Long Island City Housing Inventory Will Double This Year
Construction of housing in Long Island City, Queens, is happening at such a rapid pace that housing stock is set to increase by 9,000 units in 2017, according to a new report by the Long Island City Partnership.
The number represents the largest increase in a single year in the neighborhood's history, and almost doubles Long Island City's housing stock.
From 2006 to the end of 2017, the total number of residential units built in Long Island City will eclipse 20,000. Over the past year, the deal volume in commercial and investment sales was north of $2B, signaling not just rampant construction activity but investor interest.
"Long Island City's location, mixed-use character, cultural vibrancy and interdependence among the diverse businesses are this neighborhood's greatest assets," Long Island City Partnership president Elizabeth Lusskin said in a release.
While developers originally planned to build the neighborhood around attracting Millennials priced out of Manhattan, Long Island City has become an emerging market for families.
Cornell Tech's Roosevelt Island campus, under construction and technically part of Long Island City, is scheduled to open later this year. The nearly 2M SF campus will attract 2,000 graduate students and 280 faculty and staff. The neighborhood has more than 70,000 residents.