View 59, Packard Square, Crescent Club
April 22, 2015 By Michael Florio
It’s only just begun.
More than 22,500 units are either being constructed or are in the planning phase in Long Island City, according to a market report released by the Long Island City Partnership today.
The LIC Partnership, which released the numbers at its 9th annual real estate breakfast held at the Con Edison Learning Center this morning, also noted that the units will come on top of the 8,600 apartments that have been completed since 2006.
The LIC Partnership also reported that 20 hotels have opened in Long Island City since 2008, with another 26 in the planning or construction phase.
The report, based data provided by real estate firms, revealed that the average sale price for a studio in 1Q 15 was $678,000, while it was $820,000 for a one bedroom and $1.1 million for a two bedroom.
Meanwhile the average rental price per square foot for an apartment in April was $53 for a studio; $50 for a one bedroom; $47 for a two bedroom; and $53 for a three bedroom.
The partnership also provided data as to the commercial and industrial marketplace. The report noted that 2 million square feet of Class A office space had been developed in LIC since 2003, occupied by tenants such as Jet Blue.
However, city planners in the past have expressed their disappointed at the pace of commercial development in Long Island City. They had hoped in 2001, with the rezoning of Queens Plaza/Court Square, that it would be a major hub for office and retail space. Instead the area has attracted residential buildings.
