Hunters Point Condos
Feb 11 2008

liQcity Linkage: Dutch Kills hoteliers and Silvercup Studios facing hurdles

Long Island City construction site

A common sight in LIC these days.

Top o’ the very cold morning to you, liQcity readers. Dutch Kills hoteliers might have to jump through some more hoops; the fire sale is over. The mammoth Silvercup development is being held up due to toxicity in the soil. Yawn.

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Mar 13 2008

Video snippet of the Stoler Report: Long Island City Real Estate Forecast

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.

Stoler Report: LIC Real Estate Forecast
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Apr 14 2008

Silvercup Studios putting the brakes on; CUNY stepping on the gas

Silvercup Studios planned development, Long Island City

The planned Silvercup Studios $1B development project, Queensboro Br, LIC

Interesting article this morning about stalled development projects. The reasons vary - seems hard to just blame everything on the credit crunch, but it’s definitely more of a trend now compared to a few years ago. Here’s the news about LIC:

…it has also been confirmed that the practice’s 185,000m2 Silvercup Studio complex on the Long Island City Waterfront is on hold. The $1 billion (£500 million) mixed-use development, which won approval in mid-2006, has stalled due to issues over protracted land sales and the delayed removal of power plants from the site.”

Meanwhile CUNY’s going forward with the dorm:

“The development at 5-11 47th Ave. would have 400 total residential units, half of which would be for public rent and the other half will be divided between 188 graduate units and 12 faculty housing units at street level. It would also include a 6,000-square-foot office for the QCA and an open courtyard for art displays.

CB 2 Chairman Joe Conley said the board approved the plan with some stipulations. CUNY, for example, has agreed to never sell the property, he said. Conley said the board also asked for 20 percent of the non-student residential units to be offered as affordable housing, though he was not sure if the developer would agree.”

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Jun 23 2008

Silvercup moves forward on a Court Square condo development project

Silvercup condo development site, 44th Drive, Court Square, Long Island City

Silvercup condo development site, 44th Drive, Court Square, Long Island City

The Silvercup East project at the LIC waterfront might be taking longer then expected, but the Studios are moving forward on another development project near Court Square at 21-45 44th Drive. Located right next door to the Information Technology High School.

A one story warehouse on this 164 x 100 lot has been paved away for a 7-story, 70-unit new construction condo project. Some possible ground floor retail. It will be interesting to see how this turns out, as this is Silvercup’s first attempt at a purely residential project. —Contributed by Eric Benaim

Meanwhile, the latest word on Silvercup’s stalled waterfront project »

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