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GLUT, TAXES, AND MASSIVE CONDO TOWER GETS GO AHEAD IN LIC

So peaceful, and yet…

There’s a bright golden haze on the meadow,
There’s a bright golden haze on the meadow,
The corn is as high as an elephant’s eye,
An’ it looks like its climbin’ clear up to the sky

For the first couple of years of its existence, LICtalk would offer it’s financial predictions on every type of building in Long Island City in an annual post entitled “Real Estate of The Union 20–”  Since the last one in 2015, one could extrapolate the projections and pretty much end up where things are currently.  In light of some recent developments I’m going to cut to the chase and talk about what readers care most about: condos and rentals.  Or maybe it’s condo or rental?

That debate comes into sharp focus with the news that a 67-story 800-unit condo slated for Court Square got the go-ahead.  We previously noted how this might be a game-changer for the LIC condo market due to its size, and recognized that there might be more of an “investor” aspect to those purchasing units here than a typical LIC development.  Nevertheless that was 18-months ago and it’s coming so late in the cycle with so much product seems a sign that the heretofore tight local condo market might start seeing some of the softening Manhattan has experienced.  If not now, then by the time they start to go on sale early next year.  More importantly, given the current Citylights tax saga and once again getting back into the extrapolatin’ game, it would seem that all these new condos in LIC might be in for a world of hurt down the line.  Meanwhile the rental supply is as high as an elephant’s eye.  Yeah, I’m thinking rental is the way to go nowadays.

//CHRISTMAS comes but once a year, but ManhattanHenge comes twice!  It makes its return to the Gantry Park waterfront this Thursday and Friday.

Soaring Condo Project Coming to Long Island Citynothing like playing w/ Other People’s Money

ManhattanHenge Returns This Weekreturn of the camera-toting druids too

$7300-per-month 2-bedroom in LICat The View, mais oui

Raw Chicken Recall From LIC Slaughterhouseold school LIC!

The post GLUT, TAXES, AND MASSIVE CONDO TOWER GETS GO AHEAD IN LIC appeared first on LICtalk.
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