LIC Partnership releases “LIC Neighborhood Snapshot”

Queens, NY The Long Island City Partnership – the economic development organization for LIC, Queens – released its annual “LIC Neighborhood Snapshot.” LIC is experiencing tremendous growth across all real estate sectors. More than 6,200 new residential units are slated to come online by 2019, which will bring the total number of new residential units built in LIC to nearly 22,000. The snapshot also reports that over the past 12 months, LIC has seen 1.2 million s/f of industrial and commercial space open to the market and an additional 5.3 million s/f in the pipeline. LIC has also gained 160,000 s/f of new retail spaceover the past year with another 536,000 s/f to be built by 2021.

Additional information in the report includes:

• More than 10,200 residential units are currently in construction or proposed beyond 2020.

• A number of large employers are expanding or relocating to LIC, including: Altice USA, Boyce Technologies, Fidelis Care, J.Crew/Madewell, Kaufman Astoria Studios, MANA Products, Ralph Lauren, and VaynerMedia.

• LIC is a neighborhood rich in healthy living amenities, with two destination climbing gyms, a new tennis and pickle ball facility, and a range of exercise, cycling, yoga, Pilates, dance and other classes.

• LIC is also a co-working neighborhood, with five locations now existing and additional desks coming.

The LIC Neighborhood Snapshot provides key data about the economic development of the LIC area, which is NYC’s fourth-largest central business district. The complete reportcan be viewed at www.licqns.com/economic-development.

“This year’s Neighborhood Snapshot perfectly captures our dynamic, mixed-use, live/work community that’s coming into focus. While previous Snapshots showed rises in individual sectors, this report revealed tremendous growth across all sectors in Long Island City. We anticipate even greater demand for space in LIC now that Cornell Tech is open and as the life sciences initiatives of the City and State take shape,” said Elizabeth Lusskin, president of the LIC Partnership. “Our annual Real Estate Breakfast has become a valuable networking opportunity and a rich source of information to all looking for insights about investing and locating in LongIsland City. We appreciate everyone who made this year’s breakfast a success.”

The Neighborhood Snapshot was released at the Partnership’s thirteenth annual Real Estate Breakfast, which has become a premiere real-estate event in the borough as LIC remains one of NY’s most dynamic neighborhoods. More than 300 leaders in real estate, finance and the community convened at the Ravel Hotel to hear about current projects underway and activity on the horizon in western Queens.

During the breakfast, a panel discussed the new and exciting business tenants shaping LIC. The four panelists were Chris Doeblion, owner of Book Culture, James Orsini, COO of VaynerMedia; David Sharfstein, co-founder of Fifth Hammer Brewing; and Charlie Stewart, co-president & CFO of Altice USA, while David Brause, president of Brause Realty and chair of the LIC Business Improvement District, moderated the panel.

Long Island City, Queens, located across the East River from Midtown Manhattan, is NYC’s fastest-growing neighborhood with a development pipeline of more than 5.3 million SF of commercial and industrial space and more than 530,000 SF of retail; 16,000 residential units; and 4,600 hotel rooms. A vibrant mixed-use community, the neighborhood is home to Fortune 500 companies, world-renowned arts and cultural institutions, prominent film and television studios, a thriving industrial zone providing good jobs as well as products and services, more than 70,000 residents and 50,000 college and graduate students.