The Cangro building destruction in process, Vernon/Jackson, LIC”

The CANGRO building right at the actual corner of Vernon and Jackson is in the process of being torn down. Combined with the now empty lot next door, the site will host a 12 story residential glass condo tower. Hold on to those coffee cups.

• Vernon/Jackson Then & Now [liQcity]

Arris Lofts, Court Sq

Arris Lofts is a building cursed with a few dark marketing clouds - those elephants and giraffes started the whole mess, which fueled further crucifixion in the form of hooker rumors, and general bashing for the sport of it.

Yet despite the bad PR, Arris has quietly blossomed like the daffodils in their enclosed courtyard. I visited the building once before today, while under construction and it sounded like a total disaster. (More unfortunate PR.) But the new inhabitants have lavishly and lovingly graced their abundantly windowed, uber-sunny, lofty lofts in various nouveau NYC styles, and created a growing and growingly tight knit community of well-heeled creative professionals. That, a pool, a gym, a gigantic Gristedes on the way in the ground floor, and great outdoor space let’s just say…it did not suck.

» » BUYER’S BEWARE Please see the comments below »»

Very heavy real estate weekend. I went to the Infofest thrown by Hunters Point Condos on Saturday at Lucky Mojo on 51st Ave. Unfortunately, I missed the speakers so I can’t tell you anything about that, but there was a strong attendance which was very well catered to by LM. Most of the sushi was gobbled up by the time I got there - for those of you who made cracks about free sushi - but I did finally get a chance to sample some of the BBQ and I will say that it was quite yummy.

On Sunday, the Puck building played host to what I’ve been calling the Condo Festival. Really it was the Observer’s Luxury Living Showcase, where the latest condo developments showed us their stuff. It was PACKED. Chaotic. Brokers everywhere. Booze before noon. The booths threw tons of free stuff at us, all emblazoned with the condo logos. Most notable was a new development offering their own condo branded hot sauce.

I have to say, I’m a little generally disappointed by the new breed of architecture. Most of the developments were barely indistinguishable from each other. An overabundance of big glassy towers. And not just in LIC… but all over the boroughs. NYC is getting buried in glass. There were a few nice brick developments, but that’s it.

The View at East Coast by Rockrose was the only LIC development on hand. And they were definitely under assault by throngs of brokers. I heard lots of questions about how one gets to LIC… and are there any restaurants there yet. Haha. Isn’t that the question of the month?

Old building to be knocked down for Rockrose Tower, Courthouse Sq, LIC

Walking around Courthouse Square this morning with a fellow LIC real estate obsessive, liQcity learned that this beautiful old building (along with the gigantic, adjacent parking lot behind it) at the corner of 44th Rd and Crescent St, right next to the United Nations Federal Credit Union, is being torn down to make way for a 42 story, 704 unit Rockrose rental building. Nice that it’s rentals - wish the price was as nice. Super lux apartments with fancy trimmings (expect any less?) - studios start at $2100/mo.

They’ll be knocking this building down and breaking ground in the spring. Supposedly there is one guy left living there, whose days are obviously numbered.

Incidentally, Rockrose also owns the triangular development site across the street as well. If anyone knows what’s going there, feel free to send us the scoop.

• A shot of the UN building construction in Spring 2006 [liQcity Flickr]

Here’s a short clip of a lengthy Stoler Report about the development in Long Island City. Being interviewed are representatives from Cushman & Wakefield, Silvercup Studios, and Brause Realty. The full episode (16 minutes long) is available courtesy of a great new video sharing site aimed at the real estate industry, Wellcomemat. Here’s a 3 minute snippet that addresses the climate of purchasing real estate in Long Island City, and the amenities situation. What was of most interest (personally speaking) is the part towards the end where they address the fact that there is no national brand presence in LIC. Now, I’m not very sad about that, but from their perspective (broker and developer) it’s only a matter of time, and it’s desired of course, to foster the draw of the neighborhood.

Digging around online yesterday, I found this hilarious video by Ins & Outs Magazine chronicling the arrival of 2 bus loads of Douglas Elliman brokers to Long Island City. I know some of you are gonna hate that I posted it, but c’mon… bus loads of brokers?? That’s good stuff. Also interviewed are Patrick Smith of the Hunters Point Condos double whammy, and Rick Rosa of Elliman. If you don’t like broker speak, then don’t watch the video. But if you like to laugh…you’re in for a tickle.

The mantra of ‘Condo Condo Condo!’ is a special bonus.

Reading this long but interesting article about the shortage of rental housing development in NYC, it feels very pertinent to Long Island City. With the high and rising cost of construction, not to mention the weak dollar, the expiration of the 421-a program, and the crazy credit crunch - developers are even less incentivised to build rental buildings, and that’s what we in LIC need the most of. Or at least, the condo needs in LIC will obviously be adequately met, despite the expiration of 421-a, but what about the rest of us who rent? Will we not be able to live in this neighborhood?

In honor of this question, here are two rental listings in LIC free of charge to all. liQcity knows nothing about the quality of these apartments, nor is benefiting in anyway from distributing the info. So good luck rental seekers in LIC - you will need it.

Listings, take it away »

Well well well. The 5th Street Lofts getting pricechopped. Is this a sign of things to come?

But wait, Purves and Badge have flippers in their waters, so what’s up with that? Good luck figuring it out at the Open Houses, and bring your skates - LIC is ICE city this weekend.

5th Street Lofts (5SL) 509 48th Ave, Hunters Point 23 still available Halstead Open House: Sat & Sun, 11-2PM

Complete list of Open Houses this weekend. »

It’s a little chilly in LIC this weekend, but we should see the sun. It’s the usual suspects, plus a sale at Purves Vantage. Have fun condo seekers.

Vantage Purves 44-27 Purves St, Courthouse Sq. 1 available Nestseekers Open House: Sun, 1:15-3PM

The weather’s not looking so good for this weekend, but we know there’s a bunch of die-hard condo buyers out there. Same round-up as last week and the week before. Don’t know what’s going on at the Foundry LIC - last week they had 12 available and this week they have 14. If anyone takes any good pics, send them our way.

The Foundry LIC 2-40 51st Ave, Hunters Point 14 still available Prudential Douglas Elliman Open House Sun, By appointment only

Complete list of this weekend’s open houses »

421-a will make your head spin. But let’s see if we can sort it out a bit. The program, officially known as the 421a Tax Abatement, was created in the 70’s to encourage residential development in NYC. It offered developers a 10-25 year abatement on real estate taxes, which were passed on to the buyers of those newly constructed condos and coops. (ie, they don’t have to pay real estate taxes - abatement - you no pay)

Back then, the real estate market needed some serious stimulation. After a certain point, it became clear that lack of residential development was no longer an issue, so the program created ‘exclusion zones’ which required developers to create a minimum of 20% affordable housing units in order to receive the abatement.

Cut to now; when the Hunters Point section of LIC was famously rezoned in 2001, developers were granted a 421-a tax abatement of 15 years in order to encourage development in our little neighborhood. As of July of 2008, the honeymoon’s over. Hunters Point enters the ‘exclusion zone’ and developers will have to meet the affordable housing criteria in order to get the tax abatement. Any building with their foundation poured before July 2008 will still receive the abatement without the affordable housing requirement. But after… it’s a whole different ballgame.

So what does that mean for future development in Hunters Point? »

Not much has really changed since last weekend's open houses - same developments still on the market. Some of them seem to have sold a few. That's about it. Overall, we're looking at the same story, except the weekend weather is supposed to be sunny and in the high 40's. Have fun.

Powerhouse 50-09 2nd St, Hunters Point 19 still available Prudential Douglas Elliman Open House: By appointment only

Complete list of this weekend's open houses »

There's going to be lots of real estate activity in LIC this weekend. I can do a better job of predicting that than the weather people have been doing lately. And I'm not even using fancy technological modes of divination either—just the listing websites.

Drivers, just don't take my parking spot please. And if you're coming from Long Island, or some other land of driveways, take a few moments to teach yourself how to parallel park. I've been witnessing some seriously bad parking jobs, from drivers outright smashing into other cars, to people literally parking so badly they take up multiple precious spots. Sure, you'll have a garage when you move into your luxury condo, but in the meantime you know... show some respect to the LIC curbside.

Here's a round up of this weekend's Open Houses »