Author Topic: Enticing Renters to Cross the Bridge to Queens (article about LIC)  (Read 3267 times)

Offline Shelby2

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Click link to read full article:
http://www.nytimes.com/2011/11/20/realestate/posting-queens-more-rentals-planned-in-long-island-city.html?ref=realestate

November 17, 2011
Enticing Renters to Cross the Bridge to Queens
By C. J. HUGHES

ON a recent afternoon the view across Court Square, in eastern Long Island City, Queens, took in an auto body shop and parking lots, and aging factories beyond. The Citicorp Building and other office towers cast shadows across streets. Places to shop were nonexistent.

That view is about to change. The Rockrose Development Corporation has started construction on a 42-story rental tower with 709 apartments that is expected to be among the largest residential developments in the area — and one of the tallest buildings in the borough — when completed in 2013.

The apartments in the tower, which will be called Linc LIC, at 43-10 Crescent Street, will range from 450-square-foot studios to 1,400-square-foot three-bedrooms. They will have parquet floors and “Rockrose standard” flecked granite counters, and in many cases, washers and dryers, said Justin Elghanayan, a principal of Rockrose, which is led by his father, Henry.

The rents will be about 25 percent below those for comparable apartments in Manhattan, brokers say. They average $1,750 a month, for studios, and $4,150 a month for three-bedrooms, or about $38 per square foot.

Those rents are in line with those at the smattering of new rentals in the area. At Packard Square and Packard Square North, for instance, a pair of projects developed by Ciampa Management, studios are $1,700 to $2,000 a month, said Danielle T. Culver, the Citi Habitats agent who leases them. And they have leased quickly; the 90 units at Packard Square North, which opened in June, were filled by November, she said.



“A lot of people from Manhattan used to be afraid to cross the bridge,” Ms. Culver said, referring to the Queensboro Bridge, which runs a few blocks north of Court Square, “but now this is becoming its own little area.”


To ensure that renters keep crossing, Rockrose is stocking its $275 million building with amenities. Among them will be two sizable outdoor spaces: an 8,000-square-foot courtyard, with lawns, on the third floor; and another with grills, bars and tables, on the 31st.

As an added enticement, that auto body shop, which sits on Rockrose land, will be leased to a restaurant, to enliven sidewalks that now are hushed at night.

“I think it’s about to pop,” Justin Elghanayan said of the Court Square area, as he gave a tour of the work site. Indeed, a bustling after-work social scene will be critical to attracting the younger renters whom Rockrose covets, said Mr. Elghanayan, who for similar reasons staged a sort of multiweekend pool party on a lot near his new building last summer. Called the Palms, the party featured three Dumpsters filled with water to splash around in, alongside beach chairs, and beer. “That’s the kind of energy neighborhoods need,” he said.


Offline Shelby2

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Re: Enticing Renters to Cross the Bridge to Queens (article about LIC)
« Reply #1 on: December 05, 2011, 10:07:12 PM »
new blog article

The Manhattanization of Long Island City


East Coast LIC; the newest building will be the one on the far left. Image from East Coast LIC
« Last Edit: December 05, 2011, 10:12:46 PM by Shelby2 »

Offline Shelby2

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Re: Enticing Renters to Cross the Bridge to Queens (article about LIC)
« Reply #2 on: May 19, 2013, 09:23:05 PM »
New article about renting in LIC from The Hunt in the NY Times

http://www.nytimes.com/2013/05/19/realestate/long-island-city-is-where.html



May 17, 2013
Long Island City Is Where?
By JOYCE COHEN

As soon as Marni and Chaz King found out they were to become parents, she wanted to move to a bigger place. But he thought they could squeeze more time from their rental, a large one-bedroom in a postwar Murray Hill building.

Their rent was $2,900 a month. A two-bedroom nearby would cost them in the low $4,000s, at least.

Knowing that their expenses were about to soar, “my husband was really adamant about staying,” Mrs. King said, “because he is the finance guy and it was, like, save, save, save.”

They decided that they could make space in the living room, walling off the crib with a bookcase. But then the doctor informed them they were having twins.

“You can imagine the stuttering and the excitement and the craziness,” Mr. King said. “We don’t have twins in our family. We were in total shock.” There was no way they could remain in their one-bedroom.

“Kids weigh 8 pounds,” he said. “And yet they have all this stuff.” Thanks to the couple’s two young nieces, Mr. King knows all about it: “Toys and blocks and princesses. Everything lights up and everything plays a song. You’re afraid to touch anything — you don’t know what’s going to sing to you.”

He agreed to a budget of up to $3,500 a month for a new place. Mrs. King insisted on two full bedrooms and two bathrooms.

They weren’t ready for Long Island, with its long and pricey rail commute, even though, Mr. King said, “eventually we are going to have to succumb to the suburbs.”

Both are from Nassau County, N.Y. Mr. King, 31, is a freelance advertising art director, while Mrs. King, 35, teaches at a public elementary school in East Harlem.

Two-bedrooms on the Upper East Side tended to have one bedroom that was either tiny or a converted dining space. Rarely was there a second bathroom, and rarely was anything within their budget.

“I started ranting like I was Larry David — $4,200!” Mr. King said. “For an old building and a dilapidated elevator, and retro in a bad way!”

And then, in a co-op just two blocks from their Murray Hill place, Mrs. King found a beautifully renovated 1,250-square-foot two-bedroom with two full baths and a dining room for $3,500 a month. She visited without her husband. “He said it sounds like it’s too good to be true,” she recalled. But she told him, “No, it’s not, it’s huge.”

However, the lease would be for only one year. They were unwilling to sign on for such a short time.

One day, while Mr. King was at physical therapy, having injured his ankle a year earlier while honeymooning in Hawaii, a fellow patient gushed about Long Island City, Queens. “Where is that?” Mr. King wondered.

Online, the Kings found an ad for a new building there called the Crescent Club. The rents for its two-bedrooms were almost within range, and the amenities, including an outdoor swimming pool, were impressive.

But Google Street View was less encouraging. The address, on Crescent Street, showed an industrial landscape with vacant lots, just a block from the elevated subway tracks at Queensboro Plaza.

Undeterred, they contacted the agent who had placed the ad, Justin Martinez of Christie Property Group. When they visited the Crescent Club, they loved the big, bright lobby and the building’s contemporary feel.

The Kings loved a two-bedroom two-bath with more than 900 square feet. The stacked washer-dryer thrilled Mrs. King, who dreamed of leaving behind her standing weekly date with their building’s laundry room. Manhattan was just one stop away on the N or Q train.

“It was built to be a condo building to begin with,” Mr. Martinez said, “so with the finishes and the quality, you get more for your buck there.”

Still, they hesitated. Mr. Martinez drove them around Long Island City and showed them its waterfront, where apartments had postcard views of Manhattan as well as higher prices than inland buildings like the Crescent Club.

People choose the part of Long Island City near Queensboro Plaza, Mr. Martinez said, “because of the price and how easy it is to commute.” Waterfront residents must contend with the 7 train, which is often plagued by construction, and sometimes out of service on weekends. “When the 7 train is down, people still need to go to work. People who rent in luxury apartments, they work a lot.”

The Kings checked out another rental near Queensboro Plaza, 27 on 27th. Prices were comparable to the Crescent Club’s, and some of the views were breathtaking. But they didn’t care about views, especially when it was unclear how soon the building would be ready for occupancy.

So they signed on to the Crescent Club, for $3,775 a month, receiving two months free on a 26-month lease, and moved in over the winter.

Click link at top of post for rest of article

Offline Shelby2

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Re: Enticing Renters to Cross the Bridge to Queens (article about LIC)
« Reply #3 on: September 09, 2013, 09:03:05 PM »
I was just over in LIC today and see that the Gantry Park has expanded.  I only caught a glimpse of it as I was leaving, so I looked it up and found this article





8/28/13  A Look at Long Island City’s New Hunter’s Point South Park Along the East River Waterfront

Offline jeanette

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Re: Enticing Renters to Cross the Bridge to Queens (article about LIC)
« Reply #4 on: September 10, 2013, 12:14:28 AM »
I love it there. Lived in LIC for one year, had a blast.

Offline Shelby2

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Jackson Heights Life

Re: Enticing Renters to Cross the Bridge to Queens (article about LIC)
« Reply #5 on: March 15, 2014, 08:41:36 PM »