the prime address to respond to the increasing and unstoppable demand for both residential and commercial space.
With the current amendments to the zoning laws in 2001 and 2005, everything is set to bring commercial and residential density to this sector of the borough.
Under the same light, Daniel also said “Long Island City is no longer just a place where people go because they want to be close to Manhattan. It’s going to have the big-box retail, it’s going to have the small retail. It’s going to have the restaurants and entertainment,”
Apparently, Daniel is not the only one who sees such potential. As according to the chairman of Cushman & Wakefield New York investment sales, Bob Knakal, “Clearly Long Island City is booming”.
From the foregoing, it is clear that the people were right 20 years ago in their anticipation of the influx of developments in this side of town. With over 8,000 apartments built and presently occupied in this address, and a current 19,000 apartments that are yet to be developed or built in this part of the city, a bulk of the city’s development can be said to be happening today in this seemingly ignored part of the boroughs.