Sunday, January 4, 2009
Hunters View (foreground)
Coming Soon: Solarium
Coming Soon: "The Prism" (name may change)
What a difference just a few months makes. Going back to my last review of Long Island City condos back in May (2008) ,many of these buildings were covered in scaffolding and protective shrouds of all varieties. Looking back to my "Development O'Rama" in August 2007, most of these buildings were not even standing yet. Fast forward to today: here we are, and the condos of LIC are standing tall, gleaming, closing or getting ready for closings, near completely sold or completely begging to be sold. One thing is for sure, the next 6 months will see the most dramatic change for this neighborhood since Western Queens was annexed by NYC in 1898.
At least 600 closings should take place over the next four months, by my conservative estimate. This means 600 new households looking for wares, services, and treats up and down Vernon Blvd. and Jackson Avenue in Hunters Point. Unlike the last deluge of new residents, which settled on the water in the Rockrose rental buildings (East Coast 1 and 2), the Avalon rental, and longstanding Citylights Co-op, the new crop are more interspersed in the community from Borden Avenue to 46th Avenue and West from Center Blvd. East to Jackson Avenue. It is also a more affluent group with a direct ownership stake in the community. It will be an interesting dynamic. Long Island City old-timers are generally very welcoming and many of the new arrivals seem acutely interested in the community. So far, there is a feel-good vibe, however, the peak of this influx isn't likely until early spring, and there are an estimated 600 units currently available and potentially available before summer. Nerves may be tested as the stream continues.
Full market report available by request (firstname.lastname@example.org).