Retail and restaurants flourishing in LIC
LIC going through a blossoming time
As reports have shown, retail has decreased considerably in the Manhattan area. Nevertheless, the demand for restaurants has risen in Long Island City. The Long Island City Partnership conducted a survey in the area and results shown that restaurants are the most sought after brick and mortar type of retail in the neighborhood. The company surveyed 1,300 individuals, and more than 40% of those declared that they go out to eat or have drinks up to three times a month. Furthermore, one third of the people surveyed went as far as to say that they go to these places once a week, at least.
The people that live in LIC consider retail spaces of utmost importance, and they enjoy having variety. They do not seek to replace online retail. They want to be able to access to specific things right away. This demand is a direct consequence of the high volume of new residential units that became available in the neighborhood. Overall, 22,000 units are being planned or under construction at the moment. 9,000 of those units will be available this year. Hence, almost 500,000 square feet of retail will be completed by 2020. [The Real Deal]