Thursday, November 15, 2012

New Construction Exploding in Long Island City

Long Island City is on the rise — one tower at a time. Thanks to a host of new developments defying the bleak real estate market, another 1,250 condos and rental apartments are slated to hit the market next year. 

And that's just the beginning of what is planned. Over the next few years, the once predominantly industrial area will receive more waterfront parkland, a new library and a completely transformed Queens Plaza.

Long Island City is an ever-evolving neighborhood, and due to an industrial-to-residential zoning change, the area is no longer architecturally limited.
  • TF Cornerstone is halfway done erecting seven condominium and rental apartment towers that will make up its East Coast development, which stands on 21-acres of prime waterfront property. 
  • Rockrose Development is topping out its 42-story tower at 4300 Crescent Street, which is slated to open in 2013. Linc LIC will feature more than 700 rental units. 
  • Vantage Partners is also in the middle or planning stages of construction on three condominium buildings throughout the neighborhood.

This is all in addition to the roughly 5,000-unit Hunter’s Point South project, which includes an intermediate and high school, five acres of waterfront parkland and retail space. At least 60% of the units will be reserved for low- and middle-income residents, according to the Department of Housing Preservation and Development.

The first phase of the project, which includes two residential towers and the school, is expected to be completed in 2014. A new Hunter’s Point library is also open around the same time.

Seth Bornstein, executive director of the Queens Economic Development Corp., said more Manhattanites will cross the river when they realize they can score luxury waterfront housing without the Manhattan price tags. “Long Island City has been a focus of development for the last 20 years,” he said. “It’s five minutes from midtown Manhattan and has great transportation.”