Search
 

With New Court Square Station, LIC Gets a New Link

NEW YORK CITY-With a $47.6 million subway expansion and an $8 capital improvement plan, these neighborhood enhancements are expected to benefit commercial real estate, LIC Partnership tells GlobeSt.com.

By Jacqueline Hlavenka | Updated on June 29, 2011

NEW YORK CITY-Earlier in the month, the post-industrial neighborhood of Long Island City, Queens got its latest enhancement: a $47.6 million expansion of the MTA’s Court Square subway line, which now links the G and 7 trains with the E and M trains at 23rd Street and Ely Avenue into one cohesive station. With the lion’s share funded by Citigroup, the new transfer–projected to benefit 20,000 riders each weekday–is a sign the area is continuing to emerge as a commercial and residential destination, sources tell GlobeSt.com.

“It is certainly an enhancement,” says Gayle Baron, president of the Long Island City Partnership, an advocacy group that promotes economic activity and development that benefits Long Island City’s industrial, commercial, residential and cultural sectors. The subway improvement was a mandatory requirement of the New York City Zoning Code for the development of Citigroup’s Court Square Two, a 14-story office tower adjacent to company’s 50-story tower that defines LIC’s skyline. “What drives construction in Long Island City in general and real estate prices has to do with the fact that there is great transportation and very good building stock.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.