There is No Stopping the LIC Boom
Cornell’s new tech campus is well underway with its construction having been commenced, making this premiere educational center just a stone’s throw away for the residents of LIC. The rezoning of Long Island City makes it even more development-friendly, prompting the influx of real estate projects within the area. Suffice it is to say that Long Island City is becoming a city of its own in no time.
Managing director Rick Rosa of Douglas Elliman has mentioned that about 10 years ago, the district Court Square has not been paid much attention by the public—but today, this destination can be considered as one of the sought-after locations for renters and buyers at the LIC waterfront. And in spite of the gap in development between the Court Square and waterfront, the current rezoning nevertheless allows for more development in the city. As the neighborhoods in LIC are ready for a high-density development, this rezoning is a welcome change.
The Cornell building, once completed, is an 800k SF tech campus on Roosevelt Island, sighting the LIC waterfront. LIC’s market for offices makes it a great venue for your companies that may emerge from the campus. In line with this, the 56-unit condo development at 11-51 47th Avenue should sell out by the time it opens its doors, with even more demand for residential properties in the community. According to study, five to ten years is the selling point of condos and apartments in the LIC today.
At the moment, lands in LIC are trading at half, if not even a third of what it is in prime waterfront areas of Brooklyn—making this a fertile place for businesses and building residential establishments. Accesses to transit nodes also add up to the viability of this locality for businesses, also making it apparent that there is so much more to look forward to in LIC.