LIC Properties Ramp Back Up

NEW YORK CITY- After several years of stalled construction and sluggish sales trends, it’s been a slow climb for Long Island City’s commercial real estate market. But properties that were once hindered by the credit crisis are now showing signs of stabilization, sources tell GlobeSt.com. “There were market forces at work that people did not foresee,” says Timothy D. King, managing partner at Brooklyn’s CPEX Real Estate Services. “To a large extent, everyone is more or less back on track, and a lot of activity has kicked in again.”

In 2001, approximately 37 blocks in Long Island City’s two core business districts–Queens Plaza and Court Square–were rezoned to allow mixed-use development, according to the New York City Economic Development Corp. Since then, several major developments are underway in the neighborhood, including Tishman Speyer’s 3.5-million square foot Gotham Center and Rockrose’s 800,000-square foot build-to-suit office complex at 10 Court Square, across from the 50-story Citigroup building at One Court Square.