You can't have new Long Island City Real Estate without the underlying " infrastructure" --ie. the waters and sewars to supply the new condo hot showers, or the street and roads to allow new condo owners access to their Zip Cars in their new underground garages, etc.
As of today in LIC, Spring 2012, real estate demand has exceeded supply which is quickly dissappearing (see our previous articles).
Real Estate Condo and Rental Apartment Developers are chomping at the bit right now to get started on new projects to feed this fire and desire for more LIC/Hunters Point/Queens West housing.
One good thing about the 2-3 year recession in the NYC real estate market, which we have just emerged from, is that it has allowed time for many of the large scale projects needed to initiate and substain this growth to occur:
1) Mayor Bloomberg's Roadway Project in the Queens Plaza, Dutch Kills LIC sections-- http://bit.ly/JbgtpA
2) 11 Weekends Worth of Improvements in #7Train Track Work and Tunnels--see our "Train in the Arse" articles of 2/14/12--http://bit.ly/KyCrIF and 2/14/12--http://bit.ly/KXuj2N
3) Brand New Pedestrian Walkway Projects-- http://bit.ly/JbgtpA
4) Trees Planted Along 11th Street In LIC-5/11/12--http://bit.ly/IOjL6j
5) New Bicycle Paths and new "NYC Bicycle Share Program"-- http://nyti.ms/J2TUsk
6) Jet Blue Opens New Corporate Office in a Historic (ie "recycled) Building---
http://bit.ly/JxDq9h
7) LIC launches a new Industrial Business Improvement (BID) District-- http://bit.ly/KHZy2p
Sorry folks this has been the first time I've been able to make a blog post in over a month *
I've had 4 deals in contract in LIC and downtown Brooklyn since Jan 15 2012. Last deal to close this coming week on May 15th.
This is in line with recent observations and data from the Real Estate Board of New York (REBNY) that Queens had the most home sales of any borough in the first quarter of the year-- http://bit.ly/IytGcG
In all of these deals which went into contact by Feb 15, 2012 I was able to negotiate that the seller pay the NYC & NYS Transfer Tax Concessions (1.825% of the purchase price) as well as the sponsor picking up the Sponser's Attorney Fee for the Buyers.
In the last of these deals over at the Yard Condominiums which went into contract around March 15, I was barely able to get these goodies for my buyer. And we did not get the seller attorney fee concession in this deal.
*In that post of April 11, 2012--I mentioned that almost every last new 1 bedroom and studio condos in all LIC/Hunters Point Condo developements have gotten accepted offers and are going into contract. The supply of new Condo inventory in Long Island City Real Estate has suddenly disappeared--http://bit.ly/JsbEM3.
Article in today's Sunday, New York Times Real Estate (5/13/12) confirms this trend-- http://nyti.ms/J9FKa8.
Much to it's credit however, this NYTimes article does give a "Game Plan" for still getting good deals in NYC's very tight Spring 2012 condo market. Some of these tactics include--Be first in line when project opens, or alternatively be last to go in after project has been on market for many months. Bring Cash and Respect the asking price but bargain for other goodies including storage spaces, atty fees etc.
In North LIC (near the Citi Building) there are still some studios and 1BRs left but just like in the Hunters Point LIC sections new Condo Sponsors are not offering the full New York State and City Transfer Tax Concessions (up to 1.825% of Purchase Price) that they were offering last winter.
There are however still some bargains and seller's concessions to be had in some of LIC's current 2BR + inventory:
If ever a neighborhood needed a warm winter to kick off an early spring selling and renting season, it would have been Long Island City Real Estate for the first quarter of 2012.
We believe for example that the TF Cornerstone developers of the new 370 unit LIC rental highrise at 46-15 Center Blvd must have asked the real estate gods and godesses to turn up the thermostadt or something.
In our previous posts, "A Train In The Arse Part I (1/24/12) and Part II-2/14/12--we noted that weekend renter traffic seemed off there for awhile and that Cornerstone actually provided a shuttle bus to ferry it's own residents as well as prospective new tenants back and forth to Queensboro Plaza during the 11 weekends of no LIC #7 Train service.
There was a grand opening party at the new building just this past Thursday, April 5 and already we were told 94 new leases had been signed (approx 25% of the total units) and at least 15 new residents had already moved into the building on April 1rst.
At Cornerstone's other LIC buildings--several large 3BR condo sublets which had sat vacant since the beginning of the year--suddenly about 2 weeks ago became leased up. One of these loft condo units was actually sold, bringing the owner occupancy % at this building, the View up to well over the 70% mark.
Speaking of sales, almost all new 1BR condo inventory in the Hunters Point LIC section got swept up. Fortunately and fortuitiously another new building project, One Murray Park, which the author of this blog had previously believed would open as a rental project, is slated to open it doors next week.
 |
 |
| As of November 2011 |
April 7, 2012--Doors Opening Next Week |
This project will bring 10 new studios (low 300K range), 25 1Brs (mid 400K range) and 10 2Brs (mid 700K range) to the LIC market. Deals are expected to close and new owners are expected to begin moving in later this summer.
Meanwhile a 4 story/ 3 family brick federal town house recently put on the sales market in Hunters Point for $890,000 recently received an accepted offer after it's first official open house last weekend. 
Feb 13, 2012--we are now going into weekend#4 of 11 weekends of service changes in #7 Trains from Queensborough Plaza to Grand Central and Vice Versa.
In our post of Tuesday, January 24-http://bit.ly/xZZaGo, we examine the pros and cons as well as the short term pain versus the long term gain of this 11 weekends of #7 subway service changes on the current Long Island City real estate market.
In Jason Sheftel's "Queens Scene" article from the Friday, January 27 Daily News--http://bit.ly/xZZaGo--points out there these days there are many fun things to do for Queens residents right in their own borough on the weekends and --"who needs Manhattan?.
In regard to the schedules subway interuptions. he also mentions 1) that "real estate experts don't predict home prices to drop or 2) landlords to start lowering rents because of the subway service interuptions.
In the rest of this post we will examine these 2 predictions to date.
1) Long Island City Sales market between 1/24-2/12/12-The combination of diminishing of new condo inventory plus an unusally mild winter has led to an explosion in the LIC Condo sales market.
Most of the 1 bedroom inventory at the new condo complexes has dissappeared. And bidding wars are starting to re-occur in both the remaining 1 and 2 bedroom catagories.
 |
 |
| LIC Condo Inventory Is Shrinking |
Starting to See Bidding Wars In 1-2 Bedroom LIC Condos |
2)For Long Island City Sales-exactly the oppisate seems to be occuring. Rentals are slowing down. The same inventory over at two of the Center Blvd buildings that was on the market last week is still available this week along with 1-2 additional apartments in each building.
Prices at the another popular LIC highrise are down 10-11% in the 1BR catagory.
 |
 |
| Looks Like LIC Rentals are Not Moving |
And Prices Are Falling |
Two bedroom prices at the at one popular LIC waterfront building have been down by 10% for the last 4 weeks.
Call Harvey Heit, Buyers and Tenants Agent at 917-748-4810 for more specifics details and to find out about other sales and rental listings in Long Island City.
 |
 |
| New Rockrose LIC North 42 Story Rental Bldg |
As of Sat, 2/4/12, 27 More Stories 2 Go
|
(9:00am Sunday, February 5th--Super Bowl Sunday Morning--9 1/2 hours to game time)
I was walking back with my morning coffee on Skillman Avenue when coming out of my building was a hunch backed little old (83 years young) lady pushing her walker.
"Hi Jeannie, how ya doin today?, Giants Fan??", I says as she approached.
"My brother (81 years old) just died yesterday", she said as she pushed passed me. "My little nephew over there is driving me to Long Island this morning for the funeral".
"So sorry to hear about your loss"
"Nah, he's in a better place"
"Well God Bless you" I told her while briskly walking past her, and again "sorry for you loss".
"By the way" she says as I rocket away towards my lobby, "lifelong Giants Fan. Hope They Win!!"
(Now how's that for Sunnyside, Long Island City Real Estate Chutzpah!!)
For the first time in several years both sales and rental prices in all catagories of Long Island City real estate rose accross the board in 2011 going into 2012.
Overall for 2011 according to Trulia, a National Real Estate Website, the Average Listing Price in Long Island City was $813,641 for the week ending Jan 25, 2012 which represents a 14% increase in overall prices compared to the same period last year and a 3.9% increase since the Jan 4, 2012 begining of the year alone.
Even after a sluggish 3rd quarter in 2011, Average Listing Prices in Long Island City, NY (again according to Trulia) have appreciated 26.6% over the last 5 years.
(Long Island City Condo Prices/sf in Jan 2012--Source Modern Spaces
According to a recent article in the Real Deal--1/20/2012--condo price increases in Long Island City where the greatest in the 2 & 3 bedroom catagories--2BR's up 15.3% to $755.14/sf and the even more scarce 3BR supply up 20.6% to $788.97/sf-http://bit.ly/xI0nu9
In addition to an improving economy probably the greatest component of these price increases comes from a dwindling supply of new inventory as a result of a slowdown in new condo construction from the recent economic and real estate downturn of the last 3 years.
Furthermore new condo inventory comprised 23% of the LIC housing stock at the end of 2010 but has now dropped to 9% of the total inventory for the begginning of the 2012 selling season.
In addition inventory in the Long Island City rental market has also decreased significantly where vacancy rates dropped from 6% at the beginning of 2010 to less then 2% by the end of 2011.
And as a result rental prices skyrocketed in all catagories in 2011: studios rose 18% to an average of $1869/month: one bedrooms rose 10.5% to $2789/month: 2BRs to $3854/month and a dramatic 15.3% rise in 3BR apartments (the scarcest) to $5323/month.
Does this necessarily mean the end of cheap housing in Long Island City? Probably not in the rental market where up to 10,000 new apartments are slated for birth over the next 5-10 years*--See our licREporter Mission Statement from Nov 2011--http://bit.ly/yJoC
* Including,by the way, 900 of the first of 5000 units constructed in the Hunters Point South Project recently being designated for "middle income housing"--See our post about "New Trends Shaping LIC Real Estate--11/20/11--http://bit.ly/AjicSj
Hopefully what we will see happen as I pointed out in my blog post of November 2011, "Is the Real Estate Recession Over in LIC?" is the rise of the small developer leading the way in post recession new condo construction in New York City--http://bit.ly/wL2bXb
We are already starting to hear whispers about new condo projects including the final phase of construction at the Powerhouse. Also some mention of Vantage Realty leading the new condo charge in LIC.
More to come re: in future posts.
Another possibility will be an increase in condo resales from sellers who held off putting their properties on the market in a stagnent economy.
Long Island City Real Estate has come a long, long way a short time.
I just found this news clip of Jill Urban's from a Channel 1 News Feature from July 29, 2011 that really sums up the progress in LIC from about 2001 until now.
(First click anywhere on the picture above and then when the screen and picture come up again click on the small blue circle with triangle in the bottom left corner of the picture).
To sum video up the Hunters Point Waterfront of LIC back in 2000 was basically a delapidated waterfront littered with many abandonned buildings.
By 2006 five new residential towers had been built with 2600 new apartments and a new public waterfront park--Gantry State Park.
Currently approximately $700 million in public and private funds have been set aside and by 2013 there will be 7 new residential towers (11 in total), a new high school, a new library and the beginning phase of the Hunters Point South project will have commenced starting with 900 units of affordable housing.
LIC Real Estate Sales have boomed and currently there is only an approximate 2-3% vacancy rate.
The Real Estate Brokers "Mantra" these days, according to Mark Greenley, a Sales Director there is that "many buyers and renters love the fact that LIC is a brand new waterfront community and that it is just minutes from Midtown Manhattan".
Ie--Is the 11 weekends of service changes in #7 Trains from Queensborough Plaza to Grand Central and Vice Versa--" a Pain in the You Know What" or is it a long term blessing in disguise for Long Island City Real Estate Brokers and Business People??
Click on http://bit.ly/xeGgvX-- for NY1 Video and Article re: the service changes.
Bad News First:
1) Comes at the beginning of the real estate sales season--not great news for brokers particularily in the Hunters Point LIC section.
2) Not great news for new condo and house owners looking to put properties on the market early to capture what is shaping up to be a strong 2012 selling season.
3) The New TF Cornerstone 42 Story, 367 new apartments is slated to open next month, the second week of Feb 2012. **
**TF Cornerstone will provide a free shuttle bus of its own for residents of 47-20, 47-05, 46-20 and the new 46-05 Center Blvd highrises to Queensborough Plaza.
4) The Court Square Station (Manhattan bound side) will be closed 11 full weeks--ie both weekends and weekdays from January 21-April 2. Passengers will have to get on at either Queensboro Plaza or Hunters Point Stations.
The Good News:
1) The Court Square Station (45th & Courthouse Road)--will be getting new platforms, new windscreens and will be made ADA accessible.
Also this effort is part of an overall $500 million improvement project in Queens West to which includes fixing present problems in the #7 line including water leaks, obsolete signals, muck buildup and rail repairs.
2) In spite of the current flaws in the system it is important for Real Estate Brokers to tell their customers that the #7 Train was voted as the best overall train in both 2009 and 2010 in a NYC Straphangers Survey-- http://bit.ly/zvUOS8
In addition it was voted as the the subway line with the overall best line in terms of "cleanliness" in 2011 by the NYC Straphangers survey http://nyti.ms/w88F7a
3) Better the infrastructure work be done now then say 5 years from now when there will be between 5000-10,000 new highrise apartments built in North LIC and Hunters Point.
4) Free Shuttle Bus Alternate Service runs often enough on the weekends and otherwise disgruntled weekend commuters seem quite content. These shuttle buses make 4 stops between Queensborough Plaza and Vernon Blvd and are depicted below.
 |
|
| Stop 1: Shuttle Bus at Queens Plaza South |
|
|
|
|
| Stop 2: 44th Drive & 21st Street Near Citibldg |
|
 |
|
| Stop 3: 21st Street and 49th Ave Hunters Pt |
|
 |
|
| Stop 4: Vernon Blvd and 50th Ave Hunters Pt/LIC |
|
For more info about service changes visit www.mta.info. Or call 511. Or better yet CALL your friendly neighborhood LIC/Hunterspoint Realtor Harvey Heit, Associate Broker, Nest Seekers Realty, Long Island City Office at 1-917-748-4810
1) New TF Cornerstone Highrise at 46-15 Center Blvd on LIC/Hunterspoint Waterfront:
All is looking good in our neighborhood for an expected Feb 2012 Opening--see our Dec 2011 article at--http://bit.ly/wUcJZ8.
According again to the leasing office initial showings will be for the lower floor apartments only and will be for studio, 1BRs and 2BR apartments.
Most of the apartments in this building will have their own separate terraces and will be priced as "NO FEE" apartments: $2000/month for studios, $2600/month for1BRs, and $3600/month for 2BRs.
There will be a small gym in the building. But tenants here will also have the option of using the 3 story multi-level gym, swimming pool, spa and roof deck over at the nearby Rockrose "Club" Apt Building for an additional monthly fee.
2) Casa Vizcaya Condominiums--10-40 46th Road (bet 21rst Street & Jackson Ave) LIC:
The good news here is that the UGLY SCAFFOLDING that haunted the front of the building for over a year is FINALLY DOWN!!!
Rumor now has it that there are still four Sponsor Condos in the building that have never been sold.
In fact just this week a 2BR, 2Bath 1054sf apartment just hit the market for $750,000 ($683/month CC).
3) New Rockrose LIC North Rental Building--see our Nov 2011 article--http://bit.lyxmg4Xf 
Located in North LIC at 43-00 Crescent Street--looks like they are up to the 8th floor already--ie. building approx. 1 new floor per week.
This new 42 story, 712 new rental apartments is slated for completion by the Spring of 2013.
And according to a reliable source the two stores will be a replication of the two anchor tenants at the Rockrose's Hunters Point, LIC tower over at 47-05 Center Boulevard--namely a brand new Duane Reed Drugstore and a brand new Food Celler Gourmet (Whole Foods like) Grocery Store.
If true both of these stores will provide very much needed retail services to the residents and businesses in the North Long Island City/Queensboro Plaza areas.
Happy New Years Everybody!!
We're going to start off the New Years by telling you that there are more great rental apartments available in Long Island City than just the 4000 or so new high rise waterfront rentals on Center Boulevard. (There will be approx. 10,000 apartments by 2017)
Just coming on the market today, January 2, 2012 is a beautiful and spacious 1BR floorthru in a gorgeous 3 story brick federal walkup (circa 1861) building on 51st Avenue in the LIC Hunters Point section.
The building is located 1/2 block from the Vernon Boulevard Retail District and just 1 1/2 blocks to the Vernon Jackson stop of the #7 Train which is 1 stop (3 minutes) from Grand Central Terminal and Midtown Manhattan.
This a renovated 4 room apartment, 3rd floor, featuring high (9') ceilings, a newly renovated kitchen, a HUGE Master Bedroom with great closet space, plaster moldings and an original unpainted marble mantel piece. *
* Actually one of the miracles of this building is that non of the wood work in the entire building was ever painted including all of the beautiful mahogany colored wainscotting in the hallways.
At only $1975/month this apartment is also a great alternative to Long Island City highrise living which is not everybody's cup of tea.
The long time owners also live in the building. They prefer a working couple or a pied a terre for their new tenants. They are also great lovers of Italian Opera and the music of Frank Sinatra, Tony Bennett and especially the new star, Micheal Buble. So all of you prospective tenants out there start listening up.
For more info about the about this rental and to make an appt click here: