Prices are cooling off in the hot Long Island City rental market as values for studios, one and two-bedroom apartments have dropped considerably since May, according to the September Queens Rental Market Report by MNS Real Estate.
“The city needs to figure out some sort of incentive to developers, whatever it may be, for somebody to build new offices. If [Long Island City] had these offices it will keep people here and it’ll give people incentive to stay here or come here, which will help the overall market.”
Leasing for the retail spaces in real estate company TF Cornerstone’s East Coast Development, a mixed-use project of six buildings located on the Long Island City waterfront, has been completed by Winick Realty Group.
Each year the residents of western Queens, and Long Island City in particular, wonder anxiously how many weekends the MTA will shut down the No. 7 train. In past years, the MTA did not even provide advance warning, adding insult to injury. All the prior notice in the world, however, cannot ease the pain of the 22 weekend closures we face in 2014.