LIC REAL ESTATE MANTRA: ABSORPTION, ABSORPTION, ABSORPTION
“Everyone has a plan till they get punched in the face” -Mike Tyson
When in doubt, lead with real estate is a good recipe for consistency in LIC, or at least consistently churning out copy. Earlier in the week I noticed a post in The Court Square Blog showing a huge tower in Court Square beginning to rise. At completion it will be 67-floors and contain 802 condo units. Originally slated to be close to 1,000 feet tall and ~80 stories it was cut down to its current size by the FAA.
Lo and behold at a Bisnow real estate conference about Long Island City this morning, Eric Benaim the CEO of Modern Spaces stated that the units would go on sale in mid-March and the expectation was that they would all be sold over a 4-year period. Which leaves the only question: at what price?
That is the
million billion dollar question, and if the lead-off speaker at the conference was any indication, the industry still has optimism about residential real estate in NYC. Despite the very tangible supply coming on, the speaker William Silverman of commercial real estate brokerage Hodges, Ward & Elliott, shared a myriad of statistics, most notably that demand is the bigger driver of absorption and pricing, and it is still strong. Anecdotally, I don’t think anyone signing a lease in 2018 thinks they’re getting a bargain, despite headlines of softness in the market. Of course all developers are geniuses in a bull market, the big question is how will this supply price in an economic downturn? Everyone has a plan until they get punched in the face, at which point statistics may not matter…
//WE hear that Dai Hachi will be opening next weekend
23-15 44th Drive Begins to Rise – it also helps to be built w/ OPM
The Most New Housing Units Are Coming to This Outer Borough Neighborhood – kinda old news already
Renting in LIC, What $2,600 Will Get You – nothing killer
‘Hamlet’ Live at The Secret Theatre – glowing review, thru Sept. 30
Bareburger Launches Delivery Only Restaurant in LIC – you no longer have to leave your couch
Greenpoint Is Possibly The Most Exciting Restaurant Destination in NYC – “It’s not exactly a tourist mecca”
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