Tag Archives: Crain’s New York Business

LIC real estate still has room for more growth: experts


| aaltamirano@queenscourier.com

THE COURIER/ Photo by Angy Altamirano

The Long Island City community is sizzling, and it is only the beginning.

The LIC Partnership hosted its annual Real Estate Breakfast on Wednesday, where a group of panelists discussed the recent developments and market trends taking place in the western Queens neighborhood’s increasing real estate market.

This year’s breakfast, held at The Learning Center at Con Edison, was moderated by David Brause, president of Brause Realty Inc.

Panelists included Arvind K. Bajaj, managing director of Madison Marquette; Erhan Bahceci, owner of Food Cellar & Co. Market; Cathy Dove, vice president for Cornell NYC Tech; Amanda Fung, senior news producer for Crain’s New York Business; and Rachel Loeb, director of development for World-Wide Group.

Subjects during the breakfast included developments in residential and commercial real estate, as panelists discussed up and coming projects, such as the multiple apartment buildings going up and the Cornell NYC Tech campus moving to Roosevelt Island.

Business owner Bahceci said Food Cellar & Co. Market, which opened up in Long Island City in 2009 with a focus on all-natural and organic products, has seen nothing but success. Business has been so good that Bahceci plans on opening a home goods store in the upcoming months.

“It’s an amazing experience being in Long Island City, the reason being not just having a store, [but] the community itself is growing,” Bahceci said. “It’s not just you’re a store owner, you become more like a friend to the community.”

Even with the real estate market already booming, Elizabeth Lusskin, president of the LIC Partnership believes this success is only the beginning and the community needs to work together to guide the growth without hindering it.

“We’ve just sort of opened the gates,” Lusskin said. “It is all still on the edge of the horizon and there is so much more that’s going to happen. LIC has grown very organically and there’s still room for good surprises.”

 

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MTA may cut MetroCard discounts


| ctumola@queenscourier.com

MTA Chairman and CEO Joseph Lhota said today that the MTA could do away with MetroCard discounts in an effort to raise the agency’s revenues, reported Crain’s New York Business.

“We have enormous discounts in the system. And I think we need to look at those discounts, and we need to have, on the entire fare issue, a public debate,” Lhota said at breakfast forum sponsored by the publication Wednesday.

Cutting the discounts is just one of several options that is under consideration, said an MTA spokesperson.

Currently, subway riders receive a 7 percent bonus when they put $10 or more on their MetroCards.

But even if the discounts are cut, there could still be a fare hike, Lhota stressed. The MTA plans on raising fares by 7.5 percent in March 2013.