By Nathan Duke
Long Island City is quickly becoming a leading spot for business expansion and residential development, including 27 sites where new condominiums and housing structures are currently planned or being built, developers and realtors told Long Island City Business Development Corporation members at a recent real estate business panel.
The corporation met at Long Island City's Water's Edge Restaurant last week, drawing more than 150 attendees, including community residents, small business owners, real estate developers and realtors.
Hal Henderson, executive director of Douglas Elliman's Development Marketing Group, said area rezoning has led to a number of high-profile projects in the area and predicted an influx of young professionals into the neighborhood.
“I think this whole area will see tremendous change over the next five years and it will look very different than it does today,” he said.
Major Long Island City projects in the works include Silvercup Studio's $1 billion expansion project, the construction of Citigroup's second tower and the United Nations Federal Credit Union tower at Court Square. Mayor Michael Bloomberg also recently named Long Island City as the city's fourth business district. Additionally, there are currently 27 housing developments in various stages, including the Power House on 2nd Street and The Gantry on 49th Avenue.
Reach reporter Nathan Duke by e-mail at email@example.com or by phone at 718-229-0300, Ext. 156.