Credit crunching, Artisanal Districting, Video Footage, and CUNY in LIC
Parade for Santo Amato, Vernon/Jackson, Long Island City
Fallout from the financial crisis keeps raining down on NYC. Now it’s news that the credit crunch is not just impacting buyers, but developers who depend on bank financing to get their developments completed. Obviously this is relevant to Long Island City, where predictions of a major slowdown in development thanks to the root problem of the financial crisis, the sub-prime mortgage meltdown, have been sounded out now for months. Though in a sense, where LIC is concerned, this is all relative information. There are still a ton of development projects going forward, as evidenced by the constant sound of hammering and drilling, aka the signature song of LIC.
In other news, the CUNY dorm is coming. Yeah yeah yeah, that’s old news around here. But check out the article for some new renderings.
If Long Island City was zoned as an artisanal district, would that save it from over-development? A local LIC resident ponders…
Ever wondered what goes on at Water Taxi Beach?
And last, but never least, a tipster sends us back in time to pre-post-apocalypse Gantry Park.
Failed Deals replace real estate boom [NY Times]
City OK’s CUNY dorm [Daily News]
Artisanal districts would save nabes from overdevelopment [Daily News]
Video of Water Taxi Beach [Crazy Motion]
Long Island City featured in old school Living Color video [youtube]
Actually the Saints come marching out anually- always at this time of year. The one last Sunday was Club Amato- I don’t know the name of their Saint. St.Marys church also does a parade with their Saint - “Our Lady of Sorrows”. I find it to be a charming and endearing tradition.
Can’t tell from the rendering how the CUNY building is oriented. Anyone know if the 12 floor bit will be on the corner of 5th st or in the middle of 47th ave?
The Saint’s name is Amato, as in “Santo Amato”.
Charlie.
3-Presently the 12-story tower has been reduced by one floor, a minor victory for those who sought to downsize this stupid project. The eleven story “tower” section” will occupy the entire west end of the footprint on 5th Street from corner to corner.
I think it is 12 stories down from 13… and I think its great news!
That Greenberg article about an artisanal disitrict is very well written. Small, local industry and manufacturing on this scale would be so ideal for LIC and could serve as a model for other neighborhoods in NY. And provide jobs and income to real people, not only developers. Alas, I don’t hold out much hope…
The impact of the credit crunch on developers that need credit for completing their buildings is not as serious as to how the unsold units will impact the market in LIC, both the Condo and the rental market.
Condos that were being sold at $750 PSF a year ago are still in the market. Many of the buildings where these apts in are 30 to 50% sold. Simone, the large developer of Hunters Point, has been trying to sell in bulk the unsold part of the two buildings they are involved in to investors. One is 30% sold, the other 70% sold. The offers they were getting were in the low 400’s. That was before the meltdown. Unsold units will probably become rental units, and it will become a renters market as much as a buyers market. The only problem is that people who bought an apartment in a condo will find themselves in a rental building, which is a different animal
All this may mean a more affordable LIC, maybe not such a bad thing, because more people in LIC means more services, more stores, more pedestrian traffic. Like the Cuny building, finally approved after much controversy, will mean increased activity that will better the quality of life of the people who made the jump in the last couple of years.
The photo is lovely. A wonderful LIC tradition - which I hope NEVER goes away!
I love that little parade that happens all the time.